How to get ready with GSTR-9 and GSTR-9C on Cygnet portal ?

How to get ready with GSTR-9 and GSTR-9C on Cygnet portal ?

 

Please see below for the necessary steps to complete the GSTR-9 and GSTR-9C filing process.

 

To populate the Cygnet portal with the required information, please follow these steps:

Auto Populate data if needed:

·         Initiate a session activation.

·         Synchronize sales register data.

·         Synchronize GSTR-2A and GSTR-2B data.

·         Synchronize GSTR-1 and GSTR-3B data.

  • Upload Sales Data:
    • Upload sales data for the current fiscal year (FY) to the Cygnet portal. Ensure that the data is detailed at the transaction level.
    • Additionally, consider uploading any previous FY sales data and any subsequent amendments, though this is recommended, not mandatory.
  • Upload Purchase Data:
    • Provide purchase data for the current fiscal year, broken down by categories such as Input (IP), Input Services (IS), and Capital Goods (CG).
    • Ideally, include Harmonized System of Nomenclature (HSN) codes for better classification.
    • Similar to sales data, consider including purchase data from the previous FY and subsequent years, if available.
  • Set Reconciliation and ITC Claim Month:
    • Make sure to configure and set the reconciliation and Input Tax Credit (ITC) claim months on the Cygnet portal as required.

Note: Please note that while previous year's data is not mandatory, it is recommended to provide a comprehensive view of financial transactions for better analysis and compliance.

 

Tasks related to filing GSTR-9 & 9C for the financial year 2022-23 include:

1.     Recording Input Tax Credit (ITC) adjustments that were initially recorded or reversed in FY 2022-23 but claimed in FY 2023-24. This information is reported in Table-8C, 12, and 13 of GSTR-9.

2.     Documenting supplies made during FY 2022-23 with tax payments made in FY 2023-24. This data is reported in Table-10, 11, and 14 of GSTR-9.

3.     Making necessary adjustments in Table-5 of GSTR-9C.

4.     Reporting Reverse Charge Mechanism (RCM) payments categorized by tax rates in Table-9 of GSTR-9C.

5.     Managing Input Tax Credits (ITC) that were initially booked in FY 2021-22 but claimed in FY 2022-23, which is detailed in Table-12B of GSTR-9C.


    • Related Articles

    • GSTR-6A Reconciliation

      Overview: GSTR-6A/ISD is an auto-generated form that compiles information from the suppliers of an Input Service Distributor (ISD) as per their GSTR-1 filings. It is presented in a read-only format, meaning alterations can only be made during the ...

    • Push GSTR-1 Data to GSTN

      Overview: The Cygnet Portal streamlines the process of submitting data to GSTN by enabling one-click push. Benefits: Users can effortlessly push both transactional and summary data with a single click, facilitating the submission of complete GSTR-1 ...

    • Cygnet IRP API

      Below are contents that can be accessed under API section of Cygnet IRP homepage. 1. Specifications 2. Overview and Benefit 3. Pre-Requisites 4. Credentials 5. Best Practices 6. Version Management 7. Error Codes list Home > API > Specifications: API ...

    • Prepare GSTR-1

      Overview: The Cygnet Portal simplifies GSTR-1 preparation by automatically generating it using imported E-Invoice and B2C data. Benefits: By compiling transaction-level data into a summary and transaction level data, the system seamlessly populates ...

    • Verify and File GSTR-3B

      Overview: The Cygnet Portal simplifies GSTR-3B preparation by automatically populating the summary values in the form and providing user to verify and file the return. . Benefits: By compiling transaction-level data from GSTR-1 , 2B and 2 data , ...