Late fees under Goods and Services tax law for GSTR-9

How to calculate the late fees under Goods and Services tax law for GSTR-9

To calculate the late fees under Goods and Services tax law for GSTR-9 for the FY 2022-2023, To ensure accurate calculations and compliance with the latest regulations, it’s crucial for taxpayers to stay updated with the notifications and guidelines issued by the GST department. This helps in avoiding any penalties or incorrect filings due to outdated information. Taxpayers should regularly check official sources such as the GST portal or notifications issued by the GST authorities for the most current information regarding late fees and other compliance matters related to GSTR-9C and GSTR-9. you will need to consider the following:

Late fees for filing GSTR-9 after the due date:

– For filing GSTR-9 after the due date, a late fee of Rs. 100 per day (INR 50 for Central goods and services tax & INR 50 for State Goods and services tax ) will be applicable, subject to a maximum of 0.25% of the GST taxpayer’s turnover in the respective state/UT.

Late fees for filing GSTR-9C after the due date:

– If GSTR-9C is filed after the due date, a late fee of Rs. 100 per day (INR 50 for Central goods and services tax & INR 50 for State Goods and services tax) will be applicable, subject to a maximum of 0.25% of the GST taxpayer’s sale in respective state/Union Territory.

Late fee and penalty for not filing GSTR-9

S.No	GST Turnover limit	Late fee per day
1	Up to INR 5 crore	INR 50 (INR 25 each under CGST & SGST Act)
2	More than INR 5 crore & less than INR 20 crore	INR 100 (INR 50 each under CGST & SGST Act)
3	More than INR 20 crore	INR 200 (INR 100 each under CGST & SGST Act)

Late fees for GSTR 9 are applicable at a daily rate of 100 for each act, 50. However, for GSTR 9C, late fees are not applicable; instead, there’s a penalty of 25,000 for each act, totaling 50,000.

Late fees could be subject to changes based on notifications or amendments made by the GST authorities. Therefore, it’s crucial to refer to the latest notifications and guidelines issued by the Goods and Services Tax department for the most accurate information on late fees for filing GSTR-9C after the due date.

To calculate the total late fees till date, you will need to determine the number of days the GSTR-9C & GSTR-9 filings are late and multiply that by applicable daily late fee rate. Then, sum up the total late fees for both GSTR-9C & GSTR-9 to get the total late fees amount.

The late fees for filing GSTR-9C (GST Annual Return with Reconciliation Statement) and GSTR-9 (GST Annual Return) can vary based on notifications or changes made by the Goods and Services Tax (GST) authorities. These notifications may be issued from time to time to provide updates on late fee structures, due dates, or any other relevant information pertaining to GST compliance.

The GST late fee applicable on different class of GST return

GSTR-9 AND 9C filing Services

GSTR-9 & 9C Filing with Accurate Reconciliation of ITC & Outward Supply

Our firm’s GSTR-9 and 9C filing services with a focus on end-to-end reconciliation and auditing for accurate GST compliance. Here’s a summary of our services benefits for accurate GST compliance and how we ensure accurate GST compliance for our clients:

1. Comprehensive ITC Reconciliation:
   • Match ITC from books with GSTR-2A/2B.
   • Compare ITC reported in GSTR-3B with GSTR-2B/2A for discrepancies.
   • Ensure ITC claimed aligns with GSTR-9 Table 8A for error-free filing.
2. Outward Supply Reconciliation:
   • Reconcile the sales register with GSTR-1.
   • Cross-verify GSTR-1 with GSTR-3B to eliminate mismatches.
3. Streamlined Filing for GSTR-9 & 9C:
   • Prepare GSTR-9 and 9C.
   • Generate audit logs, annexures, and rate-wise outward summaries for GSTR-9C reporting.
   • Check and reconcile HSN-wise outward supply summaries for accurate reporting.
   • We ensure compliance, reduce the risks of GST notices, and avoid penalties.