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.

Read Also : GST COUNCIL BIG DECISIONS

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.

The post GSTR9C NEW UTILITY ENABLED appeared first on GST Platform.

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an ANNUAL RETURN (GSTR-9) for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year.

(2) Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the AUDITED ANNUAL ACCOUNTS and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed

Also Read:

1) GST Audit Limit and Due Date for filing Audit Report
2) Reverse Charge Mechanism and Its Accounting Treatment at Year End.

Rules Regarding Filing of Annual Return

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a nonresident taxable person, shall furnish an annual return as specified under sub-section (1) of section 44 electronically in FORM GSTR-9 through the common portal either directly or through a Facilitation Centre notified by the Commissioner: 

Provided that a person paying tax under section 10 shall furnish the annual return in FORM GSTR-9A. 

(2) Every electronic commerce operator required to collect tax at source under section 52 shall furnish annual statement referred to in sub-section (5) of the said section in FORM GSTR -9B. 

(3) Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.

WATCH THE VIDEO HERE – CLICK HERE

The post GST ANNUAL RETURN – FORM GSTR 9 – OVERVIEW & FEATURES appeared first on GST Platform.

What is the Due Date for Filing Annual Return and Audit Report under GST???

Annual Return  – Section 44 of  CGST Act 2017

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year. 

 (2) Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed. 

When GST Audit is required??

      Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.  – Section 35(5) of CGST Act 2017. 

Prescribed Limit under GST for Audit

   Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner. Rule 80(3) CGST Rules 2017.  

Aggregate Turnover – Meaning

       “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but; excludes central tax, State tax, Union territory tax, integrated tax and cess.   

The post GST Audit Limit and Due Date for Audit under GST appeared first on GST Platform.