The Goa Chamber of Commerce and Industry (GCCI) has requested Union finance minister Nirmala Sitharaman to waive late fees for filing GST annual return (Form GSTR-9) and the reconciliation statement (Form GSTR-9C) for FY 2024-25 up to Jan 31, 2026. GCCI said govt released the annual forms late and introduced significant amendments.
“The forms were made available on the GST portal only on Oct 15. These structural changes, particularly in input tax credit (ITC) reporting and multiple disclosure requirements, have significantly reduced the time available for taxpayers to complete the comprehensive reconciliations,” GCCI director general said in a letter to Sitharaman. Taxpayers with a turnover exceeding Rs 2 crore are required to file Form GSTR-9 to ensure that figures reported in annual GST returns match those in the audited books of accounts. A late fee of Rs 200 per day is levied for delays.
GCCI also pointed out that Central Board of Indirect Taxes & Customs made continuous updates to auto-populated ITC data until Nov 30, the last date for reporting FY 2024-25 invoices, due to delayed invoice reporting by vendors. The chamber noted that GST rationalisation announced in Sept introduced substantial changes in tax rates and compliance processes, requiring extensive updates, further impacting timelines.
“Accurate preparation of GSTR-9 and GSTR-9C requires reconciliation with audited financial statements and tax-audit reports. With audits and related compliances extending into Nov and Dec for many taxpayers, the effective window for finalising GST filings has been shortened,” he said.
Source from: https://timesofindia.indiatimes.com/city/goa/gcci-seeks-waiver-of-late-fees-for-gst-annual-filings/articleshow/126208417.cms
