GSTR-9 and GSTR-9C require taxpayers to reconcile outward supplies, input tax credit, taxes paid and adjustments reported during the financial year. For FY 2019-20, the focus was on accurate reconciliation, proper disclosure of amendments and careful review of auto-populated data.
Key areas requiring review
- Match turnover reported in GSTR-1, GSTR-3B and financial statements.
- Review input tax credit availed, reversed and reclaimed during the year.
- Check amendments, credit notes, debit notes and year-end adjustments.
- Verify tax paid through cash ledger and credit ledger before filing.
The annual return process should not be treated as a mechanical upload. It is a closing reconciliation exercise and should be reviewed with supporting ledgers, returns and management explanations before final submission.