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GSTR Annual Return : Applicability turnover
Turnover up to Rs.5 crore filing GSTR-9 after timeline date attracts a late fee of Rs. 50 per day (i.e., 25 under each Central Goods and Services Tax & State Goods and Services Tax act) subject to max cap 0.04% of turnover in state/UT (i.e., 0.02% each under Central Goods and Services Tax & State Goods and Services Tax Act).
Table 4 – Amendments, credit notes & debit notes cannot be shown as net figures in B2B, B2C, etc. now. GSTR Annual Return Table 4I to 4L to be disclosed separately from FY 21-22.
The RP shall report Non-GST supply (5F) separately & shall have an option to either separately report his supplies as exempted & nil rated supply or report consolidated information for these two heads in the ^exempted row only.
Option to either report the breakup of inputs & input services or report the entire remaining amount under the “inputs” row only.
Option to either report Table 6C & Table 6D separately or report the consolidated details of GSTR Annual Return Table 6C & 6D in GSTR Annual Return Table 6D only.
The RP shall report the breakup of input tax credit as capital goods & have an option to either report the breakup of the remaining amount as inputs & input services or report the entire remaining amount under the “inputs” row only.
Summarized in below Table:
By comparing Data supplied in GSTR 9/9C & GSTR 3B, the govt has started sending out notices & issuing information requests.
Annual Goods and services Tax return GSTR-9C can only be submitted after the filling of GSTR-9 is filed. all the GST taxpayers who have not yet paid GSTR Tax liability or have unclaimed Input tax credit pertaining for Financial Year 2021-22, Those still have option to amend or correct their claim Input tax credit & supplies by 30th Nov, 2022. (GST Notification No. 18/2022)
Conclusion
The process of submitting Form GSTR 9 & 9C is now more essential because it is expected to include the final values (along with any required corrections of ITC and values of supplies ) for a Financial Year. This paper is also being examined by the GST Dept. Establishing procedures to ensure correct data gathering in GST return & GSTR Reporting is therefore crucial.
The recent updates for GSTR-9 and GSTR-9C are significant for taxpayers, aiming to simplify compliance and improve the accuracy of annual return filings.
Rajput Jain and Associates is an established chartered accountant firm in India & have extensive expertise in the area of auditing, taxation, ROC, GST, and secretarial concerns, among others. RJA have expertise in GST and published various videos and post more than a thousand articles on subjects connected to auditing, GST & Taxation. you may in touch with email singh@carajput.com or call us on 9555 555 480
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