GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.
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It has been one year since GST rollout. In the coming year, changes in the GST return filing process can be expected which aim to simplify the existing process.
GSTR 9C form has a reconciliation statement for reconciling turnover, input tax credits and tax payments. Let’s see in brief about GSTR 9C
Vendors being GST compliant plays a significant role in the ITC claim of taxpayers. As the GST law is designed, the taxpayer not only needs to be self-compliant, it is equally important to have a GST compliant network of vendors around. If you deal with multiple vendors, keeping a tab of compliances of all vendors becomes an important activity for optimum ITC claim.
It is important to compare invoices, which itself could run into large numbers, and identify the matches and differences. It is also necessary that the differences itself are analysed so that the corrective actions can be taken.
