06 July 2024
For filing GST Annual Return (GSTR-9) for the financial year 2021-22, here are the conditions and turnover limits to keep in mind:
1. **Turnover Limit**: The turnover threshold for filing GSTR-9 for FY 2021-22 depends on the type of taxpayer: - **Regular taxpayers**: Must file GSTR-9 if turnover exceeds ₹2 crores during the financial year. - **Other taxpayers (composition dealers, ISD, NRTP, etc.)**: Must file GSTR-9 if turnover exceeds ₹5 crores during the financial year.
2. **Components of GSTR-9**: - GSTR-9 requires details of outward and inward supplies made or received during the financial year, input tax credit (ITC) availed and reversed, tax paid, and other relevant details.
3. **Due Date**: The due date for filing GSTR-9 for FY 2021-22 was extended to 31st March 2023. However, it's advisable to check the latest updates or extensions on the GST portal or through official notifications.
4. **Late Fee**: Late fee for delayed filing of GSTR-9 is applicable at ₹200 per day (₹100 per day each for CGST and SGST) subject to a maximum of 0.25% of turnover in the state or union territory.
5. **Reconciliation with Annual Return**: Taxpayers should reconcile data in GSTR-1, GSTR-3B, and books of accounts while preparing GSTR-9 to ensure accuracy and compliance.
Ensure to visit the GST portal and consult with a GST professional or accountant to adhere to specific guidelines and ensure timely and accurate filing of GSTR-9 for FY 2021-22.
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