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GST Audit
A Comprehensive Guide to Compliance and Assurance
GST Audit
GSTR-9C is an essential form for annual GST reconciliation filed by applicable taxpayers.
Our GSTR-9C services are designed to assist taxpayers in meeting their compliance requirements and ensuring accurate reporting of financial information.
Unlocking Growth Potential with a GST Audit
What is GSTR-9C?
Definition
GSTR-9C is a statement of reconciliation between the annual returns filed in form GSTR-9 for a financial year and the figures as per the audited annual financial statements of the taxpayer.
Purpose
It reconciles gross and taxable turnover as per the books with the figures from the consolidation of all GST returns for the financial year.
Reporting Differences
Any discrepancies arising from this reconciliation exercise are reported in the statement, along with reasons, and certified by the taxpayer themselves.
Applicability & Turnover Limit
GSTR-9C Applicability
Applicable to registered persons under GST whose turnover exceeds the prescribed limit of Rs. 5 crore during the financial year.
Enhanced Turnover Limit
The turnover limit for GSTR-9C has been enhanced to Rs. 5 crore for FY 2018-19 to FY 2022-23 as per CBIC notifications.er as per the books with the figures from the consolidation of all GST returns for the financial year.
Due Date for GSTR-9C
Deadline
GSTR-9C must be filed by the same due date as the annual returns in GSTR-9, i.e., on or before 31st December of the subsequent year to the relevant financial year under audit.
Extension Possibility
The government may extend the due date if necessary. For instance, the GSTR-9C due date for FY 2022-23 is 31st December 2023.
Importance of GSTR-9C
Preparation Requirement
Taxpayers must prepare this GST reconciliation statement.
Preparation Requirement
Any differences between the details reported in GST returns and the audited accounts must be reported with reasons.
Verification by Authorities
This statement serves as a base for GST authorities to verify the correctness of GST returns filed by taxpayers after self-certification.
Embracing the GST Audit
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