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.
Automate Your GSTR 9 Preparation
with IRIS Sapphire
Simple and Easy GSTR 9 Preparation for 100% error-free annual return filing
What is GSTR 9?
GSTR 9 is an annual return form to be filed by all registered taxpayers and taxable persons irrespective of their business turnover. It is an annual return for all the registered taxpayers under GST and has to be duly paid with some exceptions. GSTR-9 is a compilation of inward supplies, outward supplies; input tax credit and tax-liability availed during a period of a financial year.
How can IRIS GST Software help you with your GSTR-9 Returns?
IRIS GST Software is a cloud-based GST Return Filing and GST Reconciliation software that can help you to:
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- GST Return Filing History: Download complete filing history of returns filed (GSTR-1, GSTR-2A & GSTR-3B) from GSTN in a single click
- Easy Reconciliation: Reconcile GSTR 2B, GSTR-2A and Purchase Register
- Auto-Computation and Bulk Fetch Data: Provides auto-computed details and bulk data fetch facility.
- Automated Approach: Auto-summarize sales and purchase data based on filed returns and reconcile with your books
- Zero Error Filing: Inbuilt calculators, validations and powerful insights to file error-free returns
- Smart and Intelligent Inbuilt Rules: In line with ICAI guidelines to avoid penalties, late fees… and much more!
Even if you have not filed GSTR 1 and GSTR 3B using the IRIS platform, still you can get auto-computed details for GSTR 9 and you will be able to save GSTR 9 details to the GSTN portal through IRIS GST Software.
KEY FEATURES
GSTR 9 is an annual GST return filed with GSTN to give summarized details of outward supply and taxes paid thereon , input tax credits claimed, taxes paid and refund claimed in the financial year
EASY COMPARE
Compare and verify auto-drafted details using GSTR1 & 3B and data available in ledgers
EFFICIENT REVIEW
Simple and efficient review of return data with a section-wise view of GSTR-9
BULK FETCH
Fast-track your data preparation process for additional sections of GSTR-1 by bulk fetching the auto-drafted details
COMPREHENSIVE REPORTS
Get exhaustive reports based on GST Returns and reconciliation results to prepare the data for additional sections of GSTR 9
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Publish on April 17th, 2024