GSTR9 for FY 2020-21 has been enabled on GST Portal
What is GSTR 9?
GSTR 9 is a yearly return that is to be furnished annually through the assessee below GST. some facts must have to be kept in mind such as:
It includes information about the outward and inward supplies furnished or concluded during the previous year beneath distinct tax councils such as CGST, SGST & IGST, and HSN codes.It is a merger of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) furnished in a particular year.
Applicability and recent changes
1. Upto 2 Crores -Turnover – Exemption from Annual Return filling i.e. Filling of GSTR 9 not required.
2. Between 2 Crores to 5 Crores – Only GSTR 9 Required.
3. Above 5 Crores – GSTR 9 and Self Certified GSTR 9C is required.
4. Mandatory certification in reconciliation statement by Chartered Accountant or Cost Accountant is not required from F.Y. 2020-2021
Notification 30/2021 – Central Tax :
1. Requirement of Furnishing of Annual Return [Form GSTR 9/9A/9B] by 31 December following the end of financial year.
If aggregate turnover during a financial year exceeds 5 crore rupees, then self-certified reconciliation statement in FORM GSTR-9C along with the annual return by 31st December following the end of financial year.
2. Few modifications in Form GSTR 9 and GSTR 9C to make these forms applicable for F.Y. 2020-2021 and also to make Form GSTR 9C self-certifiable by registered Person.
Notification 31/2021 – Central Tax
Exemption from filling of Annual Return for F.Y. 2020-2021 if aggregate turnover in the financial year 2020-21 is upto two crore rupees
No GST Audit from August 1st: CBIC
Section 110 of Finance Act 2021 : Amendment of section 35.
p dir=”ltr”>Section 111 of Finance Act 2021 : Substitution of new section for section 44.
Let’s discuss important features relating to GSTR9:
1) GSTR 9 once filed cannot be revised.
2) Computation of ITC has been made based GSTR1/IFF/GSTR5 filed by your corresponding suppliers up to 15/07/2021.
3) GSTR-1/IFF/GSTR-5 filed after the updation date will be covered in the next updation.
4) Returns GSTR1/IFF & GSTR3B of the financial year should have been filed before filing GSTR-9.
5) GSTR-9C shall be enabled on the dashboard after filing of GSTR-9
6) No. of records either in Table-17 or Table-18 are more than 500 records per table, then offline tool shall be used for filing GSTR9
7)For FY 2020-21, Due Date for filing GSTR9 & GSTR9C is 31.12.2021.