On fourteen November 2019, the
govt provided major relief to taxpayers by extending the day of the month for
filing GSTR-9 and GSTR-9C. The maturity for filing GSTR-9 and GSTR-9C was
extended to December, 31 2019 for FY 2017-18 and March 31, 2020 for FY 2018-19.
In addition to the point in time
extension, the Central Board of Indirect Taxes & Customs (CBIC) also
simplified forms GSTR-9 and GSTR-9C by making several fields of these forms
optional.Going forward, a taxpayer need not give a breakup of the input tax
credits (ITC) he or she claimed on services, capital goods, and raw materials
he or she purchased.Also, going forward a payer needn't give details of
purchases and sales done at an HSN level.Take a glance at the opposite
important changes CBIC has introduced to forms GSTR-9 and GSTR-9C below:
How have the forms GSTR-9 and GSTR-9C been simplified for taxpayers?
A few of the distinguished
changes include: Modifications of GSTR-9:
a) A payer will fill within the
values internet of credit notes, debit notes, and amendments instead of
reporting separately.
b) A payer can currently have an
choice to report one consolidated figure of exempt provides created throughout
the year.
c) A taxpayer can currently have
an choice to report the whole ‘ITC’ under the ‘inputs’ row solely.
d) A payer has currently been
given an choice to transfer details of ITC availed in PDF format in GSTR-9C
while not the certification of a accountant.
The following information is now optional for taxpayers:
a) Reversal of ITC that as
availed within the previous financial year and ITC availed throughout the
previous financial year
b) Refunds claimed, pending,
rejected, and sanctioned throughout the year
c) Tax demands, taxes paid and
pending demands for the given year
d) provides received via
composition taxpayers, deemed offer (under section 143) and commodities sent on
the idea of approval however not came back
e) HSN-wise summary of outward
and inward supplies
Modifications of GSTR-9C:
a) Filling details regarding ITC
reconciliation for fiscal year 2017-18 and 2018-19 has currently been created
optional .
b) reportage of turnover
adjustment details has currently been created optional for the remunerator.
What should the taxpayers do next?
a) This has been the fourth
extension to date, and therefore the said call was taken within the read of the
technical glitches the taxpayers were facing throughout the filing ofthe said returns.Taxpayers
ought to use the extra time on their hands to confirm that their GSTR-9 and
GSTR-9C is filed on time.
b) Businesses got to create use
of this extra time to shut any quite problems that are associated with
reconciliation.Businesses got to create use of technology also as good tools
for reconciliation to mend mismatches they establish between GSTR-2A and GSTR-9
auto-populated info.Any taxes unpaid, must be immediately deposited
c) Taxpayers should follow and
apply the clarifications issued by the govt from time-to-time. Taxpayers got to
take up the filing-related problems to the authorities so that they'll follow
within the new point in time.
GSTR-9 and GSTR-9C simplification
have surely given the taxpayers much-needed relief.
The government is also anticipating that with these changes and the day of the month extension, all taxpayers would well be ready to file their Annual Returns (GSTR-9) along with their
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