Who is eligible for Gstr 9C?
As per the GST Rules, every registered taxpayer is mandated to file GSTR 9 annual return but now the taxpayers whose turnover exceeds Rs. 2 Crore in the given Financial Year are required to file Form GSTR 9C (GST Audit).
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.05-Aug-2022
Who is applicable 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. 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
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).
Is Gstr 9C mandatory for all?
Taxpayers whose aggregate turnover in a financial year exceeds Rs 2 Crores need to file GSTR-9C. The GSTR-9C must be digitally signed by the GST Auditor and must report all discrepancies or liabilities in filing any of the GST returns during the financial year.30-Jun-2022
GST Audit Based on Turnover: This type of audit is performed by the Cost Accountant or the Chartered Accountant appointed/hired by the taxpayer. According to the CGST Act, this audit is conducted when the turnover exceeds the limit of ₹ 2 crores, and the taxpayer needs to get audits for their records and accounts.31-May-2022
What is Gstr 9C annual return?
GSTR9C is an audit form for taxpayers that is similar to a tax audit report. It includes gross and taxable turnover. Ideally, taxpayers who are liable to get their annual income returns audited have to file Form GSTR 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
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
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.05-May-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
All the regular taxpayer registered under GST and having an annual turnover of more than Rs. 2 crore should file GSTR-9 or GST Annual Return. The only category of GST registered entities not required to file GSTR-9 filing are input service distributors, casual taxable persons and non-resident taxable persons.
Can we file Gstr-9C after due date?
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.
GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.01-Aug-2021
Is annual return mandatory?
Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.30-Dec-2021
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
What if GST audit is not done?
There is a penalty of Rs 200 per day (Rs 100 of CGST and Rs 100 for SGST) for non-filing of GSTR–9C, and capping for the penalty is 0.25 per cent of the turnover. Besides, based on the auditor's observations, the department can issue notices under Sections 73 or Section 74 of the CGST Act.22-Sept-2019
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
How do you read a Gstr 9C?
Step 1: Log in to the GST portal. Step 3: Select the financial year and then click 'Search' on the 'File Annual Returns' page. The GSTR-9C tile will be displayed.19-Apr-2021
Optional Tables of FORM GSTR-9 & FORM GSTR-9C for FY 2021-22
How do you fill a 9th Gstr 9C?
It is a sum total of A to O. Amount of tax paid as reported in GSTR-9 should be reported here. Table 10: A taxpayer can provide reasons for any un-reconciled amount of tax in Table 9R here.What are the Sections to be Filled in Form GSTR-9C?
Who is eligible for Gstr 9C?