NEW DELHI: The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 was July 31, and for those who could not, the time was for filing a revised ITR with late fees was December 31, but now, the Central Board of Direct Taxes has extended this deadline to January 15.
As the last date for filing the GST annual return for the financial year 2023-24 is December 31, GST-registered taxpayers will be required to submit it to consolidate their annual transactions.
For not filing a GST Annual Return (GSTR-9), a company, with a turnover up to Rs 5 crore, will have to pay a maximum penalty of Rs 50 per day (Rs 25 each under CGST and SGST) or 0.04 per cent of turnover.
A company with a turnover of Rs 5 crore to Rs 20 crore will have to pay a maximum penalty of Rs 100 per day (Rs 50 each under CGST and SGST), or 0.04 per cent of turnover. Similarly, a company with a turnover of over Rs 20 crore will have to pay a maximum penalty of Rs 200 per day (Rs 100 each under CGST and SGST), or 0.50 per cent of turnover.
A business with a turnover of more than Rs 2 crore will have to file GSTR-9.
GSTR-9A is for taxpayers under the GST composition scheme. GSTR-9C is for businesses with a turnover of more than Rs 5 crore. An additional annual reconciliation statement is required along with GSTR-9.
Businesses with multiple GST registrations under one PAN must file separate GSTR-9 returns for each GSTIN.
Taxpayers who file ITR after the deadline are fined Rs 5, 000. For taxpayers with an income less than Rs 5 lakh, this penalty amount is Rs 1, 000.