GSTR9C NEW UTILITY
The much awaited utility for GSTR9C and GSTR9C new form – The audit and reconciliation statement for FY 2017-18 has been updated in Gst Portal.
GST Council it its recent meeting also extended the due date for filing GSTR9 and GSTR9C for FY 17-18 from 31.12.2019 to 31.01.2020.
CBIC in Notification has made various simplification if Forms GSTR 9 and GSTR9C by making various fields optional for taxpayers .
Some of the fields in GSTR9C new form were also made simple along with change in Certificates by substituting new words.
In GSTR9C new form for FY 17-18 and 18-19 , Table no 5 for Reconciliation of Gross Turnover all the adjustments may be now done in Table 5O instead of giving breakup in Table 5B to 5N.
In GSTR9C for FY 17-18 and 18-19 , Columns of Table 12 regarding Reconciliation of Itc was made optional.
Table 12B , ITC booked in earlier FY claimed in Current FY was made optional.
Table 12C , ITC booked in Current FY claimed in subsequent FY was made optional.
The most important Table 14 which required breakup of expenses on which ITC is claimed and declared in GSTR9 was also made optional .
In the certificates the requirement of Cash Flow Statement is now required only for those who have maintained it as per the existing law. It is made optional for persons who have not prepared cash flow statement to upload it int he portal .
The Auditor may give a True and Fair view on the basis of audit subject to certain observation . Earlier True and Correct view was required which increases the liability of auditor.
In Form GSTR9 , the change which was done is the columns has been made optional and no new format is required for the same. Only the filing process will change . If amount if not available for certain column then that column may be left and figures can be inserted in other columns as per the notification.