GSTR-9 Annual Return, is it really Simple?


     GSTR-9 Annual Return, is it really Simple?

In the market, after the tax audit, It’s time to be prepared for GST audit and most of the people are busy in Reconciliation their books with the GST returns and financial. In the market there is rumor that GSTR-9 is just the compilation of GSTR-1 & GSTR-3B filed and just put such information in one form. But if actually thought there are some practical issues/ Difficulties which can’t ignore.

There are some clauses in the form GSTR-9 which needs to be furnished:

1)  HSN of inward supplies:

While filing GSTR-3B no such information is asked by the Government but now Government suddenly wants HSN wise bifurcation of inward supplies. According to Notification No. 12/2017, following registered person

-require to quote HSN Code on all Invoices:

  1. Small taxpayer with annual turnover up to Rs 1.50 crores in preceding financial year need not be required to mention HSN code in their tax invoice.
  2. Taxpayers having turnover exceeds Rs. 1.5 crore but up to 5.00 crore will be required to mention only two digits of HSN code.
  3. Taxpayers having turnover exceeds Rs 5.00 crore will be required to mention four digits of HSN code. If anyone purchased from the person having turnover less than 1.50 Cr, then how such information will be compiled and put in the column of above??

2) Segregated details of ITC availed are required as

-Inputs/Input services/ Capital Goods:

Again while filling GSTR-3B, anyone simply put the total amount of ITC availed in the column of GSTR-3B, but now in GSTR-9 information with respect to ITC related to Capital goods, Input services, Input goods needs to be furnished.

In this article, I just discussed the 2 issues. There are also some more issues which is definitely faced by the everyone. I think GSTR-9 is not as simple as, it is pretend in the market.