Who Needs to File GST Annual Returns by December 31, 2024?

The deadline for filing GST annual returns for the financial year 2023-24 is fast approaching. Eligible taxpayers must file their returns through GSTR-9 or GSTR-9A forms by December 31, 2024.

Key Eligibility Criteria:

  1. Active GSTIN: Taxpayers must have an active GSTIN for the entire financial year.
  2. Prerequisite Returns:

Taxpayers must file all applicable returns, such as GSTR-1/IFF and GSTR-3B, before submitting the annual return.

Who Should File GSTR-9?

Taxpayers registered under GST at any point during the financial year.

Who Should File GSTR-9A?

Taxpayers enrolled under the GST composition scheme.

Exemptions from Filing GST Annual Returns:

The following categories of taxpayers are exempt from filing GST annual returns:

Input Service Distributors (ISD)

TDS Deductors under Section 51

TCS Collectors under Section 52

Casual Taxable Persons

Non-Resident Taxable Persons

Additionally, taxpayers with an aggregate turnover below ₹2 crore can opt out of filing annual returns for FY 2017-18 to FY 2023-24.


Filing a Nil GST Annual Return

Taxpayers with no transactions during the financial year can file a Nil GSTR-9 if they meet these conditions:

No sales (outward supplies)

No purchases (goods/services received)

No liabilities to report

No input tax credit claims

No refunds or orders creating demands

No late fees to be paid


Late Filing Penalty for GST Annual Returns

Avoiding late filing penalties is crucial. Here are the charges based on turnover:

  1. Turnover up to ₹5 crore:

Late Fee: ₹50/day (₹25 each under CGST and SGST)

Max Penalty: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST).

  1. Turnover above ₹5 crore and up to ₹20 crore:

Late Fee: ₹100/day (₹50 each under CGST and SGST)

Max Penalty: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST).

  1. Turnover exceeding ₹20 crore:

Late Fee: ₹200/day (₹100 each under CGST and SGST)

Max Penalty: 0.50% of turnover in the state/UT (0.25% each under CGST and SGST).


Avoid Penalties – File On Time

To ensure seamless compliance, taxpayers are advised to file their annual returns promptly and avoid unnecessary penalties. Filing within the stipulated timeline ensures a streamlined GST filing process and maintains compliance with tax regulations.