GST Annual Return (GSTR-9 & GSTR-9C)
Goods and Services Tax
GST stands for Goods and Services Tax, which is an indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017, replacing multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT), among others. GST is a comprehensive tax that is charged on every value addition, from the manufacturer to the end consumer, and is divided into Central GST (CGST) and State GST (SGST).
GST Annual Return (GSTR-9 )
GSTR-9 is a consolidated annual return filed by regular taxpayers, containing details of all supplies made and received during the year, input tax credit (ITC) claimed, and tax paid. This return is filed by taxpayers with a turnover of more than Rs. 2 crores in a financial year.
GST Annual Return (GSTR-9C)
GSTR-9C is a vital reconciliation statement that taxpayers with a turnover of over Rs. 5 crores must file along with GSTR-9. The statement is carefully prepared by a qualified Chartered Accountant (CA) or Cost and Management Accountant (CMA) who verifies the details furnished in GSTR-9 with the audited financial statements of the taxpayer. The statement contains a thorough reconciliation of the tax paid and ITC claimed by the taxpayer during the year, as well as any additional liability or refund payable.
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