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WebTeam
- December 12, 2024
GSTR-9 vs. GSTR-9C: Key Differences and Filing Tips
Filing your GST annual returns accurately and on time is critical for compliance. Two key forms, GSTR-9 and GSTR-9C, often confuse taxpayers. Let’s break down their differences and provide filing tips to simplify the process.
What Are GSTR-9 and GSTR-9C?
- GSTR-9
GSTR-9 is the annual return filed by all GST-registered taxpayers. It provides a summary of outward and inward supplies, input tax credit (ITC) claimed, tax paid, and adjustments made during the financial year. - GSTR-9C
GSTR-9C is a reconciliation statement applicable to taxpayers with an annual turnover exceeding ₹5 crore. It matches the figures declared in GSTR-9 with the audited financial statements to ensure accuracy.
Key Differences Between GSTR-9 and GSTR-9C
| Aspect | GSTR-9 | GSTR-9C |
|---|---|---|
| Applicability | All GST-registered taxpayers | Turnover > ₹5 crore |
| Purpose | Annual summary of GST transactions | Reconciliation with audited accounts |
| Certification | No certification required | Certification by a CA or CMA required |
| Components | Details of supplies, ITC, tax paid, amendments | Reconciliation of turnover, tax paid, and ITC |
| Penalty for Non-Filing | ₹100 per day (CGST+SGST) | ₹100 per day (CGST+SGST) |
When and How to File GSTR-9
- Who Should File?
All GST-registered taxpayers except:- Casual taxable persons
- Input service distributors
- Non-resident taxable persons
- Persons paying tax under section 51/52
- Steps to File GSTR-9:
- Log in to the GST portal.
- Navigate to ‘Annual Return’ and select GSTR-9 for the relevant financial year.
- Verify details of turnover, ITC, and amendments.
- Submit the return and file using a digital signature.
- Filing Tips:
- Reconcile your GSTR-3B and GSTR-1 data.
- Validate ITC claims with GSTR-2A/2B.
- Ensure all amendments and credit notes are included.
When and How to File GSTR-9C
- Who Should File?
Taxpayers with an annual turnover exceeding ₹5 crore. - Steps to File GSTR-9C:
- Prepare the reconciliation statement using your audited financials.
- Highlight any differences in turnover, ITC, and tax paid.
- Get the statement certified by a Chartered Accountant or Cost Accountant.
- Upload the certified form on the GST portal.
- Filing Tips:
- Cross-check GSTR-9 data with audited financials.
- Justify any variances with proper explanations.
- Ensure the reconciliation matches your ledger records.
Common Mistakes to Avoid
- Mismatch in Turnover or ITC: Reconcile records thoroughly to avoid errors.
- Missing Amendments: Ensure all amendments and credit notes are reported.
- Late Filing: File on time to avoid penalties of ₹100 per day (CGST + SGST).
How WishTree Can Help
At WishTree Consultancy, we specialize in GST compliance. From reconciling ITC to filing GSTR-9 and GSTR-9C, we handle everything seamlessly, saving you time and effort.
Let us ensure your GST compliance is error-free and on time. Contact us today to file your returns hassle-free!
