GST ANNUAL RETURN 2020-21
This query is : Resolved
09 December 2022
Sir, at the time of filing GSTR 9 for FY 2020-21 we have not shown turnover of exempt supply in return. Same Turnover has not been reflected in gst returns filed during FY 2021-22. Now at the time of filing GSTR 9C, where such turnover should be reflected
07 July 2024
If you have not shown turnover of exempt supply in your GSTR-9 for FY 2020-21 and it was also not reflected in the GST returns filed during FY 2021-22, and now you are preparing for GSTR-9C, here's how you should approach it:
1. **Identify the Exempt Supply Turnover**: Determine the turnover of exempt supplies that was not reported in your GSTR-9 for FY 2020-21 and subsequent returns for FY 2021-22.
2. **Disclosure in GSTR-9C (Part V - Reconciliation of turnover)**:
- In GSTR-9C, Part V deals with the reconciliation of turnover as declared in the financial statements with turnover declared in the GST returns.
- Include the turnover of exempt supplies that was missed in your GSTR-9 for FY 2020-21 in this reconciliation.
- Clearly state the nature of the supply (exempt supply) and the turnover amount.
3. **Reconciliation Process**:
- Reconcile the turnover figures from your financial statements with the turnover figures declared in the GST returns.
- Adjust the turnover to reflect any omissions or discrepancies found during this reconciliation process.
- Ensure that the turnover figures reported in GSTR-9C align with the actual figures in your financial statements and match with what should have been reported in GST returns.
4. **Disclosure in GSTR-9C Summary**:
- Include a summary in GSTR-9C detailing the adjustments made for the turnover of exempt supplies that were missed in previous GST returns.
- Clearly state the adjustments made and the reasons for them to ensure transparency and compliance.
5. **Consultation with Tax Advisor**: It is advisable to consult with a tax advisor or GST professional to ensure that the adjustments and disclosures in GSTR-9C are accurate and compliant with GST regulations. They can provide specific guidance based on your business's circumstances and help minimize any potential penalties or issues during audits.
By accurately disclosing the turnover of exempt supplies in GSTR-9C and explaining the reasons for any discrepancies, you can ensure compliance with GST laws and regulations.
1. **Identify the Exempt Supply Turnover**: Determine the turnover of exempt supplies that was not reported in your GSTR-9 for FY 2020-21 and subsequent returns for FY 2021-22.
2. **Disclosure in GSTR-9C (Part V - Reconciliation of turnover)**:
- In GSTR-9C, Part V deals with the reconciliation of turnover as declared in the financial statements with turnover declared in the GST returns.
- Include the turnover of exempt supplies that was missed in your GSTR-9 for FY 2020-21 in this reconciliation.
- Clearly state the nature of the supply (exempt supply) and the turnover amount.
3. **Reconciliation Process**:
- Reconcile the turnover figures from your financial statements with the turnover figures declared in the GST returns.
- Adjust the turnover to reflect any omissions or discrepancies found during this reconciliation process.
- Ensure that the turnover figures reported in GSTR-9C align with the actual figures in your financial statements and match with what should have been reported in GST returns.
4. **Disclosure in GSTR-9C Summary**:
- Include a summary in GSTR-9C detailing the adjustments made for the turnover of exempt supplies that were missed in previous GST returns.
- Clearly state the adjustments made and the reasons for them to ensure transparency and compliance.
5. **Consultation with Tax Advisor**: It is advisable to consult with a tax advisor or GST professional to ensure that the adjustments and disclosures in GSTR-9C are accurate and compliant with GST regulations. They can provide specific guidance based on your business's circumstances and help minimize any potential penalties or issues during audits.
By accurately disclosing the turnover of exempt supplies in GSTR-9C and explaining the reasons for any discrepancies, you can ensure compliance with GST laws and regulations.
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