GSTR-9/9C Turnover Limit for the FY 2023-24

GSTR-9/9C Turnover Limit for FY 2023-24

✅ GSTR-9/9C Turnover Limit for FY 2023-24

Taxpayers whose aggregate turnover exceeds ₹5 crore during the financial year must furnish a self-certified reconciliation statement as specified under section 44 in FORM GSTR-9C along with the annual return GSTR-9. Due date for filing is 31st December of the following financial year.

✅ GSTR-9 for Taxpayers with Turnover Below ₹2 Crore for FY 2023-24

The notification No. 14/2024 – Central Tax dated 10th July 2024 continued exemption for smaller taxpayers, filing GSTR-9 is optional for those with a turnover of less than ₹2 crore. If the return is not furnished by the due date i.e. 31/12/2024, it will be deemed to have been filed.

It is advisable, however, to file GSTR-9 before the due date to maintain clean records and facilitate future audits or assessments. Check out late fees for not filing of GSTR-9/9C

✅ GSTR-9 for Taxpayers with Turnover Between ₹2 Crore and ₹5 Crore for FY 2023-24

For taxpayers whose turnover falls between ₹2 crore and ₹5 crore, filing GSTR-9 is mandatory. However, GSTR-9C (the audit and reconciliation statement) remains optional unless turnover exceeds ₹5 crore.

✅The due date for filing GSTR-9 and GSTR-9C:

The due date for filing Form GSTR-9 for a particular financial year is 31st December of subsequent financial year. Say, due date for FY 2023-24 GSTR-9/9C is 31st December 2024.

✅ Maximum permissible time limit for filing GSTR-9/9C

A registered person cannot submit an annual return for a financial year if more than three years have passed from the due date, even with the late fees. However, the GST Council may provide relief under certain conditions, allowing for an exception

Summary of the applicability of GSTR-9/9C in table: