GSTR-9C: Late Fee Waived off Till March 2025

GSTR-9C is a reconciliation between GST turnover with the Audited Financial Statement.

Applicability

It must be filed by registered taxable person who is liable to file audit as per provision of GST Act.

Note: Certification of GST Auditor is required who is either a CA/CMA through digital signature and must be attested by the taxpayer using a digital signature.

Not Applicable To?

Those who mentioned under GSTR-9 but also a registered person whose aggregate turnover in an financial year is less than 2 crores.

Turnover Limit

Taxpayers are eligible to file GSTR-9C is the turnover exceeds Rs. 5 Crore in a financial year.

Due Date

The due date to file GSTR-9C for the FY 23-24 is on or before 31st December 2024.

How to make the payment?

If the Turnover, Tax and ITC remains unreconciled then payable must be through DRC-03.

GST Council's Clarification

The GST Council has provided clarification regarding the late fee applicable for the delayed filing of FORM GSTR-9C (Reconciliation Statement) along with FORM GSTR-9 (Annual Return) for the period from 2017-18 to 2022-23. Here are the key points:

Applicability of Late Fee

• Late fee is levied, if delayed in filing of both FORM GSTR-9 and FORM GSTR-9C, as per Section 47(2) of the CGST Act, 2017.

• FORM GSTR-9C is mandatory for certain taxpayers, and if it is delayed beyond the due date then, late fee is applicable.

Waiver of Late Fee for FORM GSTR-9C (2017-18 to 2022-23)

Late Fee Waiver

• As per the notification, the GST Council waived the late fee u/s 47 of the CGST Act for filing GSTR-9C for the financial years 2017-18 to 2022-23.

Applicable To

• The waiver applies to taxpayers who had to file GSTR-9C along with GSTR-9 but failed to do so on time.

Condition For Waiver

• The waiver is conditional upon the filing of FORM GSTR-9C and it must be filed on or before March 31, 2025.

No Refund Clause

• No refund will be granted for any late fees already paid before this waiver.

Conclusion

The government’s waiver of excess late fees for GSTR-9C filing provides much-needed relief to businesses that missed the deadline.

Taxpayers who were required to file both GSTR-9 and GSTR-9C but delayed in submitting GSTR-9C should take advantage of this opportunity and submit by March 31, 2025, to avoid additional penalties.