The Goods and Services Tax Network ( GSTN ) has released an important advisory regarding the filing of annual returns in Form GSTR-9 and GSTR-9C for the financial year 2023-24.
Here are the key updates announced:
– Starting from FY 2023-24, the GST system will automatically populate details of eligible Input Tax Credit (ITC) related to domestic supplies (excluding ITC on reverse charge and imports) in Table 8A of GSTR-9.
Complete Draft Replies of GST ITC Related Notices, Click Here
– The data will be sourced from Table 3(I) of GSTR-2B, which reflects ITC available to taxpayers.
– These new functionalities for GSTR-9 and GSTR-9C will be made available on the GST portal starting from 15th October 2024.
– A validation utility will be executed progressively to ensure the correct auto-population of GSTR-9 for the period from April 2023 to March 2024.
– Taxpayers will be able to use this utility to validate the data populated in their returns.
Complete Draft Replies of GST ITC Related Notices, Click Here
This new feature aims to streamline the filing process for taxpayers by reducing manual input and improving accuracy in ITC reporting. Taxpayers are encouraged to regularly check their GSTR-2B and validate the data reflected in GSTR-9 using the new utility for smooth filing.
For more detailed information and updates, taxpayers can visit the GST portal.
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