Avoid Late Fees: File GST Return Before 31st December 2020

In this blog, we will try to cover all the aspects of how you can avoid late fees by filing GST Annual Returns (GSTR- 9 & 9C) on or before 31st December 2020.

Taxpayer: Which GST Return needs to be file before 31st Dec 2020?

GSTrobo®: Here is the list of returns that needs to be filed by the taxpayer on or before 31st December 2020:

1. GSTR 9 (GST Annual Return) for the financial year 2018-19 in case if the aggregate turnover is more than INR 2 Crores.
2. GSTR 9C (GST Audit Report) for the financial year 2018-19 in case if the turnover is more than 5 Crore.

Note: The due-date of GST Annual Return (GSTR-9 and GSTR-9C) for the financial year 2019-20 has been extended till 28th February 2021.

Taxpayer: What will be the consequences if I don’t file the aforementioned GST returns on time?

GSTrobo®: In case if the taxpayers fail to file the return on time then he/she needs to pay INR 200 per day as a late fee for GSTR-9 (GST Annual Return).

However, for GSTR-9C (GST Audit report) there is no specific provision is mentioned under GST and therefore the maximum general penalty of INR 25,000 can be levied.

Taxpayer: What are the different methods using which one can comply with the above-mentioned compliance on or before 31st December 2020?

GSTrobo®: Any taxpayer can comply with the above provision before 31st December 2020 by the following methods:

1. Online Filing: By logging into the GST portal using credential and enter all the mandatory fields.
2. Offline Utility: By downloading the GSTR-9 or GSTR-9C Form directly from the GST portal 
3. GST Software: The taxpayer can easily file GST return on time by using GST software developed by the authorized GSP.
4. API: Using GST Software APIs, the taxpayer can create his or her own in-house GST compliance software easily.

Note: To avoid late fees and to file GST Return on or before 31st December 2020 you can use any of the above-mentioned methods.

Taxpayer: What should I learn from this?

GSTrobo®: Since the implementation of GST, there are various changes made in the GST laws. Recently, the Government on the recommendation of the GST Council introduced e-invoicing. These technological advancements in the tax system will not only empower the taxpayers but will also help the tax-authorities to have greater control over tax evasion incidents. Thus we cannot overlook the fact that technology is now playing a vital role in managing GST compliance. And GSTrobo®, a division of Binary Semantics, one of the leading ASP- GSP realized the changing landscape of compliance and introduced GST compliance solutions such as GST, e-way bill, and e-invoicing software and applications seamlessly integrate with all the leading ERPs such as SAP, Oracle, Microsoft Navision, etc. Moreover, this software and application automate most of your GST compliance needs that saves you time and also eliminates the scope of error.

Author
Devesh Gupta
Content Specialist, GSTrobo®