About GST Annual Return and Audit Threshold .

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.

Types of GST returns

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.

Penalty For Filing Late Returns

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

Governing Act Late fee per day – GSTR 3B / GST CMP – 08 Nil GSTR – 3B / GST CMP – 08 Annual return
CGST Act 25 10 100
SGST Act 25 10 100
Total 50 20 200

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.

Process of GST Filing

  • Purchase of Plan
  • Expert Assigned
  • Upload Documents
  • Monthly Delivery of Services

Documents To Be Submitted

  • GST Login Credential
  • Purchase and sales register
  • Payment challan for GST

Our Packages at a Glance

Choose your package

Basic

9900 /-

(* All Inclusive)
  • GSTR 9 Filing for one GSTIN up to 10 Crores Turnover
  • GST 1 and 3B filing is not included in this package

Standard

14900 /-

(* All Inclusive)
  • GSTR 9 Filing for one GSTIN up to 20 Crores Turnover.
  • GST 1 and 3B filing is not included in this plan.

Premium

19900 /-

(* All Inclusive)
  • GSTR 9 Filing for one GSTIN above 20 Crores Turnover.
  • GST 1 and 3B filing is not included in this plan

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FAQs On Private Limited Company

1. I have not filed my GST returns for a few months. Can you file GSTR 9 without filing GSTR 1 and 3B?

GSTR 9 is a consolidated report of all the GST returns file by you. Unless you have filed all the GSTR of the financial year, you cannot file GSTR 9.

2. Can GSTR 9 be amended post-filing?

No, GSTR 9 once filed cannot be amended, that is why we take the consent of the customer before filing. Once you approve, only then our tax expert will file the return.

3. What is GSTR-9 and who is liable to file GSTR 9?

It is an annual return to be filed by all registered taxpayers under GST irrespective of the turnover of an entity. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer. All registered taxpayers are required to file GSTR-9 except :

Casual taxpayers
Input Service Distributors
Non-resident taxpayers

4. Is audit applicable under GST?

Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or by the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 5 crore] must get his accounts audited by a CA or a CMA.

Our CA experts will guide you on tax audit. Note that our plan does not cover audit services. These are separately charged by the CA.

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