File your annual return before it gets too late!
The last date is approaching as the due date of filing GSTR 9 & GSTR 9C is 31st December 2022. Every taxpayer registered under GST is expected to file GSTR 9 and GSTR 9C depending on the bracket they fall in.
GSTR 9 and GSTR 9C are the GST returns to be filed which contain details regarding the outward and inward supplies made/received during the relevant financial year under different tax heads namely CGST, SGST and ITGST.
For those, who are new to this term, let us discuss a bit about GSTR 9 and GSTR 9C.
GSTR 9
It is known to be an annual return required to be filed once for each financial year, by the registered taxpayer including SEZ units and SEZ developers. Under this, details like that of purchase, sales, input tax credit or refund claimed or demand created.
So, if an individual being a GST taxpayer is having an annual turnover of more than Rs. 2 crores then he shall be required to file GSTR 9. However, the input service distributors, casual taxable persons as well as the non-resident taxable persons are the only specified category of persons that doesn’t require to file GSTR 9.
GSTR 9C
It is an audit form applicable on taxpayers whose turnover exceeds Rs. 5 crores in the previous financial year. GSTR 9c is a newly introduced return that came into existence from September 2018 onwards. In short, you can take it as a reconciliation statement between the annual return filed in GSTR 9 as well as the audited financials.
Note, if you are an individual having an annual turnover of upto Rs. 5crore then you are luckily exempt from filing GSTR 9C.
In order to be safe from paying a penalty, you are recommended by EAdvisors team of experts not to delay the filing of GSTR 9 and GSTR 9C.
Why GSTR 9 and GSTR 9C filing is important?
Well, filing of GSTR 9 and GSTR 9C is important as it helps to know whether the details filed in GSTR 1 and GSTR 3B were accurately filed or not. As GSTR 9 is a consolidated summary of GSTR 1 return and GSTR 3B return. Also, purchase-related data from GSTR 2A returns also updated in the annual return of GSTR 9.
All in all, get your GSTR 9 and GSTR 9C file as soon as possible from EAdvisors and stay relaxed from penalty that may be charged if not filed. We are there to help and guide you at every step relating to GST Filing. Stay connected with EAdvisors for more of the latest updates direct from the GST department.
