It’s that time of the year when businesses are required to file their GST annual return GSTR-9. The return is a comprehensive statement of all the supplies made and received by a taxpayer during the financial year. However, not all businesses are required to file this return. Let’s take the example of a small business owner, Mr. X, who has an annual turnover of Rs. 20 lakhs. He is unsure if he needs to file the GSTR-9 return.
Which of the following businesses are exempt from filing GSTR-9?
The consequences of non-filing of GSTR-9 can be severe, including a late fee of Rs. 100 per day, subject to a maximum of 0.25% of the total turnover. In addition, the taxpayer may also be liable to pay interest on the tax liability.
LAW BOX:
As per the GST Act, every registered person is required to file an annual return in Form GSTR-9, except for certain persons who are exempt from filing this return.
In conclusion, it is essential for businesses to determine whether they are required to file the GSTR-9 return. If they are required to file the return and fail to do so, they may be liable to pay a late fee and interest on the tax liability.