Annual Returns for F.Y. 20 - 21

[Kaustubh Karandikar]

XYZ’s turnover in the F.Y. 2019 – 20 was more than ₹ 5 crores and therefore they had filed Annual Return GSTR – 9 and GSTR – 9C. In the Financial Year 2020 – 21 their turnover was less than ₹ 2 Crores. Are they required to file Annual Return GSTR – 9 and GSTR – 9C for Financial Year 2020 – 21?

AI Summary

Debate on if companies under 2 crore turnover in 2020-21 must file GSTR-9 and GSTR-9C; filing optional. A discussion on whether a company with a turnover of less than 2 crores in the financial year 2020-21 is required to file GST Annual Returns GSTR-9 and GSTR-9C. Participants agree that filing is not mandatory due to the turnover threshold. Some suggest filing voluntarily to preempt potential issues with tax credits and department inquiries. There is debate over whether auto-drafted returns are considered filed and the implications of optional filing. The conversation highlights differing opinions on whether to file, considering potential departmental scrutiny and the importance of formal versus informal notifications.