GSTR9 and GSTR9C: All You Need to Know About GST Returns

Every business registered under the Goods and Services Tax (GST) is required to file certain returns on a periodic basis. These GST returns are filed electronically through the GST Common Portal. The type of return and the frequency of filing varies depending on the nature and size of the business.

One of the returns that businesses are required to file is the annual return. The annual return, or GSTR 9, is a comprehensive statement that must be filed once every financial year. It contains all the details of the GST paid and collected by the business during the year, as well as the details of all the inward and outward supplies made by the business during the year.

businesses with an annual turnover of Rs. 5 crores or more are also required to file a reconciliation statement or GSTR 9C. The GSTR 9C is a statement of the reconciliation between the annual return and the audited financial statements of the business.

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GST Returns: GSTR9 and GSTR9C for 2021-22

As a business owner, it is important to be aware of the different types of GST returns that need to be filed. GST returns are filed on a quarterly or annual basis, depending on the type of business. The most common types of GST returns are the GSTR1, GSTR2, GSTR3, GSTR4, GSTR5, GSTR6, GSTR7, GSTR8, GSTR9, and GSTR9C.

The GSTR9 and GSTR9C returns are filed on an annual basis. The GSTR9 is a return that covers the details of a business’s sales and purchases for a financial year. The GSTR9C is a reconciliation statement that needs to be filed along with the GSTR9.

Introduction to GST Returns:

As a business owner, it is important to be aware of the different types of GST returns that need to be filed. GST returns are filed on a quarterly or annual basis, depending on the type of business. The most common types of GST returns are the GSTR1, GSTR2, GSTR3, GSTR4, GSTR5, GSTR6, GSTR7, GSTR8, GSTR9, and GSTR9C.

Filing GST Returns:

GST returns need to be filed online through the GST Portal. Businesses can file their GST returns using the GST Suvidha Kendra (GSTSK) or the GST Common Portal.

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Different Types of GST Returns:

The different types of GST returns that need to be filed are:

a) GSTR1: This return covers the details of a business’s sales for a given period.

b) GSTR2: This return covers the details of a business’s purchases for a given period.

c) GSTR3: This is the final return that needs to be filed for a given period. It consolidates the information in the GSTR1 and GSTR2.

d) GSTR4: This return is filed on a quarterly basis by businesses that have opted for the composition scheme.

e) GSTR5: This return is filed by non-resident taxpayers.

f) GSTR6: This return is filed by Input Service Distributors.

g) GSTR7: This return is filed by Tax Deductors and Collectors.

h) GSTR8: This return is filed by e-commerce operators.

i) GSTR9: This return is filed on an annual basis and covers the details of a business’s sales and purchases for a financial year.

j) GSTR9C: This is a reconciliation statement that needs to be filed along with the GSTR9.

The GSTR9 and GSTR9C Returns:

The GSTR9 and GSTR9C returns are filed on an annual basis. The GSTR9 is a return that covers the details of a business’s sales and purchases for a financial year. The GSTR9C is a reconciliation statement that needs to be filed along with the GSTR9.

Filing the GSTR9 and GSTR9C Returns:

The GSTR9 and GSTR9C returns can be filed online through the GST Portal. Businesses will need to login to the portal using their GSTIN and password. After logging in, businesses will need to click on the ‘Returns’ tab and then select the ‘GSTR9’ return.

Conclusion:

GST returns are an important part of the GST compliance process. Businesses need to be aware of the different types of GST returns that need to be filed and the due dates for each return.