ANNUAL RETURN FILING

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This query is : Resolved

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This discussion clarifies the requirement for filing GST annual returns (GSTR-9) for businesses with an annual turnover of less than 2 crore. Initially, there was some confusion, but the consensus is that filing is not strictly mandatory for those below this threshold for specific financial years, especially for MSMEs and composition taxpayers, due to waivers provided by the GST Council. However, some experts suggest filing might be prudent to maintain a record, even if not required, as penalties can apply if filing is eventually mandated and missed.

raghavendra b

raghavendra b (Querist)
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15 January 2020 DEAR SIR,

I HAVE ALMOST LESS THAN 2 CRORE CLIENTS. SO I NEED FILE GST ANNUAL RETURN OR NOT.

PLEASE CLARIFY ME WHAT HAPPENED WHETHER LESS 2 CRORE TURNOVER IF NOT FILED ANNUAL RETURN. I HAVE FILED THEIR INCOME TAX RETURN MATCHING WITH TURNOVER OF SALES AND PURCHASES. ONLY 2 CASES ARE FILED AS U/S 44AD BUT THEIR TURNOVER IS LESS THAN 2 CRORE IN THE FINANCIAL YEAR 2017-18 AND 2018-19.

REGARDS

Amol S Joglekar

Amol S Joglekar (Expert)
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16 January 2020 no need to file it if turnover is less than 2 crore

raghavendra b

raghavendra b (Querist)
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16 January 2020 DEAR SIR,

THANK YOUR FOR YOUR REPLY, IN FUTURE WHICH KIND OF PROBLEM WILL ARISE IF NOT FILED OR ANY NOTICE WILL SERVE FROM LOCAL OFFICE NOT FILING ANNUAL RETURN. BECAUSE HERE SOME AUDITORS SAYS UNLESS NOT FILING IS BETTER TO FILE ANNUAL RETURN.

PLEASE GUIDE ME

REGARDS

Amol S Joglekar

Amol S Joglekar (Expert)
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16 January 2020 filing not required per se. On top of that, if you file, there is no harm. People seek to file because they are of the opinion that within a year or so the turnover will exceed 2 crore and hence they think it prudent to keep a trail of annual return.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 January 2020 GST annual return is to be filed by all registered taxpayers irrespective of the
turnover of an entity.

raghavendra b

raghavendra b (Querist)
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16 January 2020 DEAR SIR,

B. CHACKRAPANI WARRIER SIR, IF WE ARE NOT FILING ANNUAL RETURN BELOW 2 CRORE ANY PENALTY TO BE PAYABLE OR ANY NOTICE WILL SERVE TO US FILE IMMEDIATELY. BECAUSE OF MANY PEOPLE DIFFERENT OPINION ON THAT GST ANNUAL RETURN. MY CLIENTS ALMOST LESS THAN 2 CRORE.

REGARDS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 January 2020 Penalty is Rs.200 per day subject to a maximum of 0.25 % of total turnover.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 January 2020 The GST Council, in its 37th meeting held at Goa provided relief to MSMEs by allowing them waiver to file GSTR 9 and GSTR-9A.
Announcing the relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19, a statement said waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods will be provided.
Additionally, filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover .up to Rs. 2 crore made optional for the said tax periods.

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raghavendra b

raghavendra b (Querist)
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16 January 2020 THANK YOU FOR ALL YOUR REPLIES SIR,

SO PLEASE DO NOT MISTAKE ME I HAVE CONFUSED ABOUT TWO REPLIES OF EXPERTS OF AMOL S JOGLEKAR AND B CHACKRAPANI WARRIOR SIR, BECAUSE OF WHICH STATEMENT I HAVE TO FOLLOW BOTH OF YOU ARE GOOD EXPERTS AND GIVEN GOOD SOLUTION ESPECIALLY ME AND OTHERS.

AGAIN WHETHER SHOULD I FILE OR NOT.

REGARDS

REGARDS

FINALLY

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 January 2020 I stand corrected. Please follow Amol Ji's reply.

raghavendra b

raghavendra b (Querist)
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16 January 2020 THANK YOU FOR YOUR KIND REPLY SIR,

YOU ARE BOTH OF THEM GIVEN GOOD SUGGESTION TO ME.

REGARDS

Amol S Joglekar

Amol S Joglekar (Expert)
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17 January 2020 you are most welcome

raghavendra b

raghavendra b (Querist)
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17 January 2020 THANK YOU SIR,

REGARDS