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.
The withdrawal of exemption on export freight has affected exporters and transporters severely. In this article, we will discuss the new change that has been implemented, how much air freight and ocean freight is now applicable, the ITC issues and also the history of this exemption.
It is mandatory for the taxpayers to report a minimum 4-digit or 6-digit HSN Code in table-12 of GSTR 1 on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year. To facilitate the taxpayers, these changes are being implemented in a phase-wise manner.