GSTR-9 annual return filing deadline nears - Want to file in just 10 minutes? Check this out
Since the deadline for GSTR-9 is fast approaching, businesses and tax practitioners are pressed for time to finalize their GST returns.
As the deadline for filing GSTR-9, which is an annual return filing of form nears, financial technology platform ClearTax on Wednesday launched a ‘Quick GSTR-9’ product for GSTR-9 compliance. This product is tailored for less complex businesses to help them finish filing in under 10 minutes. It can populate GSTR-9 return form using the GST portal’s auto-computed GSTR-9 summary and the data from GSTR-3B filed by the business; resulting in a 5x productivity improvement as compared to the portal itself.
According to ClearTax, Tax consultants usually have more than 50 businesses for which they need to prepare and file GSTR-9. GSTR-9 is a complex return form, and tax consultants are struggling to put together the information required for their clients. Since the deadline for GSTR-9 is fast approaching, businesses and tax practitioners are pressed for time to finalize their GST returns. They need to focus on current financial year compliance as well. Simpler businesses have fewer transactions and their filing should be simple and less complex.
Hence, to help consultants file GSTR-9 quickly and leaving more room for compliance for complex businesses, ClearTax has launched a new ‘Quick GSTR-9’ product in its GSTR-9 module.
Quick GSTR-9 product ensures ITC is claimed as per GSTR-3B, by doing a critical comparison between GSTR-9 auto computed values (based on GSTR-1) and GSTR-3B.
Archit Gupta, Founder and CEO, ClearTax, said “ We saw how pained CAs were with GSTR-9 filings. The launch of ‘Quick GSTR-9’ was the outcome of our interactions and deep work with CAs and tax consultants, who expressed the desire to have a fast and easy product for filing of businesses which were not complex. They wanted that the results should also be quickly verified. Our checklist helps in making sure data prepared is accurate. It is helping CAs manage their time and resources better. This super easy and quick filing makes ClearTax’s ‘Quick GSTR-9’, the best possible way to file GSTR-9 for simple businesses.”
Separating itself from normal ways of filing, the ‘Quick GSTR-9’ will fill more tables in GSTR-9 form than what the portal can do and it also has a checklist that can be used to do a fast review. Not only that, it can be used for filing for businesses that belong to the service sector and have fewer complexities; have exempted supply or purchase, have no difference in GSTR-1 & GSTR-3B or those who have only a few transactions, are new businesses or are required to file
Additionally, ClearTax is also offering its other intelligent features in the ‘Quick GSTR-9’ product. It has a specifically tailored reduced version of ClearTax’s 5-point checklist to help a faster review for a CA. Besides, users can switch to full scale mode at any point in filing process.
This form is required to be filed once every year by registered taxpayers such as Chartered Accountants (CA) and businesses. The due date for filing GSTR9 for fiscal year FY19 is set as December 31, 2019. However, GSTR9 for FY18 fiscal, the deadline was extended by government to June 30, 2019.