Applicability of GSTR 9 & 9C –
⦁ GSTR-9 is optional for taxpayers with a turnover of up to Rs.2 crore.
⦁ GSTR-9 is required to be compulsorily filled by the taxpayers with a turnover of more than Rs.2 crore but less than or equal to Rs.5 crore for the FY 2020-21.
⦁ Taxpayers with a turnover exceeding Rs. 5 crores in the previous financial year are required to file Form GSTR-9 & 9C on a self-certification basis compulsorily by 31st Dec 2021.
Note – Verification table by CA/CMA in Part B of Form GSTR-9C has been deleted. Now, only verification by the registered person is required in GSTR-9C for applicable registered taxpayers. This change applies from FY-2020-21 onwards.
Consequences of not filing GSTR 9 and 9C before 31st December 2021 –
A registered person failing to furnish the GSTR-9 by the due date shall be liable to pay a late fee of INR 200 (INR 100 for CGST and SGST each) every day during which such failure continues subject to a maximum of an amount calculated at a half percent of his turnover in the State or Union territory. Further, while calculating maximum late fee, ‘turnover in State’ or ‘turnover in Union territory’ should be taken into consideration.
What are the things which need to be kept in mind GSTR-9 & 9C return before 31st December 2021?
⦁ The taxpayer would have the “option” to report taxable outward supplies net of debit and credit notes and amendments made under table 4A to 4G in GSTR-9 instead of reporting separately under table 4I to 4L.
⦁ The taxpayer is mandatorily required to report values of Export (5A) and SEZ (5B) supplies without payment of tax, supplies on which tax is to be paid by the recipient on a reverse charge basis (5C) separately.
⦁ The taxpayer would have the “option” to report exempt (5D), Nil rated (5E), Non-GST (5F) supplies cumulatively under table 5D if bifurcation of such supplies is not available.
⦁ The taxpayer would have the “option” to report taxable outward supplies net of debit and credit notes and amendments made under table 5A to 5F in GSTR-9 instead of reporting separately under table 5H to 5K.
⦁ The taxpayer is mandatorily required to report the details of ITC on capital goods separately. However, details of ITC on inputs and input services can be reported on a merged basis under the head ‘Inputs’ under Tables 6B & 6E.
⦁ The taxpayer would have the “option” to report the details of ITC on capital goods separately. However, details of ITC on inputs and input services can be reported on a merged basis under the head ‘Inputs’ under table 6C. Further, the details of Table 6C can be reported on a merged basis in Table 6D.
⦁ The taxpayer would have the “option” to report the accumulated amount of reversal from 7A to 7E can be filled in 7H, i.e., in ‘Other reversal’, but the reversal of transitional credit fields is mandatory.
⦁ Ideally, the value of Table 8D should be positive & if it is positive, then the total of 8E and 8F shall be equal to 8D.
⦁ Further other details of refund claimed during the year including sanctioned, rejected, or the pending amount & HSN Wise Summary of outward supplies and HSN Wise Summary of Inward supplies are optional.
Disclaimer – The above information is just a view of the author and should not be taken as legal advice. For Information and Education Purpose.
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