This change in GST annual return if not checked properly can result in input tax credit mismatch
GST annual return has to be mandatorily filed for FY 2023-24 by every GST registered taxpayer with a few exceptions by on or before December 31, 2024. However, before you file the annual return make sure to file all the monthly returns first or quarterly returns if you are registered under the QRMP scheme. This is because the GST annual return is mostly auto populated using data from all the monthly or quarterly returns (as applicable).
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What changes were made to the GST annual return form for FY 2023-24
Chartered Accountant Amit Bansal, Partner, Singhania & Co., explains the most significant change in GSTR-9 (annual return) for FY 2023-24. Bansal explains:
Sourcing of input tax credit (ITC) details in table 8A of GSTR-9 (annual return)
The most significant change in the GST Annual Return (GSTR-9) for FY 2023-24 lies in the sourcing of input tax credit (ITC) details. Previously, Table 8A of GSTR-9 was populated based on the information provided in GSTR-2A (a statement of inward supplies). However, from FY 2023-24 onwards, Table 8A will now be populated based on the information available in GSTR-2B. GSTR-2B is a statement of inward supplies that is auto-populated based on the invoices uploaded by suppliers. This shift is aimed at streamlining the process and reducing the manual effort required by taxpayers to reconcile their ITC claims.
The changes in GST filing requirements have significant
