The Goods and Services Tax (GST) system in India mandates the filing of annual returns for taxpayers. This article provides a comprehensive guide on the GST annual return due date, eligibility, filing process, and penalties to ensure smooth compliance with GST regulations.

What is the GST Annual Return?

The GST Annual Return is a consolidated summary of monthly or quarterly returns filed during a financial year. It includes details of sales, purchases, taxes paid, input tax credit (ITC) availed, and other relevant financial data.
The primary forms for annual returns under GST are:

• GSTR-9: For regular taxpayers.
• GSTR-9A: For composition scheme taxpayers (discontinued from FY 2019-20).
• GSTR-9C: A reconciliation statement for taxpayers with a turnover exceeding ₹5 crore, certified by a Chartered Accountant.

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GST Annual Return Due Date for FY 2023-24

The due date for filing the GST Annual Return (GSTR-9) is generally 31st December of the subsequent financial year. For example, for the financial year 2023-24, the due date is expected to be 31st December 2024. However, the government often announces extensions depending on circumstances like technical glitches or external challenges.

It is crucial to monitor updates from the Central Board of Indirect Taxes and Customs (CBIC) for any changes or extensions in the due date.

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Who Should File the GST Annual Return?

The following entities are required to file the GST Annual Return:

1. Regular Taxpayers: Registered under GST with an annual turnover above ₹2 crore.
2. Composition Scheme Dealers: Previously filed under GSTR-9A (discontinued now).
3. E-commerce Operators: Who collect TCS under GST.

Exceptions:

• Input Service Distributors (ISD)
• Casual Taxable Persons
• Non-resident Taxable Persons
• Taxpayers under the OIDAR (Online Information and Database Access or Retrieval) scheme

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Step-by-Step Guide to Filing GST Annual Return (GSTR-9)

1. Log in to the GST Portal
   Visit www.gst.gov.in and log in using your GSTIN and password.

2. Access the Annual Return
   Navigate to the “Returns Dashboard” and select the financial year for which you wish to file the return.

3. Download Auto-Populated GSTR-9
   Review the auto-filled details derived from monthly or quarterly returns (GSTR-1, GSTR-3B).

4. Verify and Reconcile Data
   Match the details with your books of accounts to ensure accuracy. Reconcile mismatches in sales, purchases, and ITC.

5. Fill Out Missing Details
   Complete sections requiring additional information such as amendments, unclaimed ITC, or omitted sales.

6. Preview the Return
   Check the consolidated data and resolve discrepancies before submission.

7. File the Return
   Use a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC) for submission.

8. Pay Any Additional Liabilities
   If discrepancies lead to additional tax liability, pay it through DRC-03 before submission.

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Consequences of Missing the Due Date

Failing to file the GST Annual Return by the due date attracts the following penalties:

1. Late Fees:

   • ₹200 per day (₹100 under CGST and ₹100 under SGST), subject to a maximum of 0.5% of the turnover.
   • There is no late fee under IGST.

2. Interest on Tax Liability:

   • If there’s any unpaid liability, interest is charged at 18% per annum.

3. Loss of Input Tax Credit:

   • Failure to reconcile ITC may result in the loss of ITC claims.

4. Additional Scrutiny:

   • Delays in filing may increase the chances of a tax audit or notice from authorities.

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How to Avoid Penalties for Late Filing?

1. Maintain Timely Records:
   Regularly update and reconcile your books of accounts with GST returns.

2. File Before Deadlines:
   Submit your returns well before the due date to avoid last-minute technical glitches.

3. Use GST Software:
   Employ GST-compliant accounting software to automate data integration and reconciliation.

4. Seek Professional Help:
   Consult a Chartered Accountant to review your returns and handle complex calculations.

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FAQs on GST Annual Return Due Date

Q1. Can the due date for GSTR-9 be extended?
Yes, the CBIC may extend the due date under special circumstances. Always check official notifications for updates.

Q2. Is GSTR-9 mandatory for all taxpayers?
No, small taxpayers with an annual turnover of up to ₹2 crore are exempted from filing GSTR-9.

Q3. What happens if there are errors in the annual return?
You can rectify errors in monthly or quarterly returns for the next financial year but cannot revise GSTR-9 after submission.

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Conclusion

Complying with the GST Annual Return due date is crucial for maintaining a smooth tax record and avoiding penalties. Regularly monitoring updates, maintaining accurate records, and seeking professional assistance can ensure hassle-free compliance.

Stay vigilant, file on time, and contribute to a transparent tax ecosystem in India!