GSTR 9 and 9C late fee (cover due date and late fees and penalty)
GSTR 9 Late Fees: Everything You Need to Know
In this post, we will discuss the due dates and late fees for GSTR-9 and GSTR-9C, along with their key features, applicability, and filing requirements.
Let’s look at each section in detail:
What is GSTR 9?
GSTR-9 is an annual return that all GST-registered taxpayers have to file. It contains information on all outward and inward supplies made or received during the financial year, categorized by CGST, SGST, IGST, cess, and HSN codes.
This return combines data from monthly and quarterly filings such as GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B. While the preparation process can be complicated, GSTR-9 ensures proper data reconciliation and promotes transparency.
Due Date for GSTR 9
The due date for filling out Form GSTR-9 is usually December 31, after the end of the financial year. However, the government may extend this Date by issuing official announcements. To stay compliant, keep up with the latest updates.
Late Fees for GSTR 9
The late fee is ₹200 per day (₹100 CGST + ₹100 UT/SGST), with a maximum of 0.50% of turnover (0.25% CGST + 0.25% UT/SGST).
What is GSTR 9C ?
The GSTR-9C is an important reconciliation statement for India’s GST system. It serves as an audit report for taxpayers with a yearly turnover above ₹2 crores. This statement compares the information in the GSTR-9 (annual return) to the taxpayer’s audited financials. The GSTR-9C, which was introduced on September 13, 2018, must be certified by a Chartered Accountant (CA) and is filed once per year. It makes sure that the taxpayer’s returns are consistent with their audited financial statements.
Due Date for GSTR 9C
The due Date for GSTR-9 and GSTR-9C is the same. Registered taxpayers must submit GSTR-9C by December 31 following the relevant financial year unless the CBIC approves an extension.
Late Fees GSTR 9C
Failing to file GSTR-9 and GSTR-9C may result in a general penalty of ₹25,000 because there are no special regulations for GSTR-9C.
Penalties for Non-Compliance (GSTR-9 & 9C)
Failure to file GSTR-9 and GSTR-9C might have significant consequences beyond simply paying late costs. The penalties include:
- Interest: Charged for any unpaid taxes.
- Penalties: Section 122 of the CGST Act imposes a maximum penalty of ₹25,000 for purposeful neglect or non-compliance. More serious violations may even result in prosecution under Section 132.
How to Avoid Penalties:
- File on Time: Timely filing is critical. To avoid delays, keep an accurate calendar and records.
- Report Accurately: Ensure that all information on your GSTR-9 is correct. Inaccurate reporting can result in penalties.
- Reconcile Data:To guarantee consistency, reconcile data from GSTR-9, GSTR-3B, and GSTR-2A with your accounting records on a regular basis.
By following these steps, you can avoid costly penalties and maintain GST compliance.
Comparison of GSTR 9 and GSTR 9C
|
Criteria |
GSTR-9: Annual Return |
GSTR-9C: Reconciliation Statement |
|
Purpose |
GST returns are consolidated monthly or quarterly. |
Reconciles GSTR-9 information with audited financial statements. |
|
Applicability |
GST-registered taxpayers with a revenue above ₹2 crore. |
GST-registered taxpayers with a revenue above ₹5 crore. |
|
Exemptions |
-Composition scheme taxpayers, -Casual taxable individuals, -TDS payers under Section 51 of the CGST Act. |
GST-registered taxpayers with a turnover above ₹5 crore. |
|
Due Date |
The next financial year will end on December 31st. |
The next financial year will end on December 31st. |
|
Late Fees |
The daily rate is ₹200 (100 CGST + 100 SGST/UTGST), with a maximum of 0.50% of the turnover (0.25% CGST + 0.25% SGST). |
There is no particular rule; however, a general penalty of ₹25,000 applies. |
|
Filing Process |
Submitted to the GST portal. |
Filed on the GST portal, either alongside or after GSTR-9. |
|
Attachments |
Not required. |
Audited financial statements must be included. |
And with that, we have completed this post. Please leave any questions or comments in the space below; we are ready to assist.
