SBC_GST Annual Returns for the FY 23-24
Home > SBC_GST Annual Returns for the FY 23-24
November 13, 2024
Introduction-
As per Sec 44 of the CGST Act, 2017, Every registered person, other than specified persons shall
furnish an annual return (GSTR-9) and a self-certified reconciliation statement (GSTR-9C) annually
before 31st December of the following financial year.
| Form | Applicability |
|---|---|
|
Annual Return (GSTR-9) |
All GST-registered taxpayers must file GSTR 9. However, businesses
with an annual turnover of up to Rs 2 crore are exempt from filing
GSTR 9 and can opt not to file via Notification 14/2024 dated 10th
July 2024. |
|
Self-certified reconciliation
(GSTR-9C) |
Every registered person whose aggregate turnover during a financial
year exceeds Rs.5 crore rupees must file this form as per Rule 80. |
Due Date:The due date to file GSTR-9 and GSTR-9C for the FY 2023-24 is by 31st December 2024
Late Fees:
• GSTR-9: INR 200 per day of delay subject to a maximum cap at 0.50% of its turnover.
• GSTR 9C: No specific provisions are applicable for GSTR 9C, and hence the non-filing of GSTR-9
and GSTR 9C could be subject to a general penalty of INR 25,000.
SBC Assistance in filing GSTR 9 and GSTR 9C:
Assist in Sales and Purchase Reconciliation to ensure alignment between financial records and
GST returns.
Review Input Details to ensure no ineligible ITC is claimed
Check Valuation and GST Rates for sales to ensure compliance with GST provisions.
Verify Tax Payment on purchases under reverse charge mechanism (RCM).
Review the Place of Supply for inputs to ensure ITC is claimed under the correct
registration
Ensure Proper Accounting for amendments, adjustments, credit notes, and debit notes.
Review Sales Presentation to ensure proper classification based on the nature of supply.
Why accurate and timely filling is necessary?
Timely filing will help avoid late fees and penalties.
• Accurate and proper disclosure will reduce the risk of receiving notices, penalties, interest,
and other legal consequences.
• Even income missed reporting in GST returns can be identified and paid now which avoids any
future litigation of interest and penalties.
• GSTR 9C reconciles financial statements with GST returns, correcting discrepancies and
ensuring ITC claims match actual purchases, thus preventing the risk of ineligible ITC claims,
reversals, and penalties.
Checklist for filing GSTR 9 and GSTR 9C:
| S no | Particulars |
|---|---|
|
1 |
GST Login Credentials |
|
2 |
Reconciliation of Outward Supply filed in GST Returns and Turnover in Books |
|
3 |
Reconciliation of Input considered in GSTR-3B and amounts reflected in GSTR-2A |
|
4 |
Reconciliation of ITC as per Purchase register Vs. Books |
|
5 |
Sales and Purchase Register with HSN |
|
6 |
Invoice-wise details of purchases with Description |
|
7 |
Details of Advances Received and Advances adjusted |
|
8 |
Details of Credit and Debit Notes |
|
9 |
Adjustments pertaining to ITC of the previous year are considered in the Current year |
|
10 |
Sales of the previous year are considered in the current year |
|
11 |
Details of Capital Goods purchased whether ITC capitalized or not |
|
12 |
Details of Capital Goods Sold along with sample Invoices |
|
13 |
Sample Sales and Purchases Agreements |
|
14 |
Any Refund claimed, sanctioned, rejected or pending during the FY |
|
15 |
Sample Invoices of Sales and Purchases. |
|
16 |
E-Invoices details |
|
17 |
E-Way Bills details |
|
18 |
Details of ITC reversed and reclaimed (if any) |
|
19 |
Signed Audited financial statements for the financial year |
