Maximizing ITC Utilization: Minimizing ITC Reversals and Timely Reclaims

This article reveals the complexities behind Input Tax Credit (ITC) reversals. Critical factors leading to reversals come to light, alongside robust strategies designed to minimize their impact. Insights into the latest GST system updates enhance ITC claim transparency, underscoring the importance of meticulous record-keeping and proactive vendor management as key pillars to solidify tax compliance processes.

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Issues Faced while Filing GSTR 9 and GSTR 9C

GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.

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GSTR 9: Here are 8 FAQs Around GST Annual Return

Annual GST Return - Everything you want to know about GSTR9, GSTR9A, GSTR9B, GSTR9C filing. A statement that every taxpayer needs to file annually.

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GSTR 9C Self-Certification: How You Need to Prepare as a Finance Head?

As per the Finance Act – 2021, a proposal was released to omit certification by CA by amending Section 35(5) of the CGST Act. In the 43rd GST Council Meeting, the finance ministry reaffirmed this suggestion for changes in furnishing the reconciliation statement GSTR 9C with self-certification instead of by CA/CMA. Read all the changes related to GSTR 9C self-certification here…

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Nil GSTR 9 Return Filing: Do You Need to Do That?

GSTR 9 is an annual return form that a regular taxpayer is required to file for his/her annual turnover. The form requires invoice details for inward and outward supplies as procured by the given business.

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GSTR 9C: A Complete Guide to Preparing GSTR 9C | Explained Table-wise

GSTR 9C form has a reconciliation statement for reconciling turnover, input tax credits and tax payments. Let’s see in brief about GSTR 9C

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GSTR 9 Vs GSTR 9C, which One should You Prepare this Year?

GSTR 9C - Taxpayer who’s aggregate turnover exceeds 2 cr. and need to audit his accounts under GST.

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How to Fill ITC Reversal details in GSTR 9: Table 7 Explained

The amount of input tax credit reversed as per this provision shall be added to the output tax liability of the Registered Person for the month in which the details are furnished.

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Inward Supplies and ITC in GSTR 9: Table 6 Explained

In the Annual Return GSTR 9, as we all know, details of outward and inward supplies along with ITC claimed, reversed, tax liability, tax payment and the adjustments are to be reported.

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10 Step Guide to Outward Supply: Table 4 and 5 of Form GSTR-9 Explained

In this part, you need to provide consolidated details of all your outward supplies and advances received on which tax is applicable during the financial year for which the return is filed.

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GSTR 9 Annual Return Form: Parts and Sub-sections Explained

GSTR-9 is an annual return form that needs to be filed once a year by registered taxpayers under GST disclosing a detailed summary of outward supply and taxes paid thereon.

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GSTR-9 and 9C Simplification – Advisory issued in January 2020

The simplifications notified in Form GSTR-9 and Form GSTR-9C effective only for FY 2017-18 and 2018-19. For FY 2017-18, the last date for filing GSTR-9 and GSTR-9C extended to 31st Jan 2020.

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