The Central Board of Direct Taxes (CBDT) has extended the deadline for filing revised Income Tax Returns (ITR) for the financial year 2023-24. Previously, taxpayers had until December 31 to file a revised ITR with late fees. This deadline has now been extended to January 15, giving more time for compliance.
Meanwhile, GST-registered taxpayers are required to file their annual return (GSTR-9) for the financial year 2023-24 by December 31. Filing this return is essential to consolidate annual transactions. Failure to file the GSTR-9 could result in penalties. For companies with a turnover of up to ₹5 crore, the penalty is capped at ₹50 per day (₹25 each under CGST and SGST) or 0.04% of the turnover.
A company with a turnover between ₹5 crore and ₹20 crore will incur a maximum penalty of ₹100 per day (₹50 each under CGST and SGST) or 0.04% of its turnover. Similarly, a company with a turnover exceeding ₹20 crore will face a maximum penalty of ₹200 per day (₹100 each under CGST and SGST) or 0.50% of its turnover.
Businesses with a turnover exceeding ₹2 crore are required to file GSTR-9. Taxpayers registered under the GST composition scheme must file GSTR-9A, while businesses with a turnover of over ₹5 crore must submit GSTR-9C, which includes an additional annual reconciliation statement alongside GSTR-9.
Furthermore, businesses holding multiple GST registrations under a single PAN are required to file separate GSTR-9 returns for each GSTIN.