is there any penalty , or interest for any mistake regarding output gst or itc whose turnover is below rs 2 cr ? itc already claimed in gstr 3b and supplier also shown in his gstr 2a ?
kindly reply
Gstr 9 annual returns
Replies (1)
If your turnover is under ₹2 crore, filing GSTR-9 is optional and you will not be penalized for not filing. However, if you choose to file voluntarily, ensure the data is correct. If you identify any short-paid taxes during this process, you must pay them via DRC-03 along with the applicable interest (18% for delayed tax, or 24% for incorrect ITC claims) to avoid future notices or scrutiny from the GST department.
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