GSTR-9 Update - Computation of Input Tax Credit (ITC) Updated in GSTR-9
GSTR-9 Update - Computation of Input Tax Credit (ITC) Updated in GSTR-9 discussed by CA. Satuti Mahajan.
The calculation of Input Tax Credit (ITC) in Table 8A of the GSTR-9 Annual Return has been revised to include information from suppliers’ GSTR-1/IFF/GSTR-5 submissions up to November 30, 2023. The updated data has been confirmed, and no additional modifications are anticipated for Table 8A. Any submissions made by suppliers after the update date will be taken into account in the next update.
The annual return, Form GSTR-9, is mandatory for all registered taxpayers, regardless of their entity turnover. It encompasses the comprehensive reporting of outward supplies, inward supplies, taxes paid, refund claims, demands raised, and Input Tax Credit (ITC) availed and utilized. It is crucial to ensure that GSTR-1 and GSTR-3B are filed before submitting the annual return for the respective financial year. The following changes have been recently introduced with respect to Form GSTR-9:
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