What is the Gstr 9C?

What is the Gstr 9C?

GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.30-Jun-2022

Who is eligible for Gstr 9C?

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.14-Jul-2022

What is Gstr-9 and 9C in GST?

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

Is filing of Gstr 9C mandatory?

30th July 2021 The requirement to get a GST audit and certification done by a CA/CMA now stands removed. 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.14-Jul-2022

What is Gstr 9C annual return?

The GSTR9C is an audit form that was introduced on September 13, 2018. It must be filed annually by taxpayers with a turnover above 2 crores, and it must be certified by a CA. It is basically a reconciliation statement between the annual returns filed in GSTR-9 and the taxpayer's audited annual financial statements.26-Aug-2021

What is turnover limit for Gstr 9 and 9C?

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.05-May-2022

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.12-Jan-2022

What is the turnover limit for GST audit?

According to Section 35 (5) of the Central Goods and Services Tax (CGST) Act, any taxpayer with an aggregate turnover of ₹ 2 crores or more than ₹ 2 crores in any financial year (FY) must get their account books audited on an annual basis. The GST Audit should be done by a cost accountant or a chartered accountant.31-May-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.

What is difference in 9 and 9C?

GSTR 9 is an Annual Return all Tax Payers must file and GSTR 9C is a an Annual Reconciliation Statement that Tax payers with over Rupees 2 crore annual aggregate turnover should file. Many Tax Payers are often confused about who should file the returns.

Who will file Gstr 9?

GSTR 9 must be filed by regular registered, taxpayers who file GSTR 1 and GSTR 3B. GSTR 9A must be filed by registered, composite dealers (composition scheme). GSTR 9B must be filed by e-commerce operators who collect tax at source and have filed GSTR 8 for the financial year.11-Nov-2021

Can we claim ITC in Gstr 9?

Section 16 of the CGST Act read with rule 36 allows a recipient to claim ITC provided he satisfies some conditions. He should have received the goods or services and also have a GST compliant tax invoice/other prescribed documents for the supply in hand.12-Jan-2022

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

What is the penalty for late filing of Gstr 9 and 9C?

GSTR 9C Late Fees and Penalty However, any delay in filing the GSTR 9C within the prescribed deadline attracts the penalty clause of the GSTR 9C audit return form, and the taxpayer is liable to pay a late fee of ₹200 per day (₹100 each under CGST and SGST) as penalty.

Can we file Gstr 9C after due date?

Penalty Norms When you Miss the Due Date of GSTR-9 Filing As per the penalty provisions of the GSTR-9 annual return form, the taxpayer has to pay Rs. 200 per day as a penalty in which Rs. 100 consists of SGST and Rs. 100 for CGST.06-Jul-2022

Who is required to get 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

Is GST annual return mandatory?

It is an annual return to be filed by all registered taxpayers under GST irrespective of the turnover of an entity. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer.12-Jan-2022

Who can do GST audit?

GST Audit by Tax Authorities Audit of a taxpayer may be conducted by CGST/SGST commissioner or any authorized officer. A notice will be sent by the tax authorities to the auditee at least 15 days before GST audit. The audit will be completed within 3 months from the date audit is initiated by the tax authorities.

What is the due date of Gstr 9C for FY 2021-22?

December 31, 2022

Is GST annual return mandatory for turnover less than 2 crore?

GST Council Recommendations Accepted: The government has exempted registered persons whose aggregate turnover in the financial year 2021-22 was up to Rs 2 crore from filing the annual return for the financial year.06-Jul-2022

What is the tax audit limit for FY 2021-22?

​​​As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.

What is the Gstr 9C?