Businesses must begin preparing GSTR-9 without any further delay

May ends! June is here! Here’s what GST taxpayers like you should know:
Deadline to file GSTR-9 for the FY 2017-18 is on 30th June 2019.
✔ If you’re a composition scheme taxpayer or e-commerce operator, you must file annual returns using another form (Not GSTR-9).
✔ If your annual turnover > Rs 2 crore, you must file GSTR-9C along with GSTR-9.
What does it take to file GSTR-9?
✔ Filing GSTR-9 is not simple! You have to thoroughly recheck your business transactions right from the beginning.
✔ In GSTR-9, some tables will be auto-populated, but some must be filled manually using GSTR-1 and GSTR-3B filed before.
✔ The tax you’ve paid, returns filed by your vendors, your account books, & your GSTR-9 should all say the same thing! The data should match each other.
✔ Any difference between your books of accounts and GSTR-9 will be rejected.
✔ You’ll get notices from the tax department if mistakes are found in your GSTR-9.
✔ If you have paid taxes online but made mistakes in GSTR-3B, your GSTR-9 will be auto-populated with wrong data.
✔ If B2B sales and B2C have been misreported through GSTR-1, it can’t be changed now.
✔ To identify the mistakes beforehand, you will have to go through a thousand transactions
in your account books if you have not maintained a digital copy of your business data.
✔ In case, you’re using a smart business accounting software like Vyapar (DOWNLOAD Here) that quickly identifies the mistake and helps fix errors, you’re saved!
✔ You can’t claim additional ITC using GSTR-9.
✔ If you have to pay any pending tax to the GOVT before filing GSTR-9, it should be done without fail.
Begin preparing GSTR-9 without any further delay! Solve all your issues with GSTR-9 quickly before the deadline.
Filing GSTR-9 successfully will help you move on and do clean and stress-free business in the upcoming years! Stay updated with the latest GST news only on www.coaltech.in
Source: Economic Times