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.
GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.
Annual GST Return - Everything you want to know about GSTR9, GSTR9A, GSTR9B, GSTR9C filing. A statement that every taxpayer needs to file annually.
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…
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.
GSTR 9C form has a reconciliation statement for reconciling turnover, input tax credits and tax payments. Let’s see in brief about GSTR 9C
GSTR 9C - Taxpayer who’s aggregate turnover exceeds 2 cr. and need to audit his accounts under GST.
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.
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.
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.
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.
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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