Since the day yearly return recording has been reported in GST hall, the taxpayers are amazed on the appropriateness of the structure type to them. Would it be a good idea for them to document GSTR 9 or GSTR 9 C or both? What’s more, who is to document what?
This blog illuminates the base rationale behind the two structures and encourages you choose which one is for you.
To begin with, yearly return is an announcement of return which is required to be recorded every year by each enrolled individual (aside from few indicated classifications of people) under GST giving condensed subtleness of outward supply and expenses paid subsequently, input charge credits asserted, charges paid and discount guaranteed in the budgetary year in regard of which such month to month/quarterly returns are documented. This yearly return must be documented with the GSTN utilizing structure GSTR 9.
Presently the GSTR 9 in itself is sorted in different structure types dependent on taxpayers entities.
|Sr. No.||Annual Return||Applicability to Taxpayers|
|1||GSTR 9||All taxpayers except mentioned below in note 1|
|2||GSTR 9A||Taxpayer those applies for composition scheme|
|3||GSTR 9B||Tax collector who files GSTR 8. Read Note 2 mentioned|
|4||GSTR 9C||Taxpayer whose aggregate turnover exceeds 2 cr. & need to audit his
accounts under GST
Note 1 – Following citizens don’t have to document GSTR 9
- Easygoing Taxable Person
- Non-Resident Taxable Person
- Information Service Distributor
- Arrangement Dealers
- People subject to TCS or TDS arrangement
Note 2 – GSTR 9B isn’t relevant for Financial year 2017-2018 in light of the fact that GSTR 8 got appropriate from first Oct 2018.
As 9A is a totally extraordinary class to be utilized by citizens in composite plan and 9B not material this year, how about we have a short correlation of GSTR 9 and GSTR 9C, their organizations, pertinence and variety in structure types.
While GSTR 9 is a yearly return structure recording, GSTR 9C is basically a compromise proclamation to be set up by citizens whose total turnover surpasses Rs. 2 crore and have experienced GST review. Such organizations need to document their CA ensured inspected fiscal summaries alongside GSTR 9C. In this way, in a perfect world, GSTR 9C is reliant on arrangement of your GSTR 9 return.
Extra point to note here is that there are no amendment arrangements for the yearly return yet. Thus, the arrival ought to be set up with complete exactness. IRISGST, a powerful GST recording stage is presently outfitted with GSTR 9 documenting utility. With IRISGST you can without much of a stretch mass bring auto-drafted subtleties from GSTN servers, analyze auto-drafted subtleties utilizing GSTR 1 and 3B and your records, audit table-wise GSTR 9 information and get comprehensive reports dependent on GST returns and compromise results to set up the information for extra segments of GSTR 9.
Give us now a chance to see some essential distinction between the two forms:
|Key Points||GSTR-9 Annual Return||GSTR-9C Reconciliation Statement|
|Nature||It is combination of all details provided in GST returns i.e. GSTR 1 and GSTR 3B made during financial year 2017-2018.||It is reconciliation between annual GSTR 9
return filed and audited annual financial
|Applicable to||As per Legal provision of Section 44(1) of CGST Act, every registered person is required to file GSTR-9. Hence, irrespective of the Turnover, every registered person under GST is required to file GSTR-9.||Every registered person, whose aggregate
turnover during a financial year exceeds the
prescribed limit of Rs. 2 Crore, shall get his
accounts audited by a chartered accountant
or a cost accountant and need to file GSTR 9C.
|Not applicable to||
aggregate turnover in an FY is less
than INR 2 Cr.
|Due date for filing||
filing GSTR-9 for FY 2017-18
|Late fees &||
||In a situation where a registered person files
only GSTR 9, but fails to file GSTR 9C,
the filing of GSTR 9C is not considered to
|penalty||subject to maximum of 0.25% of turnover in a state/UT. Similar provision is there in SGST Act also.
||have been defaulted. However, For GSTR 9C
there may be consequences of default in
complying with the provisions of Section 44(2).
|Additional Tax liability||Additional liability for the FY 2017-18 not declared in FORM GSTR-1 and FORM GSTR-3B may be declared in this return. (As per Notification 74/2018 dt 31/12/2018 )||In GSTR 9C, GST auditor need to mention
additional tax liability arise and it’s reasons of
|Payment of additional Tax liability||
taxpayers shall be given an option to
pay any additional liability declared in
this form, through FORM DRC-03.
Taxpayers shall select ?reconciliation
statement in the drop down provided in
paid through electronic cash ledger
|Availed ITC||Taxpayers cannot claim input tax credit unclaimed during FY 2017-18 through this return.||ITC cannot be availed through GSTR 9C|
|Details need to provide in Return||
between turnover, tax paid and ITC.
additional tax liability.
||GSTR 9 is mandatory to file before filing of GSTR 9C|
|Annexures||No annexures to be attached||Annexure of Audited financial statement is required|
Additionally as of late 31st GST board Meeting was hung on 22 December 2018. To know the features of gathering contact us.