Changes in Form GSTR 9 for FY 2023-24!

With the due date for filing GSTR 9 for the financial year 2023-24 fast approaching on 31st December 2024, taxpayers need to stay informed about the recent changes in the compliance requirements for this form.

Let's understand what are the changes made to the GST annual return i.e. Form GSTR 9 for FY 2023-24.

Who needs to file Form GSTR9 for FY 2023-24?

The registered person whose aggregate turnover in the financial year 2023-24 exceeds Rs. 2 Crores is required to file Form GSTR 9 mandatorily. Persons having turnover up to Rs. 2 Crores can file it voluntarily.

What is the due date for filing Form GSTR 9 for FY 2023-24?

31^ST December 2024 is the due date for filing Form GSTR 9 for FY 2023-24.

Changes in Form GSTR 9 for FY 2023-24

The only significant change in Form GSTR 9 for FY 2023-24 is the sourcing of input tax credit (ITC) details. Table 8 of Form GSTR 9 covers the reconciliation of Input Tax Credit (ITC). Previously, Sr. No. 8A of this table was populated based on the information provided in GSTR-2A (a statement of inward supplies). However, from FY 2023-24 onwards, 8B will 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. The major difference between GSTR 2A and GSTR 2B is GSTR 2B is a static return that is updated every month whereas GSTR-2A is a dynamic return that constantly updates when invoices are uploaded by suppliers. 

This shift is aimed at streamlining the process and reducing the manual effort required by taxpayers to reconcile their ITC claims. This brings uniformity in the calculation of the ITC in periodic and annual returns, as monthly/quarterly GSTR 3B returns are filed referring to GSTR 2B as a base. 

‍

Conclusion

The changes introduced in Form GSTR 9 for FY 2023-24, particularly the shift from GSTR-2A to GSTR-2B for populating the Input Tax Credit (ITC) details, are designed to simplify the reconciliation process and ensure greater accuracy. Taxpayers must be aware of these updates to avoid errors and ensure timely compliance. With the due date fast approaching, it is crucial to carefully review the new requirements and make the necessary adjustments in the filing process. 

‍