GSTTaxation

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

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.

Must check-GST on Open Cow/Buffalo Milk: What You Need to Know

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.

Must Check-Foreign Liability and Assets Annual Return (FLA Annual Return)

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.


Discover more from TaxGst.in

Subscribe to get the latest posts to your email.

Avatar of C.K. Gupta

Hello, I am C.K. Gupta owner of Taxgst.in, a seasoned finance professional with a Master of Commerce degree and over 20 years of experience in accounting and finance. My extensive career has been dedicated to mastering the intricacies of financial management, tax consultancy, and strategic planning. Throughout my professional journey, I have honed my skills in financial analysis, tax planning, and compliance, ensuring that all practices adhere to the latest financial regulations. My expertise also extends to auditing, where I focus on maintaining accuracy and integrity in financial reporting. I am passionate about using my knowledge to provide insightful and reliable financial advice, helping businesses optimize their financial strategies and achieve their economic goals. At Taxgst.in, I aim to share valuable insights that assist our readers in navigating the complex world of taxes and finance with ease.

Related Articles

Back to top button

Discover more from TaxGst.in

Subscribe now to keep reading and get access to the full archive.

Continue reading

Adblock Detected

Adblocker Detected Please Disable Adblocker to View This PAGE