Taxpayer with turnover over Rs 2 cr need GST audit certificate, will be arduous job for auditors

Categories: GST Recent News, News
No Comments

The Government on Thursday notified the GSTR-9C form for annual GST audit under which every taxpayer above Rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. Under GST, annual return is to be furnished in GSTR-9 (recently notified on September 4, 2018). In addition, as per Section 35 of CGST Act, 2017, every tax payer whose turnover exceeds Rs 2 crore during a financial year, is required to submit audited annual accounts and a reconciliation statement in GSTR-9C. The Government on Thursday through the notification No. 49/ 2018 – Central tax dated September 13, 2018 has notified the format for GSTR-9C. GSTR-9C – Design A look at GSTR-9C makes it clear that it is essentially a reconciliation statement for reconciling turnover, input tax credits and tax payments reported in GST returns (annual return) vis-a-vis annual books of accounts. GSTR-9C is broadly segregated into the following:

a) Gross turnover (including taxable and non-taxable turnovers)

b) Taxable turnover

c) Tax liability and payments (rate-wise)

d) Input tax credit availment

The reconciliation is to be accompanied with certification from the auditor (can be statutory auditor as well). Further, there is a separate table for auditor’s recommendation on additional liability to be discharged on account of non-reconciliation of turnover and input tax credit. The auditor may also recommend on erroneous refunds, outstanding demands etc.

Read More at: https://economictimes.indiatimes.com/small-biz/policy-trends/taxpayer-over-rs-2-crore-turnover-reconciliation-statement-annual-audit-certification-gstr-9c-annual-return/articleshow/65804570.cms

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
CLOSE
CLOSE