Table of Contents
- 1 What is the difference between Gstr 9 and Gstr 9C?
- 2 Is Gstr 9C compulsory for everyone?
- 3 What is Gstr 9C reconciliation statement?
- 4 What is the turnover limit for Gstr 9C?
- 5 What is turnover for Gstr 9C?
- 6 How do you do Gstr 9C reconciliation?
- 7 Is GST audit mandatory?
- 8 How do you do GST audit 9C?
- 9 Is gstr 9C mandatory for MSMEs?
- 10 What is the limit of gstr-9c for FY 2018-19?
What is the difference between Gstr 9 and Gstr 9C?
The GSTR-9 form is an annual return which 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 turnover more than 5 crores.
Is Gstr 9C compulsory for everyone?
This statement is applicable to all those taxpayers who must get their Annual Accounts audited under the GST laws. Audit under GST applies to those registered persons whose Annual aggregate turnover exceeds rupees two crores^ in that FY.
Who qualifies 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.
What is Gstr 9C reconciliation statement?
GSTR-9C is a reconciliation statement required to be furnished by a taxpayer whose turnover exceeds Rs. 2 crore in a financial year while filing his annual return in form GSTR-9. It should be prepared and certified by a Chartered Accountant/ Cost Accountant.
What is the turnover limit for Gstr 9C?
Every taxpayer who is liable to get their annual reports audited is required to file GSTR9C. (A taxpayer must get their annual reports audited under GST law if their annual aggregate turnover exceeds Rs. 2 crores within a financial year.)
How do I file my GST annual return 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.
What is turnover for Gstr 9C?
2 crores
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.
How do you do Gstr 9C reconciliation?
What is turnover limit for GST?
Overview of earlier limits, new limits and the date of applicability
| Aggregate Turnover | Registration Required |
|---|---|
| Exceeds Rs.10 lakh | Yes – For Special Category States |
| New Limits – For Sale of Goods | |
| Exceeds Rs.40 lakh | Yes – For Normal Category States |
| Exceeds Rs.20 lakh | Yes – For Special Category States |
Is GST audit mandatory?
While Section 110 omits section 35(5) of CGST Act, 2017 means GST Audit (GSTR-9C) by CA/CMA is no longer required and Section 111 substitutes section 44 (Annual return) of CGST Act, 2017.
How do you do GST audit 9C?
To start filing the GSTR 9C reconciliation audit report, perform given steps:
- First of all, login with username id & password on www.gst.gov.in.
- After that, the dashboard will open, click on the ‘Annual Return’ tab.
- Now click on the financial year for the desired period to file the return, click on the FY 2017-18.
What is the meaning of form gstr-9c?
It means every registered taxpayer whose aggregate turnover during a financial year exceeds 2 crore rupees has to get their statement audited. Also, they have to furnish a copy of audited annual accounts and a duly certified reconciliation statement in FORM GSTR 9C. What is GSTR-9C? GSTR-9C is a statement of reconciliation between:
Is gstr 9C mandatory for MSMEs?
SInce turnover limit for MSMEs has been increased to 5 Crores, mandatory filing of GSTR 9C has been made optional for taxpayers. What is the GSTR 9C? 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.
What is the limit of gstr-9c for FY 2018-19?
^The limit is enhanced to Rs 5 crore for the GSTR-9C of FY 2018-19 as per the CBIC notification dated 23rd March 2020. GSTR-9C is a statement of reconciliation between: the figures as per the audited annual Financial Statements of the taxpayer. It can be considered to be similar to that of a tax audit report furnished under the Income-tax act.
Is gstr-9c audited in budget 2021?
Though the mandatory requirement to furnish Reconciliation Statement (GSTR-9C) duly audited by the Practicing Chartered Accountant or Cost Accountant has omitted in the Budget 2021. CBIC clarifies that for financial year 2019-20, existing GST audit provisions shall continue.
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