About 92% of large taxpayers filed annual returns for 2017-18: GSTN

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The GST Network (GSTN) on Sunday said around 92% of large taxpayers with a turnover of over ₹2 crore have filed annual returns for the 2017-18 fiscal. This is the first time businesses registered under the goods and services tax (GST) have to file an annual return, GSTR-9, and a reconciliation statement, GSTR-9C, after the tax was launched on July 1, 2017. “Statistics show that out of the eligible large taxpayers, 91.3% had filed their annual returns by February 12, 2020. Similarly, 92.3% eligible large taxpayers had filed their reconciliation statement before the said date,” the GSTN said in a statement.

While the annual return filing is optional for taxpayers having an annual turnover of up to ₹2 crore, the same is mandatory for those having an annual turnover of above ₹2 crore. Such taxpayers are also required to file a reconciliation certificate known as the GSTR-9C, which can be filed only after filing the GSTR-9. Data shows that the number of taxpayers with a turnover of more than ₹2 crore is 12.42 lakh, which is only 13.4% of the total 92.58 lakh regular taxpayers.

This means around 80.16 lakh taxpayers are not mandated to file annual returns. The GSTN statistics, however, showed that 1.04 lakh taxpayers who had an annual turnover of up to ₹2 crore have filed reconciliation statements. The top three States where businesses registered under GST (Goods and Services Tax) recorded the maximum return filings are Maharashtra (96%) followed by Rajasthan and Gujarat (95% each).

The last date for filing the GSTR-9 and the 9C was staggered for various States and was February 3, 5 and 7. “The taxpayers who have not filed by the due date can still file the returns for 2017-18, but will be required to pay the late fee,” the GSTN said.

Read More at: https://www.thehindu.com/business/about-92-of-large-taxpayers-filed-annual-returns-for-2017-18-gstn/article30835345.ece?homepage=true