FY 2020-21: GST Annual Return and Audit

Under GST, after the end of the financial year, it is required to file an annual return and needs to get accounts audited in form GSTR 9 and 9C respectively. It is not mandatory for all the assessee but needs to be done as per the notification or circulars issued by the GST department. Here are the full details about GSTR 9 applicability for FY 2020-21.

GSTR 9 Applicability for FY 2020-21

Under GST, annual return and audit applicability depend on the turnover limit of the assessee. For this, the GST Council has given some relief to the taxpayers in respect of turnover limit for annual return (GSTR 9) as well as of audit (GSTR 9C). The same is given here-

GST Annual Return Turnover Limit For FY 2020-21

Under GST, an annual return needs to be submitted for each financial year in GSTR 9 form, according to the turnover of the taxpayers. The turnover limit for an annual return of GST (GSTR 9) for FY 2020-21 is Rs. 2 Crore. The below chart will clear all your doubts regarding the turnover limit for GST annual return.

Aggregate TurnoverAnnual Return (GSTR 9)
Turnover less than Rs. 2 CroreOptional
Turnover more than Rs. 2 Crore and less than Rs. 5 CroreMandatory
Turnover of more than Rs. 5 CroreMandatory

Non-applicability of GSTR 9- Annual Return

The following persons are not required to file GST Annual Return (GSTR 9).

  • Casual Taxable Person.
  • Tax Deductor.
  • Tax Collector.
  • Input Service Distributors.
  • Non-Resident Taxable Person.
  • Person supplying OIDAR service from a place outside India.
  • Foreign airlines are not required to submit form GSTR -9C.

GSTR 9 Due Date For FY 2020-21

Normally, the due date of GSTR 9 is 31st December of the next financial year but current update due dates are as under-

Financial YearOriginal Due DateExtended/Revised Due date
2017-1831st December 201807th February 2020
2018-1931st December 201931st December 2020
2019-2031st December 202031st March 2021
2020-2131st December 2021NA

GSTR 9 Due Date For FY 2020-21- The annual return due date for the financial year is still 31st December 2021 and it is not extended yet.

GSTR 9 late fees and penalty

The late fee for not filing the GSTR 9 within the due date is Rs. 100 per day per Act. It means that the late fee under the CGST Act is Rs. 100 per day and the late fee under SGST Act is Rs. 100 per day.

Thus the total liability of Rs. 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

GSTR Audit Turnover Limit For FY 2020-21

As per the Finance Act 2021, the requirement of GST audit and submission of GSTR 9C as certified by Chartered Accountant/Cost Accountant has been removed but the same is yet to be notified by the CBIC.

Still, as per the recommendation of the 43rd GST council meeting, which was held on 28th May 2021, that GSTR 9C may be submitted as self-certified by taxpayers with an annual aggregate turnover of equal to or more than Rs. 5 Crore.

Frequently Asked Questions- FAQs

  1. Is GSTR 9 mandatory for all?

    GSTR 9 Applicability for FY 2020-21- The following persons are not required to file form GSTR 9 Annual Return-

    Casual Taxable Person.
    Tax Deductor.
    Tax Collector.
    Input Service Distributors.
    Non-Resident Taxable Person.
    Person supplying OIDAR service from a place outside India.
    Foreign airlines are not required to submit form GSTR -9C.

    Details- https://newtaxroute.com/turnover-limit-for-gstr-9-for-fy-2020-21.html

  2. Who must file GSTR 9 Annual Return?

    GSTR 9 Applicability for FY 2020-21- Under GST, an annual return needs to be submitted for each financial year in GSTR 9 form, according to the turnover of the taxpayers. The turnover limit for an annual return of GST (GSTR 9) for FY 2020-21 is Rs. 2 Crore.

    Turnover less than Rs. 2 Crore – Optional
    Turnover more than Rs. 2 Crore and less than Rs. 5 Crore – Mandatory
    Turnover of more than Rs. 5 Crore – Mandatory

    Details- https://newtaxroute.com/gst-audit-limit-for-fy-2020-21.html

  3. For Whom is GSTR-9C applicable?

    As per the Finance Act 2021, the requirement of GST audit and submission of GSTR 9C as certified by Chartered Accountant/Cost Accountant has been removed but the same is yet to be notified by the CBIC.

    Still, as per the recommendation of the 43rd GST council meeting, which was held on 28th May 2021, that GSTR 9C may be submitted as self-certified by taxpayers with an annual aggregate turnover of equal to or more than Rs. 5 Crore.

    Details- https://newtaxroute.com/gst-audit-limit-for-fy-2020-21.html

  4. Is GST Audit Compulosory?

    As per the Finance Act 2021, the requirement of GST audit and submission of GSTR 9C as certified by Chartered Accountant/Cost Accountant has been removed but the same is yet to be notified by the CBIC.

    GSTR 9 Applicability for FY 2020-21- As per the recommendation of the 43rd GST council meeting, which was held on 28th May 2021, that GSTR 9C may be submitted as self-certified by taxpayers with an annual aggregate turnover of equal to or more than Rs. 5 Crore.

    Details- https://newtaxroute.com/turnover-limit-for-gstr-9c-for-fy-2020-21.html

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

Feedback/Suggestion- Hope you all find it useful, please give your valuable feedback & let us know if there is an error. Thanks in Advance

Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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