Changes and Compliances in GSTR 9 & 9C

Changes and compliances in GSTR 9 & 9C are crucial for every business owner in India. In this article, we will cover all the necessary details that you need to know about these changes and compliances. But before diving into the details, let's first understand what GSTR 9 and 9C are.

What is GSTR 9?

GSTR 9 is an annual return that needs to be filed by every registered taxpayer under GST. It includes all the details of the outward and inward supplies made by the taxpayer during the financial year. It is a consolidation of all the monthly or quarterly returns filed in that particular year. The due date for filing GSTR 9 is 31st December of every year.

What is GSTR 9C?

GSTR 9C is a reconciliation statement that needs to be filed along with GSTR 9. It is a statement that reconciles the figures mentioned in GSTR 9 with the figures mentioned in the audited annual financial statements. It is mandatory for every taxpayer whose turnover exceeds Rs. 2 crores in a financial year. The due date for filing GSTR 9C is 31st December of every year.

Changes in GSTR 9 & 9C

The government has made some changes in GSTR 9 and 9C for the financial year 2020-21. Let's take a look at them:

Reporting of ITC: In GSTR 9, taxpayers need to report the ITC availed during the financial year. The ITC that is not availed in a particular year cannot be claimed in the subsequent years. In GSTR 9C, taxpayers need to reconcile the ITC availed as per the books of accounts and the ITC availed as per the GST returns.
Reporting of HSN: In GSTR 9, taxpayers need to report the HSN summary of all the goods and services supplied during the financial year. In GSTR 9C, taxpayers need to reconcile the HSN summary as per the books of accounts and the HSN summary as per the GST returns.
Reporting of amendments: In GSTR 9, taxpayers need to report all the amendments made in the previous financial year. In GSTR 9C, taxpayers need to reconcile the amendments made in the books of accounts and the amendments made in the GST returns.
Reporting of late fees: In GSTR 9, taxpayers need to report the late fees paid during the financial year. In GSTR 9C, taxpayers need to reconcile the late fees paid as per the books of accounts and the late fees paid as per the GST returns.

Compliances in GSTR 9 & 9C

Compliances in GSTR 9 and 9C are important for every business owner in India. Let's take a look at the compliances:

Timely filing of returns: It is mandatory to file GSTR 9 and 9C within the due date. Late filing of returns will attract a penalty.
Accurate reporting of data: Taxpayers need to accurately report the data in GSTR 9 and 9C. Any incorrect or false reporting will attract penalties.
Reconciliation of data: Taxpayers need to reconcile the data mentioned in GSTR 9 with the data mentioned in the audited financial statements. Any discrepancies need to be corrected and reported.
Payment of tax and late fees: Taxpayers need to pay the tax and late fees within the due date. Late payment of tax and late fees will attract penalties.

Conclusion

GSTR 9 and 9C are important compliances that every business owner in India needs to follow. The changes made in GSTR 9 and 9C for the financial year 2020-21 need to be carefully understood and implemented. The compliances in GSTR 9 and 9C need to be followed accurately to avoid any penalties.