phoenixtax February 26, 2022Since the publication of the GSTR-9 and GSTR-9C forms by CBIC, there has been a lot of confusion over who needs to file these forms and if the details required for both are the same or not. But that is no longer the case! Despite the fact that the filing of GSTR 9/9C is still loaded with controversy, GST consultants must tell their clients ahead of time that all data required to complete GSTR 9/9C must be provided. This article examines some of the GSTR 9/9C changes that can be made.
What is FORM GSTR-9?
The GSTR 9 is a document or declaration that a registered taxpayer must file once a year. This record will describe all supplies made and received for the full year under several tax headings (CGST, SGST, and IGST), as well as turnover and audit information.
Who is responsible for filing GSTR-9?
- You must be a GST registered tax payer with a GSTIN of 15 digits depending on your PAN.
- Your company’s total revenue should be larger than 20 lakh rupees.
- This return is for all GST-registered taxpayers, except those with a Unique Identification Number (UIN) and non-resident taxpayers.
- For the full year, you must record the specifics of all your transactions at the invoice level. This covers intra-state and inter-state transactions, business-to-business and business-to-consumer transactions, transactions involving exempted items, non-GST suppliers, and stock transfers between your business sites in various states.
What is FORM GSTR-9C?
GSTR 9C is an annual audit form for all taxpayers with a taxable income of more than 2 crores in a given fiscal year. The taxpayer must additionally complete the reconciliation statement and the audit certification in addition to the GSTR 9C audit form.
Who is responsible for filing GSTR-9C?
Every taxpayer who is subject to an audit of their yearly reports must file GSTR9C. (If a taxpayer’s yearly aggregate turnover reaches Rs. 2 crores in a financial year, they must have their annual reports audited under GST law.)
A GST Consultant will certify the GSTR9C, after which the taxpayer must file it either on the GST portal or through a facilitation center. Other papers, such as a copy of the taxpayer’s audited accounts and their yearly returns in GSTR-9 form, may be required in addition to the GSTR9C form.
Comparison:
| Points to compare | GSTR-9 Annual Return | GSTR-9C Reconciliation statement |
| Nature | Consolidation of all GST returns for the applicable Financial Year (i.e. GSTR-1 and GSTR-3B). | Statement of certified reconciliation (turnover, tax paid and ITC) |
| Law | Notified under Section 44 of the CGST Act in Rule 80. | Section 35(5) of the CGST Act provides notification. |
| Type | GST Return | Reconciliation statement |
| Certification | No | Yes |
| Signatories | The taxpayer will digitally sign the document. | GST Auditor/ CA/CMA, as well as the taxpayer, will digitally sign the document. |
| Applicability | All GST registered individuals and businesses | GST-registered taxpayers with a combined revenue of greater than INR 2 crores |
| Due date for filing | 31st December of the following fiscal year* | 31 December of the following fiscal year (after the filing of GSTR-9) |
| Late fee & Penalty | Late penalties of INR 200 per day of delay (INR 100 under the CGST and INR 100 under the SGST), subject to a maximum of 0.25 percent of total turnover in the particular State/UT. | INR 25,000 is a fixed amount. |
| Structure | 6 parts | Part A: Reconciliation Statement (5 parts) Part B: Certificate (2 parts) |
Who is not eligible to file GSTR-9 & 9C
- Person who pays taxes on a regular basis
- Taxpayer who is not a resident of the Country
- Holders of Unique Identification Numbers (UIN) for Input Service Distributors (ISD)
- Service providers of Online Information and Database Access Retrieval (OIDAR).
- Dealers in compositions (They are required to file GSTR-9A)
- TDS/TCS is deducted/collected by taxpayers.
Important Things to Keep in Mind
- Before filing GSTR-9C, you must first file GSTR-9.
- GSTR-9 and GSTR-9C are not subject to revision.
- If a taxpayer chooses the composition scheme during the year, he or she must file both GSTR-9 and GSTR-9A for the relevant periods.
- The GSTR-03 Form can be used to deposit any tax liability discovered while filing the annual return with the government.
- ITC cannot be claimed in GSTR-9 if it is not claimed in GSTR-3B.
Filing GSTR-9 and 9C can be a hectic task for many GST taxpayers. But you need not worry! Phoenixtax- GST consultant in Chennai are here to help you with the GSTR-9 and 9 C filing process.
