Q1. Is GSTR-9 filing mandatory for all GST registered businesses?

Yes, with few exceptions. All regular taxpayers, including SEZ units and SEZ developers, must file GSTR-9. However, certain categories like composition dealers, casual taxable persons, input service distributors, and non-resident taxable persons are exempted. Composition dealers file GSTR-9A instead of GSTR-9.

Q2. Can I revise my GSTR-9 or financial statements after filing?

GSTR-9: No, the GST portal does not allow revision of GSTR-9 once filed. Any errors must be corrected in the subsequent year's return. Financial Statements: Yes, financial statements can be revised by filing revised financial statements with MCA within 30 days of original filing, subject to payment of additional fees.

Q3. What is the turnover limit for GST audit?

Currently, GST audit by CA is not mandatory for any taxpayer regardless of turnover. The requirement for GST audit was removed from FY 2020-21 onwards. However, reconciliation statement in GSTR-9C is required for taxpayers with annual turnover exceeding ₹5 crore.

Q4. Are there any concessions for small companies in financial statement filing?

Yes, small companies (with paid-up capital ≤ ₹4 crore and turnover ≤ ₹40 crore) enjoy certain relaxations: Abridged board report instead of detailed report Cash flow statement not mandatory Fewer disclosures in financial statements Lower filing fees

Q5. What happens if I miss the filing deadline for either return?

GSTR-9: Late fee of ₹200 per day will be applicable from the day after due date until actual filing date. Your GST registration may also be cancelled if not filed for continuous periods. Financial Statements: Additional fees of ₹100 per day will be charged. Directors may face disqualification if not filed for 3 consecutive years. The company may be struck off from MCA register.

Business Guidance

Difference Between Annual Return & Financial Statement Filing

Clear explanation of Annual Return vs Financial Statement filing under GST. Learn requirements, deadlines, and avoid penalties with Liquetax experts.

What this guide covers

What does Difference Between Annual Return & Financial Statement Filing mean in practice?
Who is affected and what should they check first?
Which documents or records should be kept ready?
What common mistakes should be avoided?