As a part of the 6th anniversary of the implementation of the Goods and Services Tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) has announced that it has waived the filing of annual returns through Form GSTR-9 and GSTR-9C for turnover up to 2 crores and 5 crores respectively.
The CBIC has granted an exemption from filing the annual returns in Form GSTR-9 for taxpayers with an aggregate turnover of up to 2 crores. Additionally, the requirement to file a reconciliation statement in Form GSTR-9C has been waived for taxpayers with an aggregate turnover of up to 5 crores. Through the waiver, the government aimed to lessen the compliance burden of the taxpayers.
The Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.
The Form GSTR-9 is required to be filed by every person registered as a normal taxpayer. However, certain classes of taxpayers may be exempted from filing Form GSTR-9 by way of Notifications issued by Government of India from time to time.
However, Form GSTR-9C is required to be filed by every registered person whose aggregate turnover is above a certain threshold during the financial year, as notified by way of Notifications issued by Government of India from time to time.
Such taxpayers are required to get their accounts audited by a Chartered Accountant or Cost Accountant and need to submit a copy of audited annual accounts and reconciliation statements.
The filing of the Form GSTR-9 return is mandatory at the GSTIN level, which means that it should be filed separately for each registration obtained by the taxpayer under the same PAN, regardless of whether they are in the same state or different states. This requirement applies when the GSTIN was registered as a normal taxpayer for a period or the entire financial year.
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