Mandatory Filing Deadline and Exemptions
The GST annual return (GSTR-9) for FY 2023-24 must be filed by all GST-registered taxpayers (except a few categories) by December 31, 2024. Exemptions apply to taxpayers with turnovers of up to ₹2 crore, as well as input service distributors, casual taxable persons, non-resident taxable persons, and those under TDS/TCS provisions.
Significant Change in Input Tax Credit (ITC) Reporting
The major revision in GSTR-9 for FY 2023-24 is in Table 8A, where ITC details will now be populated from GSTR-2B instead of GSTR-2A. GSTR-2B, an auto-generated inward supply statement, relies on suppliers’ uploaded invoices. This change aims to streamline reconciliation and reduce manual intervention.
ITC Reconciliation and Potential Mismatches
The accuracy of ITC claims hinges on timely and accurate supplier uploads to GSTR-1, as GSTR-2B reflects this data. Late uploads by suppliers can result in mismatches between ITC claimed in GSTR-3B and auto-populated data in GSTR-2B, requiring additional reconciliation. Table 8D of GSTR-9 highlights such discrepancies for resolution.
Filing GSTR-9C for Reconciliation
Taxpayers with a turnover exceeding ₹2 crore must also file GSTR-9C, a reconciliation statement. Filing GSTR-9C is optional for turnovers between ₹2 crore and ₹5 crore but mandatory for turnovers above ₹5 crore. This ensures ITC and tax payment accuracy.
Preparation and Compliance Tips
File monthly or quarterly returns under the QRMP scheme before filing GSTR-9.
Monitor GSTR-2B closely to capture all eligible ITC.
should upload invoices promptly to avoid discrepancies.
