The authorities have therefore introduced the GSTR 9C format in Note No 49/ 2018 – Central Tax dated 13 September 2018. GSTR 9C is a reconciliation document between GSTR 9 for the fiscal year and the audited financial statement of the taxpayer. In this guide, you will find the following detail
GSTR-9C, also known as the reconciliation document, is essentially an annual accounting form or a text showing the reconciliation of the taxpayer at the end of the year. This form of reconciliation declaration was issued by the Government of India pursuant to the Goods and Services Tax (GST) Act, 2017, in which a registered taxpayer with an annual income greater than Rs. 2 crores is entitled to audit his or her books of accounts as provided for in Section 35(5) of the Central Goods and Services Tax (CGST) Act, 2017. In this article, we will learn the GSTR-9C Reconciliation Statement and Certification
GSTR 9C is an annual audit form for all taxpayers with a turnover of more than 2 crores in one fiscal year. In addition to the GSTR 9C audit form, it is also required that the taxpayer will complete the reconciliation document along with the audit certification. The annual audit report of GSTR-9C is submitted electronically to the GSTN site i.e. https:/gst.gov.in. As a result, reported taxpayers over Rs. 2 crores of their annual turnover must submit a copy of the audited annual statement of accounts, along with a reconciliation statement, which must be checked electronically at the time of submission of Form GSTR-9C.
It can also be claimed that GSTR-9C is a GST reconciliation document for a particular financial year to be submitted by a registered taxpayer and must be sent by 31 December at the latest. In addition, before filing GSTR-9C, taxpayers are required to verify their reports by certified chartered accountants (CAs).
In addition, GSTR-9C is a statement of peace between the following:
Annual Accounts in GSTR-9, submitted for the financial year and
The estimates for the annual audited financial accounts of the licensed taxpayer
This statement of reconciliation can be taken into account in the same way as that set out in the tax audit file under the Income Tax Act. It is typically composed of gross and taxable turnover in compliance with the Book of Accounts, which is consistent with the respective figures, in combination with the accumulation of all GST returns for a given fiscal year.
Thus any deviations arising from this reconciliation exercise can be pronounced alongside the same motives. The authorized declaration shall be issued for each good and services tax identification number (GSTIN). Therefore more than one GSTR-9C form may need to be filed for the permanent account number of the registered taxpayer (PAN).
Importance of GSTR-9C Filing
The Chartered Accountant (CA), also referred to as the Expense Accountant, is required to submit a GST Reconciliation Statement, i.e. The GST-9C. In addition, any inconsistencies between the details given in both the GST returns and the audited records should be reported in the CA on the basis of the variations. This argument serves as the basis for validating the authenticity of the GST returns filed by the Administration of the Government of the European Communities by the taxpayer. This is how the CA will certify any additional liabilities emerging out of the conciliation exercise and the GST review in GSTR-9C.
What Is the Eligibility for GSTR-9C Return Filing
GSTR-9C is required to be organised and certified with the aid of a Chartered Accountant (CA) or Expense Accountant. It must be submitted by the taxpayer to the GST portal or to the facilitation centre, along with other documents, such as the replication of audited accounts and the annual return in the GSTR-9 form. It refers to all taxpayers who are required to inspect their annual returns in accordance with the GST Regulations. The audit referred to in the GST Act applies to approved taxpayers whose total annual turnover in that financial year reaches Rs. 2 crores.
Due Date for GSTR-9C Filing
Assets under the GST Act 2017 The deadline for filing annual reports in GSTR-9 will be the same closing date for the submission of GSTR-9C. The GSTR-9C shall be submitted for audit on or before 31 December of the year following the current financial year.
The Government can, if it deems it necessary, prolong the due date. For eg, for fiscal year (FY) 2018-19, the filing date for GSTR-9C is 30 November 2020.
Extension of Due Date for GSTR-9C Filing – Change as of 3 February 2020
The due date for Forms GSTR-9 and GSTR-9C has again been extended to 5 and 7 February 2020 by CBIC, as described in the following notice:
(a) 5 February 2020;
The countries concerned are Chandigarh, Delhi, Gujarat, Haryana, Jammu and Kashmir, Ladakh, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh and Uttarakhand.
(b) on 7 February 2020;
The states and Union Territories (UT) include Andaman and Nicobar Islands, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Dadra, Nagar Haveli and Daman and Diu, Goa, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Telangana, Tripura, West Bengal and other I Territori.
Type GSTR-9C File
Generally, the type GSTR-9C consists of two sections, namely:
(a) Part A – Declaration of reconciliation
(b) Part B – Certification;
Thus the two sections of Type GSTR-9C are given in detail as follows:
Documents to be used in the type GSTR-9C
The following files must be included with Form GSTR-9C at the time of online submission:
- A copy of the audited financial statements alluded to in Section 35 (5).
- A copy of the audit record where the audit of the company is carried out by another individual or woman under a regulation other than the GST Act.
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