SAG Infotech: Need Tax Software (Call 0141-4072000)

As the December 31 deadline approaches for submitting the annual return forms GSTR-9 and GSTR-9C for the financial year 2024 25, several leading tax professional bodies such as the Bombay Chartered Accountants' Society, the Madhya Pradesh Tax Law Bar Association, and the Commercial Tax Practitioners Association in Indore have made official representations expressing concerns about the unusual challenges posed by recent changes to the forms and certain technical difficulties. They have requested an extension of the due date for filing GSTR-9 and GSTR-9C . As requested, the Bombay Chartered Accountants’ Society (BCAS) and the Malad Chamber of Tax Consultants have made an official request for an extension of the due date for filing the annual return forms GSTR-9 and GSTR-9C for the financial year 2024-25. They have sought an extension of at least three months beyond the current due date. Why Tax Authorities Seek An Extension? Tax bodies are demanding an extension because "For FY ...

This article serves as a clear and helpful guide to reporting Input Tax Credit (ITC) under GST. It explains the process of claiming, reversing, and reclaiming ITC across different financial years. Through three carefully designed case studies, the article clearly outlines the GSTR-3B tables that must be used to report each ITC movement. It covers various cases, including those within the same financial year, reclaims of ITC from previous years, and cases where ITC is reversed in FY 2024-25 and reclaimed in FY 2025-26. Additionally, the article discusses Rule 37 and Rule 37A, explaining how these provisions impact ITC eligibility and the related process. It also explains the important rules for determining whether ITC should be treated as a current or previous year credit. Accurate reporting across GSTR-9 Tables 6B, 6H, 6A1, 7A, 7H, and 13 ensures smoother GST compliance and reduces the risk of reporting errors. Understanding the Process of ITC (Input Tax Credit) Claims and Reversals T...