Arjuna (Fictional Character): Krishna, What is GSTR-9C in GST?
Krishna (Fictional Character): Arjuna, GSTR 9C is an annual audit form for the taxpayers registered under GST. It is reconciliation statement between the Annual Return 9 filed and the figures as per Audited Annual Financial statements. In short it can be said that it is similar to the audit report furnished under the Income tax act. It is certified by the CA.
Arjuna: Krishna, Who should file GSTR 9C and what is the due date for filing GSTR 9C?
Krishna: Arjuna, GSTR-9C must be prepared and certified by the Chartered Accountant or Cost Accountant. Those registered persons whose Annual aggregate turnover exceeds Rs 2 crores in that FY, here being FY 2017-18 need to get their books audited under GST Law.
The due date to file the GSTR 9C is same as the due date for the annual returns i.e on or before 31st December 2018.
Arjuna: Krishna, What details the taxpayer needs to provide in GSTR 9C?
Krishna: Arjuna, GSTR 9C consists of two main parts which are-
- Part-A : which consist of reconciliation statement . In this there are five parts which are like-
1. Basic details (GSTIN, Fy, Legal name etc.)
2. Reconciliation of turnover declared in annual return and Audited financials.
3. Reconciliation of tax paid (here GST rate wise reporting is required also additional liability due to unreconciled differences needs to be given )
4. Reconciliation of Input Tax Credit
5. Auditor’s recommendation on additional Liability due to non-reconciliation
- Part- B: Certification
Arjuna: What if one does not file the Audit report?
Krishna: Arjuna, There is no specific penalty prescribed in GST law for not getting accounts audited. Therefore the general penalty prescribed in section 125 of CGST ACT which deals with penalty for contravention of law would apply. Hence penalty upto Rs. 25000 may be levied. Similar provisions also exists under State/UT GST law
Arjuna: What one should learn from this?
Krishna: Arjuna, The due date for filing the GSTR 9C is 31st December. But still the form on the GST portal is not yet opened. Due date also still not extended. It seems that, there would be so many changes in that again. Chartered Accountants have to do the VAT audits as well as GST audits this year. So due to the due dates of both the audits, they would face so much difficulties and bear the pressure. So what would happen in the Audits, only God knows!
Author Bio
As per the GST Act the annual return and audit report has to be filed before 31.12.2018. It is suggested that hard copy of the report be submitted to GST office.
Because of the deficiency of softeware vendor in providing the tool the registered person should not be affected. More delays will hamper the life of the accountants who are totally involved in the GST returns filing activities
Where to file annual GSTR. Till date no format is downloadable. Where we can download the Annual return format. When it will released in GST portal. Everybody is writing file before 31st. Please let us know when it will b released.
“So what would happen in the Audits, ONLY GOD KNOWS ”
Tentative- in the same vein, but on a different wavelength (:
Not so sure, BUT CERTAINLY, MOST UNCERTAIN for good ! For one thing, NAMELY, THE CREATOR , so far as is known, WAS NOT RESPONSIBLE, OR TO BE BLAMED TO BE SO, NOT BEING EVEN REMOTELY IN CONTROL OF HIS CREATURES’, not barring the semi-gods, inhabiting THE EARTH (JUST ONE OF THE PLANETS of the countless,- OUR “MATERIALISTIC” WORLD) ?!
Over to , – not ARJUNA-, but to..