GSTR-9 Amnesty Scheme & Late Fees Amendment

The government has recently announced a significant relaxation in late fees for filing Form GSTR-9 (Annual Return) and introduced an amnesty scheme for non-filing of various GST returns and forms. In this blog post, we will focus on the recent changes regarding Form GSTR-9 Annual Return, explaining the details and implications for taxpayers.

Amnesty Scheme for GSTR-9 Annual Return

If you have not filed GSTR-9 for the financial years 2017-18, 2018-19, 2019-20, 2020-21, or 2021-22, don’t worry! The government has provided relief by allowing taxpayers to file their pending returns between 1st April 2023 and 30th June 2023.

During this period, the total late fee payable under section 47 of the GST Act for the said return will be restricted to INR 20,000 only. This relief measure is expected to provide significant financial respite to taxpayers who have missed filing their annual returns in the past.

Revised Late Fees Structure for FY 2022-23 Onwards

Moving forward, the government has also revised the late fees structure for filing GSTR-9 for the financial year 2022-23 and beyond. The new late fees structure is as follows:

1. Turnover up to INR 5 Crore: Late fee of INR 50 per day (INR 25 CGST and INR 25 SGST) is applicable, subject to a maximum of 0.04% (0.02% CGST and 0.02% SGST) of the turnover for the relevant financial year in the State or Union Territory.
2. Turnover exceeding INR 5 Crore but up to INR 20 Crore: Late fee of INR 100 per day (INR 50 CGST and INR 50 SGST) is applicable, subject to a maximum of 0.04% (0.02% CGST and 0.02% SGST) of the turnover for the relevant financial year in the State or Union Territory.
3. Turnover exceeding INR 20 Crore: Late fee of INR 200 per day (INR 100 CGST and INR 100 SGST) is applicable, subject to a maximum of 0.5% (0.25% CGST and 0.25% SGST) of the turnover for the relevant financial year in the State or Union Territory.

Final Words on GSTR-9 Amnesty & Revised Late Fees

These recent changes in the GST regulations regarding Form GSTR-9 Annual Return filing and late fees are a welcome move for taxpayers. The reduction in late fees for past returns and the introduction of a more reasonable late fees structure for future filings will provide relief to many businesses struggling with compliance.

I encourage all taxpayers to take advantage of this opportunity and ensure that they are up-to-date with their GST filings. Remember, timely filing of returns not only helps you avoid unnecessary penalties but also ensures smooth functioning of the GST system.

Stay tuned for more updates and information on GST and other taxation matters. If you have any questions or need assistance, feel free to reach out to us. Happy filing!