Top Stories Comprehensive Checklist for GST Annual Return (GSTR-9) Preparation for Professionals Special care is required for filing, particularly when it comes to reconciling the audited financial statements with the GST Annual Return GSTR-9 form By Manu Sharma – On December 2, 2024 4:03 pm – 4 mins read
Tax and Finance Professionals preparing the Goods and Services Tax ( GST ) Annual Return ( GSTR-9 ) must follow a detailed checklist to ensure the return is accurate and complete, as no revision option is provided after submission. Additionally, GSTR-9C requires that the reconciliation of audited financial statements be cross-verified against GSTR-9. The following checklist provides a useful guide for professionals preparing the annual return, which should be customized based on the specific needs of the client and any relaxation granted by the authorities.
Drafting GST Replies Simplified for Professionals – Enroll Now This GST Annual Return GSTR-9 Filing checklist refers to the Financial Year (FY) 2023-24, with the return due by December 31, 2024, unless an extension is granted. Checklist for Preparation of GSTR-9 1. GSTR-1 (Outward Supply Details) Verify if all outward supplies for FY 2023-24 are disclosed in GSTR-1 and paid through GSTR-3B. If not, list the missing supplies and identify the reasons. Confirm separate disclosure for the following categories: B2B B2C Export SEZ Deemed supply Exempted/nil-rated/non-GST supply HSN Summary Drafting GST Replies Simplified for Professionals – Enroll Now Reconcile outward supply turnover in GSTR-1 with the books of accounts. Investigate any discrepancies. Ensure all debit and credit notes raised during FY 2023-24 are disclosed in GSTR-1.
2. GSTR-3B (Summary of Outward Supplies and ITC) Check if the turnover disclosed in GSTR-3B matches with GSTR-1 for the period April 2023 to March 2024. Verify if the client has maintained reconciliation of any differences between GSTR-1 and GSTR-3B. Ensure all credit/debit notes for the period April 2023 to March 2024 are accounted for in both GSTR-1 and GSTR-3B. Check if GST is paid on inward supplies attracting reverse charge, and verify if corresponding ITC is claimed. Confirm if ITC is reversed for any unpaid supplier invoices after 180 days from the invoice date. 3. ITC Reconciliation Ensure the correct identification and reversal of ITC under Rules 42 & 43 (if applicable). If ITC is recomputed under Rule 42, verify whether any excess or short reversal has been corrected by the due date, including any applicable interest. Reconcile ITC claimed in GSTR-3B with the details in GSTR-2B and the books of accounts.
Ensure that any missed ITC is availed by the filing deadline. Drafting GST Replies Simplified for Professionals – Enroll Now Cross-check whether temporary ITC reversals are eligible for claim before November 30, 2024 (October return). Verify that any ITC previously reversed as temporary is classified correctly as permanent if conditions are not met. 4. Books of Accounts and Financial Statements Reconcile the turnover disclosed in GSTR-1 and GSTR-3B with the books of accounts. Match ITC availed in the books with Table 4 of GSTR-3B. Ensure that the credit balance in the profit and loss account is reconciled with GSTR-1 & GSTR-3B, and prepare a reconciliation statement if needed. Drafting GST Replies Simplified for Professionals – Enroll Now Identify any advances at the year-end and ensure they are matched with the books. Verify that backdated entries are checked for potential missed liabilities and interest implications. 5. Tax Liability and Payment Ensure tax is paid on income that is not considered a supply (e.g., discounts, notice period recovery, transactions in money/securities).
Check whether income has been incorrectly accounted under expenses and verify for missed tax liabilities. Verify if ineligible ITC is identifiable in the books and ensure it’s classified correctly. 6. GSTR-9 (Annual Return) Specific Checks Confirm that all taxable turnover with GST implications is separately identified. Ensure that turnover is bifurcated correctly into categories such as B2C, B2B, Export with tax paid, SEZ with tax paid, and others. Drafting GST Replies Simplified for Professionals – Enroll Now Check if the turnover where the recipient is liable to pay GST under reverse charge (RCM) is correctly disclosed. Verify if the details of credit/debit notes for the period April 2023 to March 2024 are included. Ensure that the amendments made to outward supplies during the FY 2023-24 are identified and summarized. 7. ITC Register and Availment Ensure the client maintains an ITC register, classifying ITC as inputs, input services, or capital goods. Reconcile the ITC availed in GSTR-3B with the books of accounts and GSTR-2B. Any missed ITC should be availed by the due date for the October 2024 return (by November 30, 2024).
Verify that GST paid on reverse charge imports of services is claimed and disclosed correctly in the returns. 8. Final Reconciliation and Compliance Check if the client has properly reversed ITC under Rules 37, 39, 42, 43, and Section 17(5), where applicable. Ensure that the client has complied with the composition scheme, if applicable, and that corresponding GST adjustments are made. Verify whether self-invoices or payment vouchers are raised where RCM is applicable. Drafting GST Replies Simplified for Professionals – Enroll Now
This checklist provides an essential guide for professionals preparing the GST annual return for FY 2023-24. Regular updates and adjustments to the checklist should be made based on the client’s specific business operations and any changes in GST regulations or relaxation provided by the authorities.
