During the first year of deployment, numerous errors in RCM payment and credit claims were discovered. Essentially, GSTR-9 takes the total of RCM reported in GSTR-3B. Therefore there should be a proper space to disclose the RCM liability. This was left out during the year in the Annual Return, and appropriate credit, if available, should be allowed to be claimed in GSTR-9. As a result, appropriate action should be made to clarify the situation. Keep reading the blog to learn more.
You should know the Challenges Related to Filing GSTR 9
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Details of Outward Supply in Columns 6C & 6D of Part-III of GSTR-9
The GSTR-3B format includes a single line column in which RCM must be disclosed. There was no distinction made as to whether the reverse fee was paid under section 9(3) or 9(4). (4). Furthermore, whether or not the reverse fee was paid via a mandatory system. In addition, it had no bearing on whether or not the supplier was registered. As a result, trading has not prepared the necessary data.
As a result, the new format should enable the taxpayer to provide accurate information on RCM Paid and Input Tax Credit obtained.
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If the NEGATIVE FIGURE gets generated in Table No. 8D & 8J
As stated in point 8A, the government lacked the necessary mechanisms to launch GSTR-2. There are instances where there is an excess claim of ITC over GSTR-2A, notwithstanding the fact that the purchases are genuine. As a result, you are asked to clarify every item thoroughly, and you should be aware of the government’s position in such circumstances.
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Furnishing HSN Numbers Mandatorily
When submitting GSTR 9 for the Regular Taxpayer, we must provide the HSN No. of inward supplies that account for 10% or more of the total value of inward supplies in Tables 17 and 18. It is good to know that Taxpayers with revenue of fewer than 1.50 crores are exempt from mentioning the HSN number of outward supply. It has also been stated that providing the HSN No. of Inward Supplies is required. If the value independently accounts for 10% or more of the total value of Inward Supplies.
When we write a sum that is 10% or more of the entire value of Inward Supplies online. GSTR-9 is not allowed to proceed online without providing quantity data. Furthermore, even if the taxpayer’s yearly income is less than 1.50 Cr.
It is important to remember that many assets have not kept quantity records. Furthermore, it is unable to provide data in the essential columns. While the government claimed that even a 10th pass guy may file GST returns. It is not practicable for a 10th pass guy to keep GST records together with quantity.
Final Thoughts
When we generate GSTR-9 utilizing the Offline application available on the GST Website, the GSTR-9 gets ready to file online, minus the HSN No. and the number of Inward Supplies. However, in Table No.18, the details column shows – (dash). If we file this Offline Tools generated GSTR-9 in the future, the GST consultation Department will take action for not providing the HSN No. of Inward Supplies that account for 10% or more of the total value of Inward Supplies.
