If the turnover of the registered person exceeds the prescribed limit i.e. rupees 2 crores in a financial year, then the registered person shall get his accounts audited by a (CA) Chartered Accountant or a (CMA) Cost & Management Accountant as per GST Rules.

The annual return is required to be filed electronically through Form GSTR 9C, along with the audited statement of annual accounts, the reconciliation statement, and other documents as prescribed as per the GST law.

Please note If any mistake/error is noticed in any filled returns during the financial year while auditing the books of accounts, the same can be rectified only in the annual return.

For businesses with an annual turnover of less than Rs 5 crore, filing of GSTR-9C for FY 2018-19 has been waived off.

CBIC has notified the extension of the due date for filing GSTR-9 (GST Annual Return) for the Financial Year 2018 – 19 till 30th June 2020.

The Notification issued by CBIC said that the time limit for furnishing of the annual return specified under section 44 of the said Act read with rule 80 of the said rules, electronically by the common portal, for the financial year 2018-2019 till 30.06.2020.

The GST Council had also recommended that Late fees not to be levied for delayed filing of the Annual Return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

The GST Council also announced the Relaxation to MSMEs from the furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores.

The due date of filing GSTR-9 and GSTR-9C for the Financial Year 2017-18 has been ended on 7th February 2020.

There are three types of return:

GSTR-9: All entities having GST registration are required to file GST annual return in form GSTR-9.

GSTR-9A: GST registered taxpayers who have opted for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.

GSTR-9C: Form GSTR 9C is meant for filing the reconciliation statement of taxpayers about a particular financial year. The form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the Audited Financial Statements of the taxpayer.

Late filing of GST Returns:

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

• You cannot file a new return if you do not file the previous month/quarter’s return.
• Hence, the late filing of GST return will have a cascade effect leading to heavy fines and penalties.
• The late filing fee of the GSTR-1 is populated in the liability ledger of the GSTR-3B filed immediately following such delay.

Interest/late fees to be paid

Interest is charged at 18% per annum. This interest is calculated by the registered taxpayer on the amount of tax liability outstanding.

In case, a taxpayer fails to furnish the details relating to outward supplies, a penalty is imposed for the same. The fine amounts to a sum of Rs 200 (Rs 100 for CGST and Rs 100 for SGST) for each day of continuing default.  The maximum is Rs. 5,000. But, there is no late fee for IGST

As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day.

Must note the reduced late fee applicable as follows

For all returns except annual return, maximum late fee is Rs.5,000. For annual returns, maximum late fee is 0.25% of taxpayer’s turnover in the relevant state or union territory.

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