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How to avoid credit mismatch while filing GSTR-9
15-Jun-2019
Businesstoday
GSTR-9 Filing
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For credit that has already been claimed in the GSTR-3B return, as well as credit claimed in the auto-generated GSTR-2A return, it is imperative that this matches with the books of accounts, and the GSTR-9 return Taxpayers registered under goods and services tax (GST) are all set to file their annual returns in the form GSTR-9 for the first time this June. The annual return is a compilation of data filled in the monthly and quarterly returns, and the onus lies on the taxpayer to ensure that this data matches with the annual return that is being filed. Likewise, the data is also required to tally with the books of accounts, and any mismatches ought to be reported in the reconciliation statement filed by taxpayers with turnovers exceeding Rs 2 crore.
While the form GSTR-9 may appear as an aggregation of data, the books of accounts of an entity should be in line with the returns filed to avoid getting a demand notice at a later date. One of the main reasons for receiving a notice from the tax department is the mismatch of the input tax credit, and taxpayers must ensure that there are no discrepancies before they file their annual return.
Source:businesstoday
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