by Madhav Joshi
Posted on June 11, 2020
Following are the documents required to be submitted along with the Reconciliation statement in GSTR 9C are Audited Financial Statements such as:
Structure of reconciliation statement under GSTR 9C
The reconciliation statement is prepared in two parts:
Part A divided into 6 sections:
This part includes basic details of the taxpayer which will be auto-populated i.e. FY, GSTIN, legal name, trade name. In addition, it also requires mention as to whether a person is liable to be audited under any other Law and if yes, the reference to that Act of Law has to be specified.
Part II involves the details of Outward and Inward supplies filed during the financial year. This detail is taken from a consolidating summary from all GST Returns 3B filed in the previous Financial Year.
This part includes details of tax payable on outward supply during the previous Financial Year.
In this part, we have a reconciliation of Input Tax Credits as per books of account and ITC as declared in the Annual Return.
This part includes details of the additional tax liability payable due to the unreconciled amounts as stated in the previous tables or any other outstanding liability on account of interest/late fees etc.
Part B gives the certification by the auditor. Certification is given Format I when reconciliation statement (FORM GSTR-9C) is drawn by the chartered accountant/cost accountant who had conducted the audit whereas Format II is applicable when reconciliation statement is drawn up by a person other than the person who had conducted the audit of the accounts.
39th GST Council Meeting Outcome
The due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2018-19 is extended to June 30, 2020.
For businesses with an annual turnover of less than Rs 5 crore, filing of GSTR-9C for FY 2018-19 to be waived off.
For businesses with less than Rs 2 crore aggregate turnover in FY 2017-18 and FY 2018-19, no late fee will be charged for the delayed filing of GSTR-9.