What is the Gstr 9 and 9C?
The GSTR-9 form is an annual return that has to be filed by all registered taxable persons under GST. The GSTR-9C is the GST reconciliation Statement for a particular FY on or before 31st December. The reconciliation must also be certified by a CA for the companies having a turnover of more than 5 crores.16-Mar-2022
Taxpayers with a turnover exceeding Rs. 5 crore in the previous financial year are required to file Form GSTR-9C on a self-certification basis. This change is applicable from FY 20-21 onwards. Further, Form GSTR-9C will be modified to support self-certification by the taxpayer.12-Jan-2022
Is Gstr 9 and 9C mandatory?
Form GSTR-9C is required to be filed by every registered person whose aggregate turnover is above a certain threshold during the financial year, as notified by way of Notifications issued by Government of India from time to time.
As per 43rd GST Council meeting outcome, GSTR-9 shall continue to be optional for taxpayers with turnover up to Rs. 2 crore, whereas GSTR-9C can be self-certified by taxpayers with turnover less than or equal to Rs. 5 crore from FY 2020-21 onwards.14-Jul-2022
When Gstr 9 is mandatory?
Regular taxpayers having an aggregate turnover of over Rs. 5 crore during a financial year and registered with GST must file GSTR-9 returns. To audit GSTR-9 return, the taxpayer can approach a practising Chartered Accountant or Cost Accountant.
As per the provisions of Section 44(1) of the CGST Act, every registered person is required to file GSTR-9.12-Jan-2022
What is limit for Gstr 9C?
GSTR-9C is an audit form that serves as a statement of reconciliation submitted by a registered GST taxpayer whose aggregate turnover in a given financial year does not exceed ₹2 Crores (w.e.f. FY 2020-21, filing GSTR 9C is optional for businesses with turnover less than ₹5 Crores).
Rs.2 crore^
What if Gstr 9C is not filed?
If a taxpayer fails to file both Annual Return and Form GSTR-9C, then he is liable to a fee of Rs. 200/- per day during which the default continues (Rs. 100 under CGST law + Rs. 100/- under State / Union Territory GST law) *Capped to a maximum amount of .12-Jan-2022
GSTR 9C is an audit form that must be filed by all taxpayers whose aggregate turnover exceeds Rs. 2 crores in a financial year and is liable to get their annual reports audited.11-Nov-2021
What is form 9C in GST?
GST Audit (GSTR9C Form) is the examination of records returns and other documents maintained to be filed by the GST registered taxpayers who are having aggregate turnover above 2 crores annually. Form GSTR9C is an annual GST return that the taxpayers have to file along with an audited financial statements.
However, for FY 2020-21, the due date stands extended up to 28th February 2022 through Central Tax notification 40/2021 dated 29th December 2021. The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act.
Who is eligible for GST audit?
Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crore^. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant.12-Jan-2022
Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.
Is HSN mandatory in Gstr 9?
HSN Summary Table in GSTR-9 is optional for F.Y. 2020-21.27-Dec-2021
A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective.
How do I reconcile my Gstr 9C?
Step 1: Login to the GST portal and go to returns dashboard and click on 'Annual Return'. Select the financial year from the drop-down menu. Step 2: Select 'Initiate e-filing' to file GSTR-9C. A pop-up will appear on the screen asking to file GSTR-9 before filing GSTR-9C.12-Jan-2022
The reconciliation statement should be prepared by a Chartered Accountant/Cost Accountant and later filed by a taxpayer online or through a facilitation centre along with a copy of the audited financial statements and the GSTR-9 return.19-Apr-2021
Is TDS deducted including GST?
The value for TDS purpose shall not include 18% GST. The TDS, so deducted, shall be deposited in the account of government by 10th of the succeeding month.
Only a Cost Accountant can be appointed as Cost Auditor for conducting cost audit. Cost Accountant” means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act.19-Oct-2020
What is total turnover in GST?
“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed
What is the Gstr 9 and 9C?