“Explore the details of GSTR-9, the annual return under GST, and understand the implications of late fees. Learn about the GST Amnesty Scheme, providing relief to businesses for filing overdue returns, with a waiver of penalties and late fees. Ensure compliance and avoid financial difficulties.”
What is GSTR 9
GSTR-9 is the annual return that a registered taxpayer under the Goods and Services Tax (GST) regime is required to file with the tax authorities on an annual basis. The form GSTR-9 is a consolidation of all the monthly/quarterly GST returns filed during the financial year.
GSTR-9 includes details of all the inward and outward supplies made during the financial year, including the values of exempt, nil-rated, and non-GST supplies, as well as the input tax credit availed and reversed, among other information.
GSTR 9 late fees
Late fees for GSTR 9 refers to the penalty charged on taxpayers who file their annual return after the due date. As per the GST law, the due date for filing the annual return in form GSTR-9 is December 31st of the subsequent financial year.
If a taxpayer fails to file their GSTR-9 return by the due date, they are liable to pay a late fee of Rs. 100 per day for each act of non-compliance, subject to a maximum of 0.25% of their turnover in the state or union territory.
For example, if a taxpayer files their GSTR-9 return 20 days late and their turnover in a state is Rs. 50 lakhs, they will be liable to pay a late fee of Rs. 2,000 (20 days x Rs. 100 per day) or 0.25% of their turnover, whichever is lower.
GSTr 9 late fees under GST Amnesty Scheme
The government has introduced amnesty schemes to benefit the taxpayers who have failed to comply with the GST regulations. These schemes generally provide relief to taxpayers in the form of waiver of penalties, late fees, and interest on unpaid taxes, for a limited period of time.
Those busineses who are not filed their GSTr 9 before can take benefit this scheme. This scheme allows waiver of late fees calculated as per the act exceeding Rs.10,000 per return. So, if a businessman wants to file GSTr of previous years can take benefit of this scheme. They don’t need to pay penalty beyond Rs.10,000 per return.
Taking advantage of the GST amnesty scheme can help taxpayers avoid hefty penalties and late fees, which can otherwise mount up and create financial difficulties. Moreover, the scheme provides an opportunity for taxpayers to rectify their non-compliance, and avoid any adverse impact on their business reputation or creditworthiness.
To avail of the benefits of the GST amnesty scheme, taxpayers must comply with the applicable provisions of the GST Act and Rules. They must file their pending GST returns for previous tax periods, pay the applicable GST and interest, and meet any other conditions specified under the scheme.
In conclusion, the GST amnesty scheme provides a valuable opportunity for taxpayers to rectify their non-compliance and avoid penalties and late fees. Taxpayers are encouraged to take advantage of this scheme and file their pending GST returns in a timely and accurate manner to avoid any adverse consequences.
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The author is a GST and Income Tax Practitioner and can be contacted at 9024915488.
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what is the penalty for gstr9 for fy 1819
i file the form no 9 for the f.y. 2017-18 to 2019-2020 before 31/03/2023. can i liable to pay late fees 200 per days
i am running bar and restaurant what is gst on food service rate
one of my clint is having fuel station and his turnover was arround 9cr for AS 2022-23 and he did not filed gstr 9 late was nearly 90 days but it showing 20000 rs as late fee penalty can any one explain why?