GST Return Deadline: Last Date to File GST Annual Return Today; What happens if you miss it?

The deadline for filing the GST annual return (GSTR-9) for FY 2023-24 is December 31, 2024. Registered taxpayers under GST have to file this form to combine their annual transactions and ensure compliance.

GST registrants who acquired or held registration at any time during a particular financial year are required to file an annual return for that financial year. The annual return is a compilation return that comprises all of the business transactions for a specific financial year. It consolidates the information provided by a taxpayer in monthly or quarterly returns filed within a specific financial year.

Filing GST Annual Return is mandatory for those with an annual turnover of more than Rs.2 crore. For taxpayers having a turnover of less than Rs.2 crore, filing is optional from FY 2017-18 to FY 2023-24.

Businesses with multiple GST registrations under the same PAN must submit separate GSTR-9 returns for each GSTIN.

Types of GSTR-9 Forms for Filing

• GSTR-9: For companies having a turnover greater than Rs.2 crore.
• GSTR-9A: For taxpayers in the GST composition scheme.
• GSTR-9C: For companies with a turnover of more than Rs.5 crore, an annual reconciliation statement is required in addition to GSTR-9.

What does GSTR-9 contain?

The GSTR-9 annual return includes information from all monthly or quarterly forms (GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B).

This includes:

• Outward supplies: Sales and revenue figures.
• Inward supplies: These include purchases for which an Input Tax Credit (ITC) is claimed.
• Taxes: Details of taxes paid under CGST, SGST, and IGST.
• HSN Summary: Categorisation of supply using HSN codes.
• ITC reversals: Reversals of ITC are adjusted for ineligible ITC claims.

What will be the consequences if you miss the deadline?

Failure to file the GSTR-9 by December 31 will result in late fines and penalties:

• Turnover up to Rs.5 crore: Rs.50/day (Rs.25 each under CGST and SGST), with a maximum limit of 0.04% of turnover.
• Turnover from Rs.5 crore to Rs.20 crore: Rs.100/day (Rs.50 each under CGST and SGST), limited to 0.04% of turnover.
• Above Rs.20 crore: Rs.200/day (Rs.100 each for CGST and SGST), limited at 0.50% of turnover.

Late filing also attracts more scrutiny from tax authorities and could slow down audit processes.