What is Gstr-9 and Gstr 9C?
The GSTR-9 form is an annual return that 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 a turnover of more than 5 crores.16-Mar-2022
Taxpayers with a turnover exceeding Rs. 5 crore in the previous financial year are required to file Form GSTR-9C on a self-certification basis. This change is applicable from FY 20-21 onwards. Further, Form GSTR-9C will be modified to support self-certification by the taxpayer.12-Jan-2022
What is turnover limit for Gstr-9 and 9C?
As per 43rd GST Council meeting outcome, GSTR-9 shall continue to be optional for taxpayers with turnover up to Rs. 2 crore, whereas GSTR-9C can be self-certified by taxpayers with turnover less than or equal to Rs. 5 crore from FY 2020-21 onwards.14-Jul-2022
Taxpayers whose aggregate turnover in a financial year exceeds Rs 2 Crores need to file GSTR-9C. The GSTR-9C must be digitally signed by the GST Auditor and must report all discrepancies or liabilities in filing any of the GST returns during the financial year.30-Jun-2022
Why Gstr-9 is filed?
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.
GSTR9C is an audit form for taxpayers that is similar to a tax audit report. It includes gross and taxable turnover. Ideally, taxpayers who are liable to get their annual income returns audited have to file Form GSTR 9C. As per GST law, entities with an annual turnover of more than Rs.
What if Gstr 9C is not filed?
If a taxpayer fails to file both Annual Return and Form GSTR-9C, then he is liable to a fee of Rs. 200/- per day during which the default continues (Rs. 100 under CGST law + Rs. 100/- under State / Union Territory GST law) *Capped to a maximum amount of .12-Jan-2022
Note that the ITC for FY 2017-18 can no longer be claimed freshly in GSTR-9. The department has exempted taxpayers with a yearly turnover of more than Rs. 2 crore during the FY 2021-22 from filing GSTR-9 or annual returns.12-Jan-2022
What is turnover criteria for filing form Gstr 9?
GSTR 9C is an audit form that must be filed by all taxpayers whose aggregate turnover exceeds Rs. 2 crores in a financial year and is liable to get their annual reports audited.11-Nov-2021
As per 43rd GST Council meeting outcome, GSTR-9 shall continue to be optional for taxpayers with turnover up to Rs. 2 crore, whereas GSTR-9C can be self-certified by taxpayers with turnover less than or equal to Rs. 5 crore from FY 2020-21 onwards.14-Jul-2022
Who is eligible for GST audit?
Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crore^. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant.12-Jan-2022
Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.30-Dec-2021
How do I reconcile my Gstr-9C?
Step 1: Login to the GST portal and go to returns dashboard and click on 'Annual Return'. Select the financial year from the drop-down menu. Step 2: Select 'Initiate e-filing' to file GSTR-9C. A pop-up will appear on the screen asking to file GSTR-9 before filing GSTR-9C.12-Jan-2022
The due date to file GSTR-9 & GSTR-9C for the FY 2019-20 has been further extended up to 31st March 2021.12-Jan-2022
What is first return in GST?
Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.
HSN Summary Table in GSTR-9 is optional for F.Y. 2020-21.27-Dec-2021
What is final return in GST?
A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective.
As per the sub-rule (4) inserted in rule 36 of the Central Goods and Service Tax Rules, a taxpayer filing GSTR-3B can claim input tax credit only to the extent of the eligible credit available in GSTR-2B. Until 31st December 2021, this was 105% of the ITC in GSTR-2B/GSTR-2A between 1st Jan 21 up to 31st Dec 21).23-Feb-2022
What is the time limit to take ITC?
within 180 days
It will be mandatory to specify the number of digits of HSN code for goods or services that a class of registered persons shall be required to mention as may be specified in the notification issued from time to time under proviso to rule 46 of the said rules. As per Notification No. 12/2021 –Central Tax , dt. 1.5.14-Jun-2021
What is the penalty for not filing Gstr-9?
Penalty Norms When you Miss the Due Date of GSTR-9 Filing 200 per day as a penalty in which Rs. 100 consists of SGST and Rs. 100 for CGST. Also, it is to be noted that the total penalty cannot exceed 0.25% of the total turnover on which the said penalty is being levied.06-Jul-2022
What is Gstr-9 and Gstr 9C?