The GSTR-9 is a yearly return to be filed by all enrolled taxpayers under GST besides a few. It is a yearly corpus of outer supplies, internal supplies, tax liability, and input tax credit benefited during a financial year. It should be filed within 31st Dec of the same year by the certain financial year.
Who is Responsible for Filing of GSTR – 9?
The CBIC has expected GST – registered taxpayers with a yearly gross turnover of up to Rs. 2 crores in the financial year 2020-21 from filing form GSTR 9.
GSTR – 9 is tentatively relevant to taxpayers with a yearly overall turnover of more than Rs. 2 crores. All registered taxpayers are asked to file GSTR – 9 apart from Irregular taxpayers; Input Service Distributors, Non-resident taxpayers; and Taxpayers deducting/collecting tax at source under Section 51 or Section 52.
GSTR -9 Checklist for FY 2020-21 Along with New Updates
Here is the checklist of e-filing GSTR 9 annual return form for the financial year 2020-21. We added nine important points to see the requirements.
Prepared with all the Tax statements Announced During FY 2020-21
The taxpayers are required to prepare within all the Tax statements declared during FY 2020 -21 for payable and exempted supplies as well. Additionally, you would have to set apart the list of accounts including B2B and B2C for each GSTIN and ensure on behalf of your that the turnover introduced in the audited financial statement is likely to be with the total number of sales shown in the tax bills accounted for. Prepare a noted advantage received during FY – 2020 -21.
Record of Credit Debit Notes declared in FY 2020-21
Every return goods to your suppliers and collected goods through your vendors, that is the credit debit notes provided in the Fiscal year 2020-21 as an accountant in your records must be similar to the GSTR-1 and GSTR-3B.
Agreement of GST e-way Bill Data for the Statements Issued & Accounted
The agreement of the bills and e-way bill data for the statements issued and accounted as well as report in GSTR-1 while FY 20-21 is needed and this match at GSTR-11.
Directory of Inter Branch Transfers or Stock Alterations
If you have several offices across India should fix a list of Inter Branch transfers or stock alterations that occurred during the FY 2020-21 and adjust with the data held in your GST return.
Set of HSN Wise Inward & Outward Supplies
Learn to list the HSN wise outward and Inward Supplies. Although, it is elective for coming in GSTR-9 for FY 2020-21.
Measure Records Concerning FY 2020-21
All the Measure Records concerning FY 2020-21 would be listed for the scope of listing in records 10 and 11 of the GST Yearly Return.
Note of all Investments, Input Services Measure & ITC Required within FY 2020-21
Prepared with the record of all investments, input services bill, and ITC demanded while FY 2020-21 consisting till September 2021 in FY 2020-21. Tables 12 and 13 are elective although Tables 6, 7, and 8 must be properly saturated.
ITC on Data, Input Services, & Industry Assets
Prepared with all the aspects of ITC requirements under various heads. This bisect is newly optional for FY 2020-21 in table 6 of GSTR-9.
Individual Attested Agreement Description in form GSTR-9
The CBIC has announced alterations to Sections 35(5) and 44 of the CGST Act. The necessity to get a GST audit and certification performed by a CA/CMA now stands withdrawn. Taxpayers with a turnover surpassing Rs.5 crore in the past financial year are expected to file Form GSTR-9C on self-certification data. This difference is applicable from FY 20-21 onwards. Moreover, Form GSTR-9C will be adjusted to encourage self-certification by the taxpayer.
Taxpayers can use Gen GST software for easy and accurate GSTR 9 filing. The software consists of all amendments and gives an automatic formula to do GST compliance on time.
