SBC_GST Annual Returns for the FY 23-24

Due Date:The due date to file GSTR-9 and GSTR-9C for the FY 2023-24 is by 31st December 2024

Late Fees:

• GSTR-9: INR 200 per day of delay subject to a maximum cap at 0.50% of its turnover.

• GSTR 9C: No specific provisions are applicable for GSTR 9C, and hence the non-filing of GSTR-9

and GSTR 9C could be subject to a general penalty of INR 25,000.

SBC Assistance in filing GSTR 9 and GSTR 9C:

Assist in Sales and Purchase Reconciliation to ensure alignment between financial records and

GST returns.

Review Input Details to ensure no ineligible ITC is claimed

Check Valuation and GST Rates for sales to ensure compliance with GST provisions.

Verify Tax Payment on purchases under reverse charge mechanism (RCM).

Review the Place of Supply for inputs to ensure ITC is claimed under the correct

registration

Ensure Proper Accounting for amendments, adjustments, credit notes, and debit notes.

Review Sales Presentation to ensure proper classification based on the nature of supply.

Why accurate and timely filling is necessary?

Timely filing will help avoid late fees and penalties.

• Accurate and proper disclosure will reduce the risk of receiving notices, penalties, interest,

and other legal consequences.

• Even income missed reporting in GST returns can be identified and paid now which avoids any

future litigation of interest and penalties.

• GSTR 9C reconciles financial statements with GST returns, correcting discrepancies and

ensuring ITC claims match actual purchases, thus preventing the risk of ineligible ITC claims,

reversals, and penalties.

Checklist for filing GSTR 9 and GSTR 9C: