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The CBIC has revamped the annual GST return form GSTR-9 to strengthen Input Tax Credit reporting. These changes, effective shortly, apply to the 2024-25 fiscal year and affect taxpayers with turnover above INR 2 crore. The revised form now includes detailed tables on reversals, reclaims, transitional credits, import-related ITC, and auto-populated mismatches. Experts say this update promotes a data-driven compliance system, requiring disciplined documentation while helping reduce potential litigation. Taxpayers will need to reconcile GSTR-3B, GSTR-2B, and financial accounts before filing.
The Central Board of Indirect Taxes and Customs (CBIC) has introduced changes to the annual GST return form GSTR-9, aimed at making the reporting of Input Tax Credit (ITC) more thorough. The updated rules, notified earlier this week, will come into effect shortly and apply to annual returns filed for the 2024-25 fiscal year. Advertisement
GST-registered taxpayers with an aggregate turnover above INR 2 crore are required to file GSTR-9. Rajat Mohan, Senior Partner at AMRG & Associates, explained that the government has redesigned the annual return form to provide a more detailed reporting structure. The revised form now includes new tables covering reversals under Rules 37, 37A, 38, 42, and 43, reclaims in subsequent years, transitional credits, import-related ITC, and auto-populated mismatches.
Professionals and corporate entities will need to wait for the revised forms and utilities from GSTN before implementing these changes in practice. According to Mohan, the move reflects a more data-driven and preventive compliance approach, which may help reduce litigation but requires disciplined record-keeping at the entity level.
As a result of the updates, taxpayers and professionals will need to undertake deeper reconciliations of GSTR-3B, GSTR-2B, and their financial accounts. Mohan emphasized that by incorporating these disclosures upfront, the system aims to minimize avoidable notices, providing departmental officers with a ready-made audit trail within the annual filing.
Source PTI
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