What should I show on Gstr 9?

What should I show on Gstr 9?

The GSTR 9 is a document or statement that has to be filed once a year by a registered taxpayer. This document will contain the details of all supplies made and received under various tax heads (CGST, SGST and IGST) during the entire year along with turnover and audit details for the same.

What are the documents to be enclosed along with Gstr 9C?

The following documents are required to be enclosed along with Form GSTR-9C: A copy of the audited financial statements as per Section 35(5) A copy of the audit report where the audit of the entity is carried out by another person under a statute other than the GST Act.

Is it compulsory to bifurcate ITC in Gstr 9?

Table 6B of GSTR-9 requires bifurcation of ITC into Capital goods, Inputs and Input Services. Books of accounts have to be maintained in a manner such that purchases attributable to output supply of goods, output services, and capital goods can be identified and thus ITC on the same can be differentiated.

Is Gstr 9 and 9C mandatory?

So, in nutshell GSTR 9 is mandatory for registered person whose aggregate turnover is Rs. 2 cr. Or more. GSTR 9C is mandatory for Registered person whose aggregate turnover in FY 2020-21 exceeds Rs.

What is the difference between Gstr 9 and 9C?

The GSTR-9 form is an annual return which has to be filed by all registered taxable persons under GST. The GSTR-9C is the GST reconciliation Statement for a particular FY on or before 31st December. The reconciliation must also be certified by a CA for the companies having turnover more than 5 crores.

What if Gstr 9 is not filed?

Due Date, late fee and penalty The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default.

How can I lower my ITC Gstr 9?

As per Rule 37, all registered persons should reverse the ITC claimed on inward supplies for which he has failed to pay consideration to the supplier within 180 days from the date of issue of the invoice. Such reversals should be reported here.

Is GST audit abolished?

The government has removed Section 35(5) of the CGST Act. Further, Section 44 of the CGST Act stands amended. The changes in the Act were approved with the passing of the Finance Act, 2021. The need for a GST audit by CA/CMA stands removed for FY 2020-21 and any later financial years.

What is the difference between Gstr 9 and Gstr 9C?

Do interest income have to be declared in gstr 9?

Yes. They have to be declared in Annual return. Interest income to be disclosed in Table 5D of GSTR 9. Similarly rest of them have to be seen case to case basis

What is form gstr 9C?

GSTR 9C : To be filed by Person who are required to get their accounts audited under Sec 35 of CGST Act The following taxable persons are not required to file Annual Return under GST: The due date for filing Form GSTR 9 is 31 st December following the end of financial year.

Can I file Form gstr-9 without payment of late fee?

You can’t file Form GSTR-9 without payment of late fee for Form GSTR-9, if same is filed after the due date. Q.34 Is there any option to make payment other than late fee (if applicable) in Form GSTR-9? Ans: After filing of your return in Form GSTR-9, you will get a link to navigate to Form GST DRC-03 to pay tax, if any.

What are the challenges faced by taxpayers in form gstr-9?

One common challenge reported by taxpayer is in Table 4 of FORM GSTR-9 where details may have been missed in FORM GSTR-1 but tax was already paid in FORM GSTR-3B and therefore taxpayers see a mismatch between auto-populated data and data in FORM GSTR-3B.