According to Goods and Service Tax Network (GSTN), A large A Large Number of Taxpayers Filed Annual Returns for 2017-2018. round 92 percent of large taxpayers with turnover of over Rs 2 crore have filed annual returns for 2017-18 fiscal. With Goods and services tax launches on July 1, 2017, this is the first time when businesses registered under GST have to file annual return GSTR-9 and reconciliation statement GSTR-9C.
As per statistics, As of 12 February 2020, 91.3 percent taxpayers had filed their annual return out of eligible large taxpayers. Similarly, 92.3 percent eligible large taxpayers had filed their reconciliation statement before the said date,” the GSTN said in a statement.
While annual return filing is optional for taxpayers having annual turnover up to Rs 2 crore, the same is mandatory for those having annual turnover above Rs 2 crore. Such taxpayers are also required to file a reconciliation certificate known as GSTR-9C, which can be filed only after filing of GSTR-9. The data shows that the number of taxpayers with a turnover of more than Rs 2 crore is 12.42 lakh, which is only 13.4 percent of the total 92.58 lakh regular taxpayers. This means 80.16 lakh taxpayers are not mandated to file annual returns.
However, according to GSTN figures, 1.04 lakh taxpayers with an annual turnover of up to Rs 2 crore have filed a reconciliation statement. Businesses registered under GST (Goods and Services Tax) are the top three states with maximum return filing, followed by Maharashtra (96 percent), followed by Rajasthan and Gujarat (95 percent).
The deadline for filing GSTR 9 and 9C is unstable for different states and is on February 3, 5 and 7. “Taxpayers who have not filed by the due date can still file returns for 2017-18 but are required to pay late fees,” GSTN said
It is clarified that the taxpayers under composition scheme, may, at their own option file FORM GSTR-9A for the said financial year before the due date. After the due date of furnishing the annual return for the year 2017-18 and 2018-19, the common portal shall not permit furnishing of FORM GSTR-9A for the said period.
Section 73 of the said Act provides for voluntary payment of tax dues by the taxpayers at any point in time. Therefore, irrespective of the time and quantum of tax that has not been paid or short paid, the taxpayer has the liberty to self-ascertain such tax amount and pay it through FORM GST DRC-03.Accordingly, it is clarified that if any registered taxpayer, during course of reconciliation of his accounts, notices any short payment of tax or ineligible availing of input tax credit, he may pay the same through FORM GST DRC-03.
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