The Goods and Services Tax (GST) regime in India mandates that registered individuals and entities comply with various filing requirements throughout the year. One significant aspect of this compliance is the filing of annual returns, namely GSTR 9 and GSTR 9C, which hold crucial importance in the taxation landscape. Understanding the last date for filing the GST annual return is paramount for every GST-registered entity to avoid penalties and ensure adherence to statutory obligations.
Overview of GST Annual Return Filing Requirements:
Under the GST framework, the filing of GST returns is a structured process, varying based on turnover and category. Monthly or quarterly returns, such as GSTR Form 3B and GSTR Form 1, are mandatory for registered individuals, depending on their turnover category.
For those with an annual turnover exceeding Rs 2 crore, additional compliance in the form of filing GSTR 9 and, if applicable, GSTR 9C is mandated. This annual return filing is a crucial requirement for ensuring the transparency and accuracy of financial information.
Who Needs to File GST Annual Return?
According to guidelines set by the Central Board of Indirect Taxes and Customs (CBIC), individuals with an annual turnover above Rs 2 crore are obligated to file GSTR 9. Additionally, those surpassing a specified threshold must file GSTR 9C, requiring an audit of their accounts by a chartered or cost accountant.
Different forms like GSTR 9A cater to specific cases, such as those registered under the ‘Composition Scheme under GST,’ further streamlining the filing process based on varied business structures and compliance needs.
What is the last date to file GST annual return? Deadline and Compliance Check:
The critical aspect that demands attention from every GST-registered entity is the last date for filing the GST annual return. For the Financial Year 2022-23 (Assessment Year 2023-24), the deadline stands firm at December 31, 2023.
A pivotal aspect to note here is that prior to filing the annual return, it is mandatory to ensure the completion of monthly or quarterly returns for the respective months or quarters within the given financial year. The GST portal restricts the filing of the annual return if the monthly or quarterly returns are pending, highlighting the significance of timely compliance.
Consequences of Non-Compliance:
Non-compliance with filing monthly or quarterly returns can lead to the cancellation of GST registration. However, it’s essential to understand that even if registration is canceled, the obligation to file the annual return persists. Continuous non-compliance may result in serious repercussions, necessitating diligent adherence to filing norms.
Rectification and Penalties:
Entities mandated to file annual returns have an opportunity to rectify any errors or underpayment without penalties. The DRC-03 Form facilitates rectification by allowing the adjustment of underpaid taxes. Failure to file the annual return or underpayment of taxes might result in penalties imposed by the GST officer.
In conclusion, the last date to file the GST annual return for FY 2022-23 (AY 2023-24) is December 31, 2023. Timely compliance with monthly/quarterly returns, understanding the dependencies between different forms, rectification of errors, and adhering to statutory requirements are crucial for every GST-registered entity. Prioritizing compliance not only ensures adherence to regulations but also prevents penalties and legal consequences in the ever-evolving taxation landscape.