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On fourteen November 2019, the govt provided major relief to taxpayers by extending the day of the month for filing GSTR-9 and GSTR-9C. The maturity for filing GSTR-9 and GSTR-9C was extended to December, 31 2019 for FY 2017-18 and March 31, 2020 for FY 2018-19.
In addition to the point in time extension, the Central Board of Indirect Taxes & Customs (CBIC) also simplified forms GSTR-9 and GSTR-9C by making several fields of these forms optional.Going forward, a taxpayer need not give a breakup of the input tax credits (ITC) he or she claimed on services, capital goods, and raw materials he or she purchased.Also, going forward a payer needn't give details of purchases and sales done at an HSN level.Take a glance at the opposite important changes CBIC has introduced to forms GSTR-9 and GSTR-9C below:
How have the forms GSTR-9 and GSTR-9C been simplified for taxpayers?
A few of the distinguished changes include: Modifications of GSTR-9:
a) A payer will fill within the values internet of credit notes, debit notes, and amendments instead of reporting separately.
b) A payer can currently have an choice to report one consolidated figure of exempt provides created throughout the year.
c) A taxpayer can currently have an choice to report the whole ‘ITC’ under the ‘inputs’ row solely.
d) A payer has currently been given an choice to transfer details of ITC availed in PDF format in GSTR-9C while not the certification of a accountant.
The following information is now optional for taxpayers:
a) Reversal of ITC that as availed within the previous financial year and ITC availed throughout the previous financial year
b) Refunds claimed, pending, rejected, and sanctioned throughout the year
c) Tax demands, taxes paid and pending demands for the given year
d) provides received via composition taxpayers, deemed offer (under section 143) and commodities sent on the idea of approval however not came back
e) HSN-wise summary of outward and inward supplies
Modifications of GSTR-9C:
a) Filling details regarding ITC reconciliation for fiscal year 2017-18 and 2018-19 has currently been created optional .
b) reportage of turnover adjustment details has currently been created optional for the remunerator.
What should the taxpayers do next?
a) This has been the fourth extension to date, and therefore the said call was taken within the read of the technical glitches the taxpayers were facing throughout the filing ofthe said returns.Taxpayers ought to use the extra time on their hands to confirm that their GSTR-9 and GSTR-9C is filed on time.
b) Businesses got to create use of this extra time to shut any quite problems that are associated with reconciliation.Businesses got to create use of technology also as good tools for reconciliation to mend mismatches they establish between GSTR-2A and GSTR-9 auto-populated info.Any taxes unpaid, must be immediately deposited
c) Taxpayers should follow and apply the clarifications issued by the govt from time-to-time. Taxpayers got to take up the filing-related problems to the authorities so that they'll follow within the new point in time.
GSTR-9 and GSTR-9C simplification have surely given the taxpayers much-needed relief.
The government is also anticipating that with these changes and the day of the month extension, all taxpayers would well be ready to file their Annual Returns (GSTR-9) along with their
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