Think twice before opting for not filing GSTR 9 Annual return for turnover less than 2 crore

Do think twice before opting for not filing GSTR 9 for turnover less than 2 crore

GSTR-9 filing for businesses with turnover up to Rs 2 crore has been made optional by MOF for FY 2017-18 and FY 2018-19 vide Notification Number 47/2019 - Central Tax dated 9th October, 2019.

Notification No. 47/2019-Central Tax dated 09-10-2019

As per the Notification, the class of registered persons, in respect of financial years 2017-18 and 2018-19, shall follow the special procedure to furnish the annual return under sub-section (1) of section 44 of the said Act read with sub-rule (1) of rule 80 of the said rules.

It means if you chose not to file annual return within due date for the reason that your turnover was below 2 crore, it will be presumed you have filed annual return before due date of 30th November.

Now the Question arises, what is the special procedure and what will be the annual return in this case

It may be auto populate data of annual return or it may be summary of GSTR 3B and GSTR 1 which shall be deemed to be annual return.

Conclusion : It means if you choose not to file GSTR 9 Annual Return before 30th November, for Turnover < 2 Crore it will be deemed, that the Auto Populated Data is the Annual Return, even if it is incorrect.

It's better to reconcile the data and file GSTR 9 instead of filing incorrect data as compiling the issue in long term.

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