Must Know About GSTR-9 Form Amnesty Scheme for Non-filers

The Central Board of Indirect Taxes and Customs (CBIC) informed the GSTR-9 amnesty scheme for non-filers of GST (Goods and Services Tax) yearly returns. The Central Tax notification 07/2023, was issued dated 31st March 2023, with substantial advantages for those who skipped before the last date in order to file their annual returns in Form GSTR-9.

The substantial late fee costs, which were frequently in millions of rupees, were a key cause for firms postponing the filing of their GSTR-9.

The businesses that skipped the last date for filing their GSTR-9 returns under the amnesty scheme, enable to perform the same by paying the late concessional fee. The announcement provides for an exemption of late costs computed under the legislation, up to Rs.10,000 per return, as per the Act.

For example, if a company wishes to submit GSTR-9 for a previous fiscal year, such as 2018-19, it can do so by paying a late charge of up to Rs.20,000. If the computed late charge under the Central Goods and Services Tax provision of Section 47 exceeds the maximum ceiling, the firm is exempt from paying the remaining late fees.

The benefits of the GST amnesty scheme are accessible until June 30th, 2023, and it is recommended that pending GSTR-9 returns be filed within this period to avoid serious repercussions.

It is critical to understand that GSTR-9 must be filed, even if it is a nil-return, and that once filed, it cannot be changed. To prevent receiving a notification from the government, taxpayers must confirm the accuracy of the facts given in the missing GSTR-9 filings.

Additionally, the notification includes a new late charge for several taxpayer groups for GSTR-9 returns beginning in the fiscal year 2022-23. The late charge is determined by the business's yearly aggregate turnover slab, with the maximum late fee limited to 0.04% or 0.50% of the turnover in the state/Union Territory.

To summarise, the GSTR-9 amnesty plan allows taxpayers to file returns with complete and accurate disclosure of GST information, avoiding litigation and lowering expenses. To avoid larger fines, taxpayers can take advantage of the plan and file their overdue GSTR-9 returns.