CBIC Enables Annual Filing Via GSTR-9 & 9C for FY 2021-22

The GST annual return forms, GSTR-9, and GSTR-9C would be available on the portal for filing. GSTR 9 is a Return Form and GSTR-9C is a Reconciliation Statement. 31st Dec 2022 will be the due date to file the annual statement and return.

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GSTR-9 form is said to be the annual return that needs to get furnished through all the enrolled assessees beneath GST. GSTR-9C is called the GST reconciliation statement towards the specific Fiscal year on or prior to the date 31st Dec. The reconciliation should indeed be certified by a CA for the firms that secure a turnover exceeding Rs 5 cr.

In the former month the Central Board of Indirect Taxes and Customs ( CBIC ), from the suggestion of the GST council, would get exempted the assessee who secures the turnover up to Rs 2 cr from furnishing the yearly return in forms GSTR-9 and 9A. GST council 47th meeting which is being conducted in Chandigarh in the month of June has chosen to exempt the small assessee from the compliance of the yearly returns.

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The GSTR 9 is called an annual return which is to be furnished yearly by the assessee who is enrolled under GST. the same comprises the information concerning the outward and inward supplies incurred in the related fiscal year under different taxes (CGST, SGST & IGST, and HSN codes).

It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. The same return would assist in the comprehensive reconciliation of the information to have complete transparency of the disclosures.

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