GST Annual Return (GSTR-9) Filing Deadline Extended: January 15, 2025.

The deadline for filing an Income Tax Return (ITR) for the financial year 2023-24 was initially set for July 31. For those who missed the original deadline, the revised ITR with late fees was due by December 31. However, the Central Board of Direct Taxes has now extended this deadline to January 15, 2025.

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Filing Requirements:

• Mandatory Filing: Applicable to taxpayers with an annual turnover exceeding ₹2 crore.
• Optional Filing: For taxpayers whose annual turnover is below ₹2 crore, filing is voluntary for the financial years 2017-18 to 2023-24.
• Multiple Registrations: Businesses with more than one GST registration under the same PAN must submit separate GSTR-9 returns for each GSTIN.

Types of GSTR-9 Forms:

• GSTR-9: For businesses with a turnover exceeding ₹2 crore.
• GSTR-9A: For taxpayers enrolled under the GST composition scheme.
• GSTR-9C: For businesses with turnover over ₹5 crore, requiring an additional reconciliation statement alongside GSTR-9.

Key Details in GSTR-9:

The GSTR-9 annual return consolidates data from all periodic returns (e.g., GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B). It covers:

• Outward Supplies: Sales and revenue data.
• Inward Supplies: Purchases eligible for Input Tax Credit (ITC).
• Tax Information: Details of CGST, SGST, and IGST paid.
• HSN Summary: Classification of goods and services based on HSN codes.
• ITC Reversals: Adjustments for any ineligible ITC claims.

Penalties for Missing the Deadline:

Not filing the GSTR-9 by the due date results in penalties and late fees based on turnover:

• Turnover up to ₹5 crore: ₹50 per day (₹25 each under CGST and SGST), with a maximum cap of 0.04% of turnover.
• Turnover between ₹5 crore and ₹20 crore: ₹100 per day (₹50 each under CGST and SGST), capped at 0.04% of turnover.
• Turnover above ₹20 crore: ₹200 per day (₹100 each under CGST and SGST), capped at 0.50% of turnover.

By adhering to these guidelines, businesses can avoid penalties and maintain compliance with GST regulations.