The calculation of Input Tax Credit (ITC) in Table 8A of the GSTR-9 Annual Return has been revised to include information from suppliers’ GSTR-1/IFF/GSTR-5 submissions up to November 30, 2023.
The updated data has been confirmed, and no additional modifications are anticipated for Table 8A. Any submissions made by suppliers after the update date will be taken into account in the next update.
The annual return, Form GSTR-9, is mandatory for all registered taxpayers, regardless of their entity turnover. It encompasses the comprehensive reporting of outward supplies, inward supplies, taxes paid, refund claims, demands raised, and Input Tax Credit (ITC) availed and utilized. It is crucial to ensure that GSTR-1 and GSTR-3B are filed before submitting the annual return for the respective financial year.
The following changes have been recently introduced with respect to Form GSTR-9:
31st March 2023 Update on GSTR-9 Filing and Late Fees
Concessional Late Fees for Annual Returns (GSTR-9) FY 2022-23 Onwards:
For registered taxpayers, delayed filing of annual returns in form GSTR-9 for FY 2022-23 and beyond will result in concessional late fees based on turnover:
Turnover up to Rs.5 Crore: Filing GSTR-9 after the due date incurs a late fee of Rs. 50 per day (Rs. 25 under Central GST and Rs. 25 under state GST) with a maximum cap of 0.04% of turnover in the respective state/UT (0.02% each under Central and state GST laws).
Turnover over Rs.5 Crore to 20 Crore: Late filing of GSTR-9 attracts a late fee of Rs. 100 per day (Rs. 50 under Central GST and Rs. 50 under state GST) with a maximum cap of 0.04% of turnover in the state/UT (0.02% each under Central and state GST laws).
GST Amnesty Scheme for Delayed GSTR-9 Filing:
The CBIC, through notification 07/2023 dated 31st March 2023, introduces an amnesty scheme for GSTR-9 delayed filing. Late fees exceeding Rs.20,000 (Rs.10,000 each under CGST and SGST laws) are waived for delayed filing of GSTR-9 for the years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.
16th November 2022 GSTR-9 Format Update:
Changes have been implemented in the GSTR-9 (annual returns) format. Notably, for the period after FY 2021-22, the mention in various tables now reads as ‘April 2022 to October 2022 filed up to 30th November 2022,’ replacing the previous ‘April 2022 to September 2022.’
05th July 2022 Exemption for Taxpayers:
The department grants an exemption to taxpayers with a yearly turnover exceeding Rs.2 Crore during FY 2021-22 from the mandatory filing of GSTR-9 or annual returns.
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