Important Tasks to Do Before Submitting GSTR-9 & 9C for FY 2020-2021

The annual GST return form is said to be a 9 GSTR filed by a regular resident within a year with all consolidated SGST, CGST and IGST information submitted for the year.

GSTR-9C is an annual GST Adjustment Statement subject to amendment in 2021 Model GSTR-9C It was previously applied to companies with more than Rs 2 crore annual return for the given financial year. You want to audit the books and records for that specific year with a Certified Public Accountant or Management Accountant and their certification.

“The submission of the GSTR-9 and GSTR-9C for the 2020-2021 fiscal year is available on the GST portal starting August 2021.” The last date for submitting the same form is 12/31/2021. But the average resident must submit critical assignments by October 2021 to ensure accuracy and effective compliance.

There are specific tasks a resident should consider before submitting a GSTR-9 and GSTR-9C.

Annual Adjustment for Goods and Services Tax for the fiscal year 2020-2021

GST Returns Furnished on a monthly or quarterly basis. Finally, after the fiscal year closes, annual returns must be filed before December 31 of the following fiscal year. This will require consolidation of the information reported during the fiscal year. In order to ensure the accuracy of the submitted declaration and to prevent duplication, the evaluator must settle the information, then establish the values ​​and build the adornment.

Just know that you won’t miss the annual GST settlement for the entire 2020-2021 fiscal year.

Optimize errors and report missed invoices

Pre-submit GSTR-9 and GSTR-9C for the 2020-21 fiscal year to adjust errors and report missing invoices, credit or debit memo (CDN).

The review can be done for each invoice and the information at the summary level. Both types of reviews impose their own limitations. This must be followed to avoid errors in GSTR-1 processing. The time to file the return should be the period in which the reviews are made.

There are different types of revisions such as B2B adjustments, large B2C adjustments, credit/debit note adjustments (recorded), debit/credit note adjustments (unrecorded), and export invoice adjustments.

Check seller and report, claim ITC is missing

There are various reasons for mismatches, some consisting of the seller declaring liability but the credit cannot be claimed on GST returns such as credits must be claimed before the last date of September returns or annual returns, the seller may not claim liability on supplies provided but businesses have not claimed credit on These provisions in GST returns companies must follow sellers to ensure liability disclosure. Otherwise, the risk of not allowing these credits may rise. The mismatch between the liability declared by the seller and the credit claimed cause of the difference must be determined and accurately settled (eg by issuing debit notes/credit notes etc.) Or deposit the relevant annual return.

Thus, you must ensure that you must check with the seller and report, the input tax credit has been taken advantage of for the 2020-21 fiscal year.

Missing credentials must be accompanied by individual vendors or suppliers for timely reporting prior to submitting their GSTR-1 form. Otherwise, the assessed person is at risk of losing the same tax credit for the 2020-2021 fiscal year. They should not be able to utilize while furnishing the GSTR-3B model frequently.

Difference between GSTR-9 Draft Form and GSTR-9C Reports (Audited Form)

The evaluator must perform reconciliation or reconciliation between the numbers reported “on the GSTR-9 form and the audited financial statements at the GSTIN level.” If it is the case, any discrepancies that should not be improved should be stated as “Incoterms Sales and Tax Obligations Unsettled on Form GSTR-9C (Self-certified Reconciliation Statement)”. If there is tax due yet, though Model GSTR-3B from September 2021 pre-furnished, “Then use GST Form DRC-03 to pay additional tax fees.”

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