GSTR-9C is a reconciliation statement that needs to be furnished by all taxpayers in India who are registered under the Goods and Services Tax (GST) system and have a Turnover Exceeding Inr 2 crores in a financial year. It is a statement that reconciles the figures mentioned in the Annual Return (GSTR-9) and the Audited Financial Statements of the taxpayer.
Here are some key points to keep in mind about GSTR-9C:
It is a statement of reconciliation between the Annual Return (GSTR-9) and the audited financial statements of the taxpayer.
GSTR-9C needs to be certified by a Chartered Accountant or a Cost Accountant.
GSTR-9C consists of two parts - Part A and Part B.
Part A of GSTR-9C provides a certification of reconciliation of turnover, tax paid, and input tax credit (ITC) claimed between the audited annual financial statement and the figures reported in the GSTR-9.
Part B of GSTR-9C provides a detailed reconciliation of the ITC claimed in the audited financial statements with the ITC availed in the GSTR-9.
The due date for filing GSTR-9C is the same as the Annual Return (GSTR-9), which is on or before December 31st of the subsequent financial year.
Filing GSTR-9C is mandatory for taxpayers with a turnover exceeding INR 2 crores. Non-filing or incorrect filing of GSTR-9C can result in penalties and legal action by the tax authorities.
This post first appeared on Financial Buzz: Latest Accounts, Finance And Tax Updates, please read the originial post: here
