GST was implemented in India on 1st July 2017 and now over 1.3 crore businesses have been registered under GST registration. The companies registered under GST, have to file annual returns on the return due date as per GST guidelines.
If a company has a turnover of 2 crores, the company has to file GST irrespective of their business or sales during the return filing period. However, all the small or big businesses under GST registration have to file GST before the due date.
All the registered business and taxable persons under GST, have to file their GSTR 9. Check out the list of the entity that doesn’t have to file GSTR 9:
GSTR-9 is divided into 19 sections under 6 parts. Each part requires certain details that are available in your previous filed returns:
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 the 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