CBIC simplifies Form GSTR-9C i.e. Reconciliation Statement for F.Y 17-18 and F.Y 18-19 to ensure easier return filing by the taxpayers

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The CBIC, vide Notification No. 56/2019 – Central Tax dated November 14, 2019, has made some amendments aimed towards simplifying the Form GSTR 9C i.e. Reconciliation Statement as envisaged in a move intended to ease the taxpayers and ensure faster filing and submission of returns. The gist of the aforesaid notification has been discussed hereunder: –

Major Changes in Form GSTR 9C i.e. Reconciliation Statement:-

Table

Particulars

 Relaxations

5B & 5C

·  5B: Unbilled revenue at the beginning of the Financial Year

·  5C: Unadjusted advances at the end of the Financial Year

Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O.

5D

  Deemed Supply under Schedule I

Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O.

5E & 5F

·  5E: Credit Notes issued after the end of the financial year but reflected in the annual return

·  5F: Trade Discounts accounted for in the audited Annual Financial Statement but are not permissible under GST

Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O.

5G

  Turnover from April 2017 to June 2017

Optional for the registered person for the F.Y 17-18 and If there are any adjustments required to be reported then the same may be reported in Table 5O.

5H, 5I, 5J, 5K, 5L, 5M, 5N

·   5H: Unbilled revenue at the end of the Financial Year;

· 5I: Unadjusted Advances at the beginning of the Financial Year;

·   5J: Credit notes accounted for in the audited Annual Financial Statement but are not permissible under GST;

·  5K: Adjustments on account of supply of goods by SEZ units to DTA Units;

· 5L: Turnover for the period under composition scheme;

· 5M: Adjustments in a turnover under section 15 and rules thereunder;

· 5N: Adjustments in turnover due to foreign exchange fluctuations

Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O.

12B

 ITC booked in earlier Financial Years claimed in current Financial Year

Made Optional for the registered person for the F.Y 17-18 & 18-19.

12C

 ITC booked in current Financial Year to be claimed in subsequent Financial Years

Made Optional for the registered person for the F.Y 17-18 & 18-19.

14

 Reconciliation of ITC declared in Annual Return (GSTR9) with ITC availed on expenses as per audited Annual Financial Statement or books of account

Made Optional for the registered person for the F.Y 17-18 & 18-19.

Part-B

 Certification

· Cash flow Statements to be reported only if available.

·  “True & Fair” substituted for “True & Correct”

The complete notification can be accessed at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-56-central-tax-english-2019.pdf;jsessionid=EC661019BB9F8BA57419321A5BDB8C33

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