GST annual return would be the compilation of all the company transactions that happened during a Financial Year included in the GST Annual Return. If your Turnover exceeds 2 cr you must file a GST Annual Return. If your revenue exceeds Rs. 5 crores, you must file a GST Reconciliation Statement in addition to your GST Annual Return.
Last Date to File GST Annual Returns
31st December 2022, will be the last date for the fiscal year 2021-22 for filing GST Annual return (GSTR-9) and GST Reconciliation Statement.
The due date extension is sought by the professionals.
Late Generation of GST ITC Reconciliation Table 8A
With various requirements, it is not possible to finish the GSTR-9 and 9C in one month of table 8A generation.
It is not likely to finish the GSTR-9 and GSTR-9C in December since the Input Tax Credit (ITC) update was framed in December.
Scrap this Return format and bring a more effective format will fewer complexities
Tax expert mentioned that “After 5 years, I don’t want to be part of people asking for its extension Trust me, the voice should be raised for scrapping the current format of the GST Annual Return and a new more effective form for GST Annual Return 9 and Reconciliation 9C.”
Tax Audit Date Extension
Before that, All India MSME and tax professionals associations (AIMTPA) asked that Smt. Nirmala Sitharaman has prolonged the last date for furnishing the GST annual return, GSTR-9, and GSTR-9C – Self-Certified Audit.
the last date for the GST annual return must also get extended because the reason provided that the last date of the tax audit was extended along with the GST annual returns data relies on the tax audit data.
Issues Because of HSN Reporting
The reporting of the HSN code in the yearly return would have surged the issues for the tax professionals. They require time since the same would be a new reporting need. Indeed the false reporting of the HSN could secure serious issues.
At various times the assessee would concern with distinct kinds of items securing the distinct HSN codes. Often there would be exceeding than 500 entries. The same would make return filing harder.
Late Filing of GSTR-9
Under section 44 when any enrolled individual who would lose to file the return needed by the last date will be responsible to pay the late fee of Rs 100 for every day in which the same sort of failure is carried as per the max amount computed at the quarter per cent turnover in the State or Union territory. [Section 47(2)].
| Attributes | CGST | SGST | TOTAL |
|---|---|---|---|
Per day last fees | 100 | 100 | 200 |
| Maximum late of fees | 0.25% of turnover in the state or Union territory. | 0.25% of turnover in the state or Union territory. | 0.5% of turnover in the state or Union territory. |
