GST Return Filing: Who needs to File GST Annual Return for FY 2023-24 by 31st Dec 2024

The deadline for eligible GST-registered taxpayers to file returns using GSTR-9 or GSTR-9A forms is December 31, 2024. Remember, filing an annual GST return is only possible if your GSTIN is active for the whole financial year.

As stated in a frequently asked question (FAQ) on the GST portal, “Taxpayer has to file all applicable returns i.e. Form GSTR-1/IFF and Form GSTR-3B of the relevant financial year before filing the Annual Return.”

Who needs to File GSTR-9 for FY 2023-24?

Anyone who has held GST registration at any stage during the financial year is required to complete an annual GST return.

For persons who belong to the GST composition scheme, it is recommended that they use the GSTR-9A form to file annual returns.

Taxpayers Exempt from Filing GST Annual Return

• Input Service Distributors
• Casual Taxable Persons
• Persons paying Tax under Section 51 (TDS deductors)
• Persons paying Tax under Section 52 (TCS collectors)

For Non-Resident Taxable Persons

Additionally, taxpayers with an aggregate yearly turnover of less than Rs. 2 crore can forego filing the annual return for financial years 2017-18 to 2023-24, since this process has been made optional for them.

GST annual returns are time-barred if not filed within three years of the due date.

Nil GST Annual Return Filing

What happens if you have no transactions to report? The GST portal gives explicit instructions for submitting a nil GSTR-9. You may do so if you match the following requirements:

• No outward supplies (sales)
• No goods/services received (purchases)
• No other liabilities to report
• No input tax credit claims
• No refunds claimed
• No orders creating demand
• No late fees are to be paid

Penalty for GST Annual Return Late Filing

Here are the details of the penalty that has to be paid for filing late GST annual return:

For Turnover up to Rs.5 Crore:

Late Fee: Rs.50 per day (Rs.25 each under CGST and SGST).

Maximum Late Fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST).

For Turnover from Rs.5 crore and up to Rs.20 Crore:

Late Fee: Rs.100 per day (Rs.50 each under CGST and SGST).

Maximum Late Fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST).

For Turnover exceeding Rs.20 Crore:

Late Fee: Rs.200 per day (Rs.100 each under CGST and SGST).