What is GSTR 9C?
GSTR 9C is a form of reconciliation statement. The details furnished in GSTR 9 are reconciled with the audited financial statements of the taxpayer for the financial year. If any differences are found, it must be reported by the Chartered Accountant along with the reason of the difference.
Who should file this return?
It is filed by a taxpayer registered under GST who is required to get his returns audited by a CA/CMA. Thus, such taxpayers whose aggregate turnover in the previous financial year exceeds Rs. 2 crores must file this return.
This return is filed online on the official portal of GST. It can be filed either at the time of filing GSTR 9 or after filing GSTR 9. It is prepared by a chartered accountant or a cost accountant.
Why GSTR 9C should be filed?
This return makes it possible for the GST authorities to ensure about correctness of GST returns filed by the taxpayer. This will thereby assist them to take appropriate action.
Format of GSTR 9C:
The return GSTR 9C consists of 2 parts:
Part A for reporting of reconciliation among turnover, amount of tax, and Input Tax Credit availed. This section will include all the basic details of the taxpayer, including the GST Identification Number of the taxpayer. If any additional tax liability is to be paid by the taxpayer, it must be specifically reported by the auditor.
Part B for certification by a practicing Chartered Accountant /Cost Accountant. The return must be certified and attested through a digital signature.
Due date of filing GSTR 9C:
The due date for filing GSTR 9C is now extended by the Government of India to 31st march, 2020. Thus, it must be filed by the taxpayer on or before the due date to avoid any interest or penalties.
Amendments in GSTR 9C:
- The new format of GSTR 9C has made the following tables optional:
- Table 5B to 5N
- Table 12B and 12C
- Table 14
- As per the amendments, earlier the auditor was required to express true and fair opinion on the financial statements. But now he should express a true and correct opinion on the relevant financial statements.
- To simplify the return, changes have been made in the Declaration part also.
- Cash flow statement must be furnished only if the same is available.
- It is now made optional for the taxpayers to furnish reporting of turnover adjustment details.
- The taxpayer cannot use the returns GSTR 9 and GSTR 9C to avail Input Tax Credit.
- GSTR 9C must be filed with the utmost care. This is because once filed, it cannot be amended and no revised return can be filed.
- Annexures of audited financial statements and other documents as may be prescribed must be attached along with GSTR 9C.