GSTR-9 is an annual return filed by all plus a few registered taxpayers under GST. It is an annual compilation of external supplies, internal supplies, tax liability, and input tax credit that are benefited during the fiscal year. It must be submitted within December 31 of the same year by the specified fiscal year.
Who is responsible for filing a GSTR-9?
CBIC expects taxpayers registered for GST with an annual gross turnover of Rs. 2 crores in fiscal year 2020-21 from filing GSTR Form 9.
GSTR – 9 is initially relevant to taxpayers with an annual gross turnover of over Rs. 2 crores. All registered taxpayers are required to file a GSTR-9 except for irregular taxpayers; Distributors of entry services and non-resident taxpayers; and taxpayers who deduct/collect taxes at source under Section 51 or Section 52.
GSTR-9 checklist for fiscal year 2020-2021 along with new updates
Below is the electronic filing checklist for the GSTR 9 Annual Return Form for the 2020-21 fiscal year. We added nine important points to know the requirements.
Equipped with all tax data announced during the fiscal year 2020-2021
Taxpayers are required to include in all tax statements made public during the 2020-21 fiscal year both payable and exempt supplies. In addition, you will have to separate the list of accounts including B2B and B2C for each GSTIN and ensure on your behalf that the sales volume presented in the audited financial statement is likely to be with the total number of sales shown in the tax invoices calculated for. Prepare a notable advantage obtained during the 2020-2021 fiscal year.
Fiscal Year 2020-2021 Discount Bonds Payable Record Announced
All items returned to your suppliers and merchandise collected through your vendors i.e., the credit notes given in fiscal year 2020-21 as an accountant on your records must be identical to GSTR-1 and GSTR-3B.
GST Electronic Invoice Data Agreement for Outgoing and Calculated Statements
Approval of invoices and electronic invoice statements for outgoing and accounting statements as well as report in GSTR-1 while fiscal year 20-21 is required and this matching in GSTR-11.
Guide to branch transfers or stock adjustments
If you have multiple offices across India, the list of branch transfers or stock adjustments that occurred during the 2020-2021 financial year should be fixed and adjusted with the data saved in your GST return.
A set of incoming and outgoing supplies from HSN
Learn how to list HSN wise outdoor and indoor supplies. Although it is optional to come in GSTR-9 for the 2020-2021 fiscal year.
Measuring records related to the 2020-2021 fiscal year
All measurement records related to the fiscal year 2020-2021 will be included in the scope of inclusion in records 10 and 11 of the annual GST return.
A note on all investments and measurement of input services, information technology and communications required during the fiscal year 2020-2021
Prepared with a record of all investments, input services invoice and ITC order while fiscal year 2020-21 comprises until September 2021 in fiscal year 2020-2021. Tables 12 and 13 are optional although Tables 6, 7 and 8 must be properly saturated.
ITC on data, entry services and industry assets
Prepared with all aspects of ITC requirements under various heads. This section is a new optional for the 2020-2021 fiscal year in Schedule 6 of the GSTR-9.
Description of the individual agreement certified on Form GSTR-9
The CBIC has announced amendments to Sections 35 (5) and 44 of the CGST Act. The necessity to obtain a Goods and Services Tax (GST) audit and certification that is performed by the CA/CMA has now been withdrawn. Taxpayers whose turnover exceeded Rs 5 crore in the past fiscal year are expected to file a GSTR-9C form on self-certification. This difference applies from fiscal year 20-21 onwards. Furthermore, Form GSTR-9C will be modified to encourage taxpayer self-reliance.
Taxpayers can use the Gen GST software to file GSTR 9 files in an easy and accurate way. The program consists of all the adjustments and gives an automatic formula for GST compliance on time.