For most of the business, if not all, this is going to be an ‘all-hands-on-deck’ moment. But it isn’t anymore. Why? You will figure it out by the time you reach the middle of this article.
In many ways, the annual return ‘Form GSTR-9’ is different from the annual returns you have filed so far in the erstwhile regime. The annual GST return ‘Form GSTR-9’ is not a self-assessed consolidated return, which used to be the case in the previous indirect tax regime. Meaning, annual return GSTR-9 form will have the consolidated system computed information which you have reported in Form GSTR-1, GSTR-3B and GSTR-2A.
This implies you have 3 different data points – system-computed GSTR-9, values reported in GSTR-1 and GSTR-3B and the books of accounts. The ideal situation is that the information in Form GSTR-1, Form GSTR-3B and the books of accounts should be in sync with each other, and the values should match across different forms and the books of accounts.
Who doesn’t like to be in this situation? Of course! This is a happy situation, and every business would like to be. But, owing to several reasons, this isn’t going to be an ideal situation for most businesses. This calls for a little more effort to drill down into each of these data points, match, apply the suitable correction and prepare the GSTR-9.
Not considering either of the data (Portal and Books) will possibly result in incorrect annual return filing. There isn’t any easy way to do it. Books and portal data need to be matched, and suitable modifications (If any) need to be carried out in the system-computed GSTR-9. This isn’t little; it's really an ‘All hands on deck’ situation.
TallyPrime’s Annual Computation report brings together the year’s GST liability and input tax credit values from your books. You can drill down to view the month-wise details and investigate differences.
In TallyPrime 7.2, you can export Annual Computation data in GSTR-9 format and compare it with the data auto-populated on the GST portal. Where needed, you can also export the outward and inward sections in GSTR-9 format. The HSN summary can be exported directly from TallyPrime to the department’s GSTR-9 offline tool in a single click. Below is a view of the Annual Computation report.
Summary View of Annual Computation Report in TallyPrime
Compare the exported figures with the portal data and review any differences down to the voucher level. Where a book entry needs correction, update the underlying voucher and check the figures again. Once the values are reconciled, review the return on the GST portal before filing it.
Click Here to know more about how the Annual Computation report helps in filing annual returns Form GSTR-9.
Any additional tax due to modifications or additions (not furnished in GSTR-1 or GSTR-3B) can be paid along with interest through Form GST DRC-03. Similarly, if modifications lead to a refund (if eligible), it can be applied through Form GST RFD-01A. Note: Unutilized ITC cannot be availed and shall lapse.
