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 Turnover | Annual Return (GSTR 9) |
|---|---|
| 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 |
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 Year | Original Due Date | Extended/Revised Due date |
|---|---|---|
| 2017-18 | 31st December 2018 | 07th February 2020 |
| 2018-19 | 31st December 2019 | 31st December 2020 |
| 2019-20 | 31st December 2020 | 31st March 2021 |
| 2020-21 | 31st December 2021 | 28th February 2022 |
GSTR 9 Due Date For FY 2020-21- The due date of furnishing annual return in form GSTR-9 & self-certified reconciliation statement in Form GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No. 40/2021-Central Tax dated 29.12.2021 to this effect has been issued.
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
-
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
-
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 – MandatoryDetails- https://newtaxroute.com/gst-audit-limit-for-fy-2020-21.html
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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
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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.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)