GST Annual Return is optional for taxpayers whose aggregate turnover is less than Rs 2 crores

Last updated on April 14th, 2021 at 05:39 pm

GST Annual Return is optional for taxpayers whose aggregate turnover is less than Rs 2 crores

LATEST>>CBIC further extends the due date for GST Annual Return and GST Audit to 31st December 2019 

In order to provide relief, a decision was taken in 37th GST Council meeting that the registered persons whose aggregate turnover in a financial year does not exceed Rs. 2 crores will not be mandatorily required to furnish the GST Annual Return (GSTR 9/GSTR 9A) in respect of financial years 2017-18 and 2018-19.

GST Annual Return filing u/s 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19  is made optional for taxpayers whose aggregate turnover is less than Rs 2 crores.

A CGST Notification no. 47/2019 dated 9th October 2019 was issued by CBIC to give effect to the decision taken in the GST Council Meeting.

The notification also stated that if the return is not furnished before the due date it shall be deemed to be furnished on the due date.

For whom the furnishing the GST Annual Return is optional?

• Furnishing GSTR 9 for a regular taxpayer whose aggregate turnover is upto Rs. 2 crores in a financial year is optional for financial years 2017-18 and 2018-19.

• Furnishing GSTR 9A  for a composition taxpayer is optional for financial years 2017-18 and 2018-19.

Note: The press release issued for the 37th GST Council meeting stated that there is a waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods. Whereas the notification states that it is optional for the taxpayers having an aggregate turnover in a financial year does not exceed two crore rupees.

What is the due date for GST Annual Return?

For the taxpayers who are required to furnish the GST Annual Return, the due date for GSTR 9 will be 30th November 2019 which was extended by issued a Removal of difficulty order no. 7 dated 26th August 2019 issued by CBIC.

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CA Ankita Khetan

Founder at Financepost.in

Chartered Accountant in practice, DipIFRS (from ACCA, UK), Post Graduate in Commerce, Certified Independent Director (from IICA), and holds a certification in Forex and Treasury Management course (by ICAI).

She can be contacted at info.financepost@gmail.com

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