If you are a business owner in India, you are probably familiar with the Goods and Services Tax (GST) and the various returns that you need to file. One such return is GSTR-9, an annual return that summarizes the taxable supplies made and received by a registered person under GST. In this article, we will discuss the recent changes made to GSTR-9 that allow for input tax credit (ITC) claims and the amendment of invoices.
Input tax credit (ITC) is the credit that a business owner can claim for the tax paid on purchases made for the purpose of business. It is one of the key features of GST that eliminates the cascading effect of taxes, where taxes are paid on taxes. In simple terms, it allows businesses to reduce their tax liability by claiming credit for taxes paid on inputs.
However, claiming ITC is not always straightforward. There are several conditions that need to be met, and businesses need to maintain proper records of their purchases and invoices to claim ITC. This is where GSTR-9 comes into play.
GST Annual Return, also known as GSTR-9 is an annual return that needs to be filed by every registered person under GST. It is a summary of all the taxable supplies made and received during the financial year, along with details of input tax credit (ITC) claimed and tax paid. GSTR-9 needs to be filed by 31st December of the subsequent financial year.
Earlier, GSTR-9 did not allow for the amendment of invoices or the claiming of ITC that was missed out in the previous financial year. This put businesses in a difficult position, as they were unable to claim ITC for the previous year's purchases if they had missed out on it earlier. However, the recent changes made to GSTR-9 have addressed these issues.
The recent changes to GSTR-9 allow for the amendment of invoices that were missed out or have errors. This means that businesses can now rectify any mistakes in their invoices and claim ITC that was missed out earlier. However, it is important to note that only invoices for the previous financial year can be amended, and any changes made should be reported in the current financial year's returns.
The recent changes to GSTR-9 also allow for the claiming of ITC that was missed out in the previous financial year. This means that businesses can now claim ITC for the previous year's purchases, even if they had missed out on it earlier. However, businesses need to ensure that they have proper records of their purchases and invoices to claim ITC.
The recent changes to GSTR-9 are a welcome move for businesses, as it allows them to rectify any mistakes made in the previous financial year and claim ITC that was missed out earlier. However, it is important for businesses to ensure that they maintain proper records of their purchases and invoices to avoid any issues with claiming ITC.
GSTR-9 is an important return that needs to be filed by every registered person under GST. The recent changes made to GSTR-9 have addressed some of the issues faced by businesses while filing their returns. Businesses can now amend their invoices for the previous financial year and claim ITC that was missed out earlier. However, it is important for businesses to maintain proper records of their purchases and invoices to avoid any issues with claiming ITC.
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