Analysis of GSTR 9 & 9C

Sudeep K | Last updated: 09 February 2022

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Quick Summary

The GSTR 9 and GSTR 9C are crucial annual filings under the GST regime. GSTR 9 is the annual return for registered taxpayers, detailing outward and inward supplies, taxes paid, and refunds claimed. GSTR 9C is a reconciliation statement comparing the annual return with audited financial statements, mandatory for taxpayers with an aggregate turnover exceeding Rs. 5 crores. This article covers the basics, different forms, filing requirements, due dates, late fees, and essential reconciliations needed for these returns.

Introduction It has been 4.5 years since GST has been implemented. Since then, many changes were seen by way of notifications, circulars advance rulings. The annual return is one of the major aspects of GST law. The basic understanding of the adjustments, reconciliations that are to be per

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FAQ :

There are three forms: GSTR 9 for regular registered taxpayers, GSTR 9A for composite dealers, and GSTR 9B for e-commerce operators (though not yet notified).

All registered taxpayers must file GSTR 9, except for Casual Taxable Persons, Input Service Distributors, Non-resident taxable persons, and persons paying tax under TDS or TCS provisions. However, those with an aggregate turnover up to Rs. 2 crores for FY 2020-21 are exempt, though they can file voluntarily.

GSTR 9C is an annual reconciliation statement that compares the details filed in GSTR 9 with the taxpayer's audited annual financial statements. Registered persons with an aggregate turnover up to Rs. 5 crores have the option to file it.

The general due date for filing the annual return (GSTR 9 and GSTR 9C) is the 31st of December of the following financial year. However, note that the due date for FY 2020-21 was extended to 28th February 2022.

The late fee for not filing GSTR 9 within the due date is Rs 100 per day, per Act, capped at 0.50% of the taxpayer's turnover. Delayed filing of GSTR 9C may attract a general penalty of up to Rs 50,000.

Several tables in GSTR 9, such as those related to credit/debit notes, amendments, HSN summaries, and details of demands and refunds, are optional. In GSTR 9C, tables related to adjustments to turnover and reconciliation of ITC are optional.

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