The GST regime in India has altogether rewritten the indirect taxation landscape. In this scheme
of things, with such a multitude of compliance, GSTR-9 still remains one of the most crucial
annual returns that assimilate data from GSTR-1 and GSTR-3B. Book My Accountant takes
you through the nitty-gritty of filing GSTR-9, mandatory documents, and finer aspects of
applicable provisions related to GSTR-9C, all in this post.

Understanding GSTR-9

GSTR-9 is an annual return that every registered taxpayer under the GST framework is liable to
file. The taxpayer includes all outward and inward supplies in GSTR-9 for the fiscal year.
Filing GSTR-9 is important because it reflects all the sales, purchases, output tax liabilities, and input tax credits availed during the fiscal year in comprehensive detail.

Required Document for Filing GSTR-9:

Taxpayers must collect and prepare a lot of documentation to file GSTR-9 correctly. We list all the important documents required in detail below:

1. GSTR-1 Returns: Collect all the details from the monthly or quarterly GSTR-1 returns, including all sales made during the financial year.
2. GSTR-3B Returns: All the GSTR-3Bs filed throughout the year shall be collated as they will
   contain information about the taxes paid in GST.
3. Invoices: Maintain sufficient sales invoices to substantiate the entries made in GSTR-1 and GSTR-3B.
4. Purchase Invoices: Collection of purchase invoices to validate the input tax credits availed.
5. Credit/Debit Notes: Provide all the credit and debit notes generated in a fiscal year, as they reflect the liability input credits associated with the same account.
6. Stock Registers: These stock registers shall provide them with the required reconciling
7. outward supplies disclosed and input credited.
8. Receipts of Payments: Records relating to the payment of GST must be made for the
   purpose of displaying the proper record of compliance.
9. Other Relevant Documents: In addition to these, the other relevant documents that would
   support the figures provided in the annual return of a taxpayer are kept properly clean. These include agreements, delivery challans, and all records that statutes prescribe.

Elements of GSTR-9

GSTR 9 comprises a list of elements, and each element will depict one characteristic of a
taxpayer's business activity

• Details of Outward Supplies: Sales made and the amount received against different tax
• rates.
• Details of Inward Supplies: All purchases with available input tax credit.
• Input Tax Credit: The input tax credits available during the year.
• Tax Paid: All tax liabilities and taxes paid during the financial year.
• HSN Summary: Summary of all purchases and sales made during the year under HSN Code

GSTR-9C and Its Applicability

GSTR-9C is the reconciliation statement, and all taxpayers of such specific categories must file
this statement. This GSTR-9C is filed only on the basis of annual turnover. All taxpayers are
required to file GSTR-9 along with GSTR-9C, which has a consolidated turnover of INR 2 crore
and more. GSTR-9C is the consolidated version of GSTR-9 as it reconciles the financial
statements audited by a Chartered Accountant.

Key Provisions and Guidelines to File GSTR-9C

1. The said return is required by taxpayers whose turnover has crossed the prescribed
   threshold. It thus only suggests that proper financial reporting would be necessary in cases of
   turnover business.
2. Reconciliation of annual returns with audited annual taxpayer accounts is a mandate in such
   a return to confirm whether the GST compliances have been accurate and, if true, the figures so
   reported.
3. Professional support: Considering the complexity of reconciliation, professional help is the
   way for taxpayers to get it. It is of utmost importance to seek help from tax professionals to make sure all documents are prepared accurately so that discrepancies are minimized to the make sure all documents are prepared accurately so that discrepancies are minimized to make sure all documents are prepared accurately so that discrepancies are minimized to the fullest.

Common Errors to Be Avoided While GSTR-9 Filing:

Taxpayers should be vigilant about common mistakes they commit while filing GSTR-9.

They are :

• There are discrepancies between the details coming under GSTR-1 and the figures in
• GSTR 3B.
• Numbers being miscalculated also raise a mismatch, leading to tax consequences.
• Sales or purchases not noted down.
• Missing attachments with any document under the audit process

Conclusion

Filing GSTR 9 is one of the critical components of taxpayer compliance in terms of goods and
services tax. Thus, knowing the documentation, as well as the GSTR 9C effect that comes with
it, goes a long way in improving the filing process. These services can be availed at Book My
Accountant to make compliance smooth, and all the documentation will be in check, along with
the risks mitigated accordingly.
This way, knowing the GST regime changes the filing requirements and the attendant
documents on the part of the taxpayer would enable it to fulfil them in a more efficient and
accurate manner.

The PAN cards, or Permanent Account Number Cards, issued by the income tax department, is now in everyone's hands in a new-look version carrying a QR code, which should help identify a person's PAN more reliably and curb its misuse while easing taxpayer compliance. Let's see what this upgrade means for individuals and businesses, among its wider implications for the economy.

FAQs on the new PAN Card QR Code:

1. Are QR codes mandatory in all PAN cards? An old PAN card is valid. The new PAN card will include the QR code facility as it will be updated.

2. Can I get my PAN card printed with a QR code? You can apply for a reprint of the PAN card to have the QR code.

3. How does that help in preparing your tax? The QR code has streamlined the process of identity proofing during tax filing, making it quicker and more secure.

4. Is an e-PAN containing a QR Code valid? The e-PAN replete with the QR code shall be valid and accepted by all wings for official purposes only.

Book My Accountant (BMA) serves as your trusted tax partner, guiding you through the constantly changing tax landscape. Our team stays well-informed about all the latest developments to ensure you receive accurate guidance.

Conclusion

Introducing a new tax administration with QR codes on PAN cards makes it even safer and falls into the vision of having a digital economy for Indians. Upgrade your PAN card and experience this easy, paperless, efficient method of verification.

Get more information and book now at Book My Accountant

Call at +91 78 9000 2000.

Can't wait to see you all in the great tax world that's changing.

When it comes to the business environment, the effective and proper use of the GST input is critical to the stability and legal requirements of the environment. Another factor that we often overlook is vendor loyalty. Vendor management is not only effective in the area of efficiency but also in the realization of the maximum GST input credits. In this guide, we consider how you can optimize your GST input in light of the vendor loyalty and more specifically the Vendor Loyalty Check Report provided by Book My Accountant.

What Vendor Loyalty is and Why it is Important?

Vendor loyalty is the long-term cooperation between the business and the vendor where both the parties benefit. Loyal vendors also offer better terms, delivery is always on time and they have better payment terms than the others. All these are operational effectiveness benefits and may thus have a positive impact on your GST input.  

Vendor loyalty is therefore based on the communication, ethical behavior and trust between the vendor and the buyer. Those organizations who are ready to develop such a relationship will be provided with better price, more stable service and more preferable conditions during the bargaining. Vendor commitment like this can lead to significant savings that directly impact your GST input optimization.

Vendor loyalty in relation to GST Input The following recommendations are made:

Therefore, optimizing GST input involves not only accurately accounting for the GST input but also filing the returns. It also entails ensuring that your vendors are also GST compliant and that they provide the necessary documentation. A loyal vendor will be in a position to understand the requirements of your business and will be in a position to support you in presenting the necessary documents such as tax invoices and other records as and when needed.

That is why, if the vendors are loyal and trustworthy, the chances of encountering such issues as wrong invoices, non-compliance or delayed GST input credits are low. This has a direct impact on your profitability because fewer issues are raised during the course of the transaction and therefore the GST input credit.

In what way does Vendor Loyalty Check Report by Book My Accountant assist?

Book My Accountant designed the Vendor Loyalty Check Report (VLCR) to help businesses evaluate the level of loyalty and dependability of their vendors. This report not only assesses your current vendor relations but also offers suggestions on how to enhance those relations.

The Vendor Loyalty Check Report will give you an idea of which of your vendors are assisting you to claim the maximum amount of GST input and which of the vendors may need some attention. The team makes the report based on many factors connected with vendor performance, including GST compliance, payment behavior, and others.

With these insights, you can identify which vendors are worth targeting, which ones you should negotiate with, or which ones you should replace. Last but not least, the Vendor Loyalty Check Report helps companies maintain better and more credible relationships with vendors, which are essential for improving GST input.