How to file GST Audit Report before 31st December?

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 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. So this article is in relation with the same. Enjoy it!!!

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 31stDecember 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!  

Courtesy : CA Umesh Sharma

 

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