On July 1, 2017, India began to apply its Goods and Services Tax (GST), and as of today, more than 1.3 crore firms have registered for GST registration. According to the GST instructions, businesses subject to GST are required to submit their annual returns by the specified deadline.
Regardless of the firm's sales or business activity during the return filing period, a company must submit GST returns if its annual revenue exceeds two crores. Nevertheless, whether they are large or little, all firms that are subject to GST registration are required to submit their GST returns before the deadline.
Every single firm that is subject to GST and every single taxable individual is required to submit their GSTR 9 forms. Look at the following entities, exempt from the need to submit GSTR 9:
The GSTR-9 form is composed of 19 sections that are organized into six segments. Each component needs specific information, which may be found in the returns you've already submitted:
Entities having turnover of more than 2 crores have to file under GSTR-9.
Taxpayer entities who have opted for the GST composition scheme have to file under GSTR-9A.
All the taxpayers have to file the GSTR-9C as reconciliation in the financial year.
There are four subcategories under GSTR-9. The four categories are GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C.
According to section 47(2) of the Central Goods and Service Tax Act, the person has to pay a penalty of Rs. 100 per day (CGST) + Rs. 100 per day(SGST), which is Rs.200 per day for not filing the GST before the deadline. However, the maximum amount of penalty charged is 0.25% of the total turnover.
According to the updates, the due date is extended by CBIC. CBIC extended the due date of GSTR 9 & 9C for the FY 2019-20 to March 2021.
Every taxpayer who opted for the composition scheme has to file the GSTR 9 during the financial year