GSTR-9/9C Registrations

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Introduction to GSTR-9/9C Registrations

Goods and Services Tax (GST) has revolutionized the taxation system in India by replacing multiple indirect taxes with a unified tax regime. GSTR-9 and GSTR-9C are crucial components of GST compliance, primarily designed to ensure transparency and accuracy in reporting. These forms serve as annual return and reconciliation statements, respectively, consolidating the financial activities of businesses over the fiscal year.

It’s crucial for businesses to stay informed about the GSTR-9/9C filing requirements and ensure timely compliance to avoid any repercussions and contribute to the overall transparency of the GST system.

Advantages of GSTR-9/9C Registrations

Comprehensive Reporting

GSTR-9 and 9C provide a consolidated view of a taxpayer’s financial transactions throughout the fiscal year. This helps in better financial planning and decision-making.

Transparency and Accountability

By filing GSTR-9/9C, businesses showcase their financial transactions to tax authorities, fostering transparency. It also holds them accountable for adhering to GST regulations.

Reconciliation of Data

GSTR-9C facilitates the reconciliation of GST data with the audited financial statements, ensuring accuracy and reliability of the information presented to tax authorities.

Legal Compliance

Filing GSTR-9/9C is a legal obligation under GST laws. Non-compliance may result in penalties and legal consequences. Therefore, timely and accurate filing ensures adherence to statutory requirements.

Procedure of GSTR-9/9C Registrations

1.Login to the GST Portal

*Taxpayers need to log in to the GST portal using their credentials.

3.Fill in the Details

*Provide the necessary information, including turnover, input tax credit details, and other financial particulars, in the respective sections of the form.

5.Review and Submit

*Carefully review the filled-in form, ensuring all details are accurate and complete. Once satisfied, submit the form.

7.Generate and File

*Generate the return and file it on the GST portal. Acknowledgment and a unique reference number will be provided upon successful filing..

2.Select GSTR-9 or GSTR-9C

*Navigate to the 'Returns' section and choose either GSTR-9 or GSTR-9C, depending on the type of form you are required to file.

4.Upload Supporting Documents

*Attach relevant documents, if required, to support the information provided.

6.Payment of Dues

*If there are any dues, make the payment using the appropriate mode of payment available on the portal.

Documents Required for GSTR-9/9C Registrations

Financial Statements

Audited financial statements for the fiscal year, including the balance sheet and profit and loss statement.

GST Returns

Copies of monthly or quarterly GST returns filed during the financial year.

Tax Payment Challans

Proof of payment for any outstanding tax liabilities.

Input Tax Credit Records

Documentation supporting the input tax credits claimed during the year.

Bank Statements

Bank statements for the relevant period.

FAQs Regarding GSTR-9/9C Registrations

Is GSTR-9 filing mandatory for all businesses?

Yes, GSTR-9 filing is mandatory for all regular taxpayers under GST, including businesses with no taxable supplies during the fiscal year.

What is the deadline for filing GSTR-9/9C?

The due date for filing GSTR-9 and GSTR-9C is typically December 31st of the subsequent financial year.

Can amendments be made to GSTR-9 once it is filed?

No, after filing, GSTR-9 cannot be amended. However, any corrections can be made in the next year's filing.

Who needs to file GSTR-9C?

GSTR-9C must be filed by taxpayers with an annual aggregate turnover exceeding Rs. 2 crores during a financial year.

What happens if GSTR-9/9C is not filed?

Non-filing of GSTR-9/9C can lead to penalties and legal consequences, including the cancellation of GST registration.