The GSTR 9C form has a statement of reconciliation for reconciling turnover, input tax credit, and payments related to tax. To know various relevant details about Form GSTR 9C, read on.
The following topics have been discussed in this article:
1. What is GSTR 9C (Annual GST Audit Form)?
2. Who is required to File the GSTR 9C (GST Audit Form)?
3. Significance of GSTR 9C Audit Form
4. Due Date for Filing GSTR 9C Audit Form under GST
5. Penalty for Late Filing
6. Procedure for Filing GSTR 9C
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- Offline
- Online
7. Updates Made in GSTR 9C Reconciliation Form By GST Council in 31st Meeting
1. What is GSTR 9C (Annual GST Audit Form)?
GSTR 9C is a yearly audit form for all the taxpayers having the turnover above Rs. 2 crores in a specific financial year. Along with the GSTR 9C audit form, the taxpayers will even have to fill up the reconciliation statement along with the certification of an audit.
According to the rules, all the taxpayer will have to file an annual return form with GSTR 9. However,with the addition of an extra rule, Section 35 of CHST Act, 2017, all those taxpayers having turnover exceeding Rs. 2 crores in a financial year will be required to submit their audited annual accounts along with a reconciliation statement in the GSTR9C form.
2. Who is required to File the GSTR 9C (GST Audit Form)?
All those taxpayers having the turnover above Rs. 2 crores in a financial year are required to file GSTR 9C form along with the reconciliation statement and certification of an audit.
3. Significance of GSTR 9C Audit Form
GSTR 9C is a reconciliation statement which should be certified by a Chartered Accountant or a CMA. Taxpayers with an aggregate turnover of over Rs. 2 crores in a financial year are required to file this form. GSTR 9C must be digitally signed by the GST Auditor and must report all discrepancies or liabilities in filing any of the GST returns during the financial year. All additional and extra liabilities arising out of the reconciliation exercise and GST audit must be reported along witha certification by a CA in GSTR 9C. The GSTR 9C is the only yardstick or indicator for GST Authorities to measure the correctness of GST returns filed by taxpayers during a given financial year.
4. Due Date for Filing GSTR 9C Audit Form under GST
30th June 2019 is the revised due date of GSTR 9C.This date is for eligible taxpayers of our nation as declared by the CBIC department.
Only via the parliament approval or ordinance can a change be made in the GST Law. President’s Ordinance can also be exercised to change or extend the due date for GSTR 9, GSTR 9A, and GSTR 9C while there is no such authority with the Commissioner or GST Council.
5. Penalty for Late Filing
According to the penalty provisions of GSTR 9C Audit return form, the taxpayer has to pay Rs. 200 on a per day basis as a penalty,with Rs. 100 for SGST and Rs. 100 for CGST. Also, it is to be noted that the entire penalty can’t exceed 0.25% of the total turnover on which the said penalty is being levied.
6. Procedure for Filing GSTR 9C
i. Offline
The government has released the GSTR 9C offline utility through excel sheet which can be filled up by the taxpayers and then uploaded to the portal. The offline utility is given in a zip folder which has to be downloaded:
Step 1 – To download the offline utility for the GSTR 9C first visit the www.gst.gov.in portal.
Step 2 – Select“Download”from the main menu.
Step 3 – Select the “Offline Tools” option and it will redirect to the download page.
Step 4 – Click “Download”to extract the file.
ii. Online
The GSTR 9C online utility has also been made available to taxpayers. To start filing the GSTR 9C reconciliation audit report, follow the given steps:
Step 1 – Login to the GST Portal
Step 2 – On the dashboard, click “Annual Return”.
Step 3 – Now click on the financial year for the desired period to file the return
Step 4 – Then click“Initiate E-filing”.
Step 5 – Upon selecting the filing option, you will be asked for filing GSTR 9 form before you can file reconciliation form. File it and then you will be able to file Form GSTR 9C.
7. Updates Made in GSTR 9C Reconciliation Form By GST Council in 31st Meeting
- Due dates extended for yearly return forms including Forms GSTR 9, GSTR 9A, and reconciliation statement in GSTR 9C for the Financial Year 2017-2018 till 30th June 2019.
- GSTR-1 and GSTR-3B returns are required to be filed before the filing of GSTR-9 and GSTR-9C.
- GSTR-9 and GSTR-9C cannot be used for availing ITC.
- GSTR-9C would involve verification by the taxpayer who had just uploaded the statement of reconciliation.
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IS cash flow mandatory for gstr 9C even for individuals?