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GSTR 9 & 9C

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  2. GSTR 9 & 9C

    • Overview
    • Benefits
    • Procedure
    • Key Deliverabilities

    GSTR-9 and GSTR-9C are annual return and reconciliation forms that need to be filed by registered taxpayers under the Goods and Services Tax (GST) regime in India. Here is an overview of GSTR-9 and GSTR-9C:

    1. GSTR-9: GSTR-9 is an annual return form that provides a consolidated summary of all the transactions declared in the monthly or quarterly GST returns filed during a financial year. It includes information related to outward and inward supplies, input tax credit (ITC) availed and reversed, taxes paid, and any other adjustments made during the year. GSTR-9 needs to be filed by regular taxpayers, composition scheme taxpayers, and e-commerce operators who are required to file GSTR-8.
    2. GSTR-9C: GSTR-9C is a reconciliation statement and certification form that needs to be filed along with GSTR-9. It is a reconciliation between the audited annual financial statements of the taxpayer and the figures reported in GSTR-9. GSTR-9C is required to be filed by taxpayers whose annual turnover exceeds a specified threshold (currently set at Rs. 2 crores) and needs to be certified by a Chartered Accountant or Cost Accountant.

    Key Points to Note:

    • GSTR-9 is a self-declaration of the taxpayer’s annual GST transactions, while GSTR-9C is a reconciliation between the financial statements and GSTR-9.
    • GSTR-9 provides a consolidated view of the entire financial year, while GSTR-9C focuses on reconciling the figures in GSTR-9 with the audited financial statements.
    • GSTR-9C includes additional information such as the auditor’s opinion, details of any additional liability or refund, and information on ITC availed and reversed during the year.
    • GSTR-9 and GSTR-9C need to be filed electronically on the GST portal within the prescribed due date, which is generally December 31st of the subsequent financial year.
    • Non-compliance or late filing of GSTR-9 and GSTR-9C may attract penalties or adverse consequences under the GST law.

    It is important for taxpayers to carefully review and reconcile their GST transactions, maintain accurate records, and seek professional assistance if needed to ensure accurate and timely filing of GSTR-9 and GSTR-9C.

    The benefits of filing GSTR-9 and GSTR-9C include:

    1. Compliance with GST regulations: Filing GSTR-9 and GSTR-9C helps businesses comply with the statutory requirements of the Goods and Services Tax (GST) regime in India. It ensures that businesses meet their obligations and avoid penalties or legal consequences for non-compliance.
    2. Consolidated view of transactions: GSTR-9 provides a consolidated summary of all GST transactions undertaken during the financial year. It helps businesses review and verify the accuracy of their reported data, ensuring that all transactions are properly accounted for.
    3. Reconciliation of financial statements: GSTR-9C enables businesses to reconcile the figures reported in GSTR-9 with their audited financial statements. This process helps identify any discrepancies or inconsistencies, allowing businesses to rectify errors and ensure accuracy in their financial reporting.
    4. Detection of errors and fraud: The reconciliation process involved in filing GSTR-9C can help identify any errors, omissions, or potential instances of fraud in the GST data. It provides an opportunity for businesses to rectify mistakes and take corrective actions, minimizing the risk of inaccuracies or fraudulent activities.
    5. Enhanced financial transparency: By filing GSTR-9 and GSTR-9C, businesses demonstrate transparency in their financial reporting. This can enhance stakeholders’ confidence, including customers, suppliers, lenders, and investors, as it provides a clear and accurate picture of the business’s GST compliance and financial performance.
    6. Improved internal controls: The process of preparing GSTR-9 and GSTR-9C involves reviewing and reconciling GST data with financial records. This exercise can help businesses identify weaknesses or gaps in their internal control systems, allowing them to implement corrective measures and strengthen their overall financial management processes.
    7. Preparation for audits and assessments: Filing GSTR-9 and GSTR-9C ensures that businesses have comprehensive records and documentation of their GST transactions. This can be beneficial in case of future audits, assessments, or inquiries from tax authorities, as businesses can provide accurate and reliable information to support their compliance.
    8. Opportunities for business optimization: The review and analysis of GST data during the preparation of GSTR-9 and GSTR-9C can provide insights into the business’s financial performance, tax liabilities, and input tax credit utilization. This information can help businesses identify areas for improvement, such as optimizing their tax planning strategies, managing working capital efficiently, and making informed business decisions.

    Overall, filing GSTR-9 and GSTR-9C not only ensures compliance with GST regulations but also offers businesses the opportunity to enhance financial transparency, identify errors or fraud, strengthen internal controls, and improve their overall financial management processes.

    The procedure for filing GSTR-9 and GSTR-9C can be summarized as follows:

    GSTR-9:

    1. Access the GST portal: Log in to the GST portal using your credentials.
    2. Navigate to GSTR-9: Go to the “Returns” section and select the GSTR-9 form.
    3. Fill in the details: Provide the required information in the respective sections of the form, including details of outward and inward supplies, tax liability, input tax credit, and other relevant information.
    4. Verify and submit: Review the filled form, make any necessary corrections, and verify the details. Once verified, submit the form on the GST portal.
    5. Pay any additional tax liability: If there are any additional tax liabilities identified during the filing process, pay the amount due through the GST portal.
    6. File the annual return: After submitting the form and paying the tax liability, file the GSTR-9 annual return on the GST portal.

    GSTR-9C:

    1. Prepare reconciliation statement: The auditor will reconcile the figures reported in GSTR-9 with the audited financial statements of the business. They will prepare a reconciliation statement (Form GSTR-9C) with the findings.
    2. Fill in the details: Provide the required details in the GSTR-9C form, including the reconciliation statement, auditor’s recommendation, and certification.
    3. Verify and submit: Review the filled form, make any necessary corrections, and verify the details. Once verified, submit the form on the GST portal.
    4. File the reconciliation statement: After submitting the form, file the GSTR-9C reconciliation statement on the GST portal.

    It is important to note that the specific procedure and deadlines for filing GSTR-9 and GSTR-9C may vary, and it is advisable to refer to the official guidelines and notifications provided by the GST authorities for accurate and up-to-date information.

    The key deliverables for GSTR-9 and GSTR-9C can be summarized as follows:

    GSTR-9:

    1. Submission of the annual return: The primary deliverable is the filing of GSTR-9, which is the annual return summarizing the details of outward and inward supplies, input tax credit, and tax liability for the entire financial year.
    2. Accurate reporting of financial data: Ensure that all financial information, including turnover, tax liability, and input tax credit, is accurately reported in the GSTR-9 form.
    3. Compliance with GST laws: Demonstrate compliance with the provisions of the Goods and Services Tax (GST) Act by filing the annual return within the prescribed deadline.
    4. Payment of additional tax liability: If any additional tax liability is identified during the filing process, make the necessary payment through the GST portal.

    GSTR-9C:

    1. Reconciliation statement: Prepare a reconciliation statement (Form GSTR-9C) that reconciles the figures reported in GSTR-9 with the audited financial statements of the business.
    2. Auditor’s recommendation: The auditor may provide recommendations or suggestions based on the findings of the audit and reconciliation process.
    3. Compliance with audit requirements: Comply with the statutory requirement of conducting a GST audit and filing the reconciliation statement as per the prescribed format.

    It is important to note that the specific deliverables and requirements may vary based on the applicable laws, regulations, and guidelines set by the GST authorities. It is advisable to refer to the official documentation and seek professional assistance for accurate and comprehensive understanding of the deliverables associated with GSTR-9 and GSTR-9C.

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