GST Annual Return Made Easy ITC Reporting Updates in GSTR-9 & 9C (FY 2024-25)
A simplified guide to ITC changes in GSTR-9 and GSTR-9C for FY 2024-25, covering late claims, reversals, reclaims, and reconciliation requirements.
Filing your annual GST return (GSTR-9) and reconciliation (GSTR-9C) for the financial year 2024-25 is getting clearer, especially regarding the Input Tax Credit (ITC) the tax credit you claim on purchases.
What is New in GSTR-9?
The government has made it easier to track when you claim a credit, when you temporarily lose it, and when you get it back.
| What it is | New Rule / Why it Matters | Where to Report in GSTR-9 |
|---|---|---|
| Old Bills Claimed Now | You must show the credit claimed this year that actually belongs to the previous year (2023-24). | Table 6A1 |
| Getting Credit Back (Reclaim) | If you had to temporarily return a credit (reversed it) and are now claiming it back (e.g., after paying a vendor), you must report this separately. | Table 6H |
| Temporary Credit Loss (Reversal) | The reasons for losing your credit temporarily are now split up for better clarity (e.g., not paying the vendor on time, or the vendor didn't file their return). | Table 7A and 7A1 |
| Official Credit Source | Your total eligible credit for the year will now be directly linked to the official summary statement, GSTR-2B. | Table 8A |
What Changes in GSTR-9C (The Reconciliation)?
GSTR-9C is the detailed comparison between your books and your GSTR-9 return. If your business turnover is over ₹5 crore, this is important:
- Year-to-Year Tracking: You need to clearly show if any credit belonging to FY 2024-25 was temporarily reversed and then finally claimed in the next year (FY 2025-26). This ensures every credit is accounted for in the correct financial year.
- Aligning the Numbers: You must ensure the detailed credit figures you report in the revised GSTR-9 tables perfectly match your company's accounting records.
Your Simple Action Plan
To avoid problems when filing, make sure you do these things throughout the year:
- Check Monthly: Always compare your claimed credit (GSTR-3B) with the official credit statement (GSTR-2B) every month.
- Keep Records: Maintain easy-to-understand records of all credits that were reversed and then reclaimed.
- Pay Vendors: Pay your suppliers on time to avoid losing your credit temporarily (reversal) under the 180-day rule.
These changes are designed to make your annual filing easier and more transparent by ensuring that the movement of every tax credit is reported clearly.
FILING YOUR INCOME TAX RETURN F.Y 2024-25 (A.Y. 2025-2026) WITH MYITRONLINE
The income tax filing deadline is right around the corner. If you haven’t filed yet, do it today with Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886,8130309886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
View articles
News Offers
