What is GSTR 9 or GSTR9C
GSTR-9 is an annual return filed by taxpayers under the Goods and Services Tax (GST) act. Under this, complete information about the business activities of the year is to be given. The GSTR-9C is a type of audit form, which is considered a declaration of coherence between the GSTR-9 and the audited annual financial report
Due Date Extension of GSTR-9 and GSTR-9C FY2018-19: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing Annual Return GSTR-9 and GSTR-9C (Reconciliation Statement) for the financial year 2018-19 to 31 October 2020.
GSTR 9 is an annual return filed annually by taxpayers registered under GST. It contains details about incoming and outgoing received during the previous year under different tax heads i.e. CGST, SGST and IGST and HSN codes. Basically, it is a consolidation of all monthly/quarterly returns recorded in that year (GSTR-1, GSTR-2A, GSTR-3B). Although complex, this return helps in the broad harmonization of data for 100% transparent disclosure.
The late fee for not filing GSTR9 within the due date is Rs 100 per day, this fee is prescribed under the GST Act. This means that in case of late fee of Rs 100 under CGST and Rs 100 delay fee under SGST will be applicable. Thus, the total liability will be levied by default of Rs 200 per day late. This is a maximum of 0.25% of the taxpayer's business in the respective state or union territory. However, there is no late fee for IGST
GST Council meeting
It is noteworthy that the figures of September GST collection are about to be released. In addition, a meeting of the GST Council is also scheduled on 5 October. The state compensation issue is likely to be discussed by the government once again in this meeting. In the 41st meeting of the GST Council held in August, the Finance Minister gave states two options to run their business by borrowing. However, states that have opposition government running are not ready to accept this option.
If you need any help for filling GSTR9 or GSTR9C and Get your GST Registration in Rajasthan to feel free to contact us online GST Annual Return or you can call us +91-8690746268 our business advisor can clear your doubt shortly.
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