A senior tax consultant CA Kirti Joshi addressed filing GST returns presents the final opportunity to rectify any errors caused during the annual return for the year 2022-23. It is crucial to consider the income tax return while submitting GST returns, as both departments are now exchanging vital information.
She shared these insights during a seminar on GST return filing organized by the CA Indore Branch. He cautioned that discrepancies between the income tax return and GST return could lead to notices from both departments. She also mentioned that businesses with an annual turnover below Rs. 2 crore are not required to file this form, but if they have made errors in their returns during the year, they should still file the GST return.
Another speaker at the seminar highlighted that the deadline for filing GSTR 9 and 9C is December 31. Failure to file on time will result in late fees of 25%, 50%, or 100% under the CGST and SGST Act. Furthermore, it was clarified that the government has imposed a requirement to include debit notes, credit notes, and HSN information in Forms 9 and 9C. This information may be brought into use by the department in future proceedings.
During the event, Mausam Rathi welcomed everyone addressing the gathering, acknowledging that despite more than six years since the implementation of GST, mistakes continue to occur in return. Although the number of errors has decreased, there are still several mistakes that need to be corrected promptly.
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The program was carried out by Secretary Swarnim Gupta, and Rajat Dhanuka expressed gratitude in the vote for expressing gratitude. Former president Anand Jain, Vikram Gupte, Purshottam Motlani, and others were present at the event.
