What is the penalty for late filing of annual return U S 44 by a person registered under GST?

Any registered person who fails to furnish the return required under section 44 by the due date shall be liable to pay a late fee of two hundred rupees (Rs. 100 for CGST and Rs.

Is it mandatory to file Gstr 9?

So, in nutshell GSTR 9 is mandatory for registered person whose aggregate turnover is Rs. 2 cr. Or more. GSTR 9C is mandatory for Registered person whose aggregate turnover in FY 2020-21 exceeds Rs.

Is HSN mandatory in Gstr 9?

It is not mandatory to fill the HSN summary. If annual return is filed late, this table is required to be filled.

Is it mandatory to give HSN summary Gstr 9?

GSTR 9 requires HSN which was not required while filing GSTR 3B: In the Annual Return Form GSTR- 9, HSN of inward supplies is needed although it was not needed while filing monthly GSTR 3B. The HSN summary is mandatory to be reported only for those HSN which accounts for the minimum 10\% of the total inward supplies.

Which type of taxpayers need to file annual return?

It is an annual return to be filed by all registered taxpayers under GST irrespective of the turnover of an entity. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer.

What is the meaning of GSTR9C?

The GSTR9C is an audit form that was introduced on September 13, 2018. It must be filed annually by taxpayers with a turnover above 2 crores, and it must be certified by a CA. It is basically a reconciliation statement between the annual returns filed in GSTR-9 and the taxpayer’s audited annual financial statements.

What is the limit for GST audit?

New Delhi: GST taxpayers with a turnover of over ₹5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.