🔔 GST Annual Returns LIVE! The Portal Opens for GSTR-9 and GSTR-9C Filing for FY 2024-25

 

The Goods and Services Tax Network (GSTN) has officially activated the filing modules for the Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) for the Financial Year 2024-25. This crucial announcement signals the beginning of the annual compliance cycle, urging millions of taxpayers to organize their records and complete their statutory obligations well before the deadline.

Taxpayers can now access the dedicated modules—including "Prepare Online," "Prepare Offline," and "Initiate Filing"—on the official GST portal. Given the complexity and detail required in these returns, the GSTN has strongly advised taxpayers to commence their filing process without delay to avoid the last-minute rush and potential system slowdowns.

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📝 Decoding the Mandatory Annual Compliances

The annual returns under GST are essential tools for authorities to reconcile the transactional data furnished by taxpayers throughout the year with their audited financial statements, ensuring the integrity of the tax system.

1. GSTR-9: The Annual Return

GSTR-9 is a comprehensive return that summarizes the entire year’s supply, Input Tax Credit (ITC), tax paid, and refunds claimed under various categories. It acts as the final summary of the eleven GSTR-3B filings and all GSTR-1 filings made during the financial year.

2. GSTR-9C: The Reconciliation Statement

GSTR-9C is a statement of reconciliation between the Annual Return (GSTR-9) and the taxpayer’s Audited Annual Financial Statement. It is self-certified by the taxpayer, attesting to the accuracy of the details and reconciling any differences between the two documents.

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🎯 Mandatory Filing Thresholds for FY 2024-25

Not all taxpayers are required to file both returns. The mandatory requirement is linked to the taxpayer’s aggregate turnover for the financial year:

Compliance Form	Turnover Requirement (FY 2024-25)	Compliance Status
GSTR-9 (Annual Return)	Aggregate Turnover exceeding ₹2 Crore	Compulsory
GSTR-9C (Reconciliation Statement)	Aggregate Turnover above ₹5 Crore	Mandatory

Note: For turnover up to ₹2 crore, the filing of GSTR-9 remains optional.

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📅 The Critical Due Date: Don't Miss It!

The most important date for GST compliance is approaching fast. Taxpayers must ensure their data is correctly compiled and the returns are submitted on time:

Compliance Form	Financial Year	Filing Due Date
GSTR-9 & GSTR-9C	2024-25	December 31, 2025

Delay in filing beyond this deadline will instantly attract significant late fees, which are calculated on a daily basis.

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💸 Strict Penalties: Understanding the Late Fee Structure

The Goods and Services Tax Act prescribes heavy penalties for delayed filing of the Annual Return (GSTR-9). The daily late fee is based on the aggregate turnover of the taxpayer, making timely filing a high priority, especially for large businesses.

Turnover Category	Late Fee per Day (CGST + SGST)	Maximum Penalty Cap
Up to ₹5 Crores	₹50 per day (₹25 CGST + ₹25 SGST)	0.04% of Turnover (0.02% CGST + 0.02% SGST)
More than ₹5 Cr to ₹20 Cr	₹100 per day (₹50 CGST + ₹50 SGST)	0.04% of Turnover (0.02% CGST + 0.02% SGST)
Above ₹20 Crores	₹200 per day (₹100 CGST + ₹100 SGST)	0.5% of Turnover (0.25% CGST + 0.25% SGST)

The late fee is calculated separately under the CGST Act and the respective SGST Act.

Why Early Filing is Crucial

The daily late fee for the highest turnover category can quickly accumulate to thousands of rupees. For a business with an annual turnover exceeding ₹20 crore, a delay of just 10 days would result in a late fee of ₹2,000 (₹200 x 10 days) plus the potential maximum cap restriction. Moreover, delaying the filing blocks the taxpayer from performing other critical compliance activities under GST.

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✅ Call to Action for Taxpayers

With the portal now open for FY 2024-25, taxpayers and their consultants should take the following immediate steps:

1. Reconcile Books: Finalize the reconciliation of books of accounts with GSTR-3B, GSTR-1, and GSTR-2A/2B data for the entire financial year.
2. Verify ITC: Ensure that the Input Tax Credit (ITC) claimed is accurate and adheres to the statutory provisions.
3. Data Compilation: Start compiling the data required for the various tables of GSTR-9 and GSTR-9C, particularly the detailed breakdown of supplies and ITC.
4. Engage Professionals: Consult with tax professionals promptly to ensure the returns are filed accurately and on time, thereby mitigating the risk of audit queries, hefty late fees, and potential litigation.

The clock is ticking towards December 31, 2025. Proactive and meticulous filing remains the key to hassle-free GST compliance.