Introduction: Government has prescribed that particular class of assessee are required to file GSTR-9C; It is important to understand which are the assesses that are covered by the provision of law and what are the requirement that assessee is required to fulfil before and after filing of GSTR-9C.
What is GSTR-9C?
GSTR-9C is an annual audit form to be filled by taxpayer who are having their aggregate annual turnover of Rs. 2 crore or more in relevant financial year. GSTR-9C is reconciliation statement that prescribes the reconciliation between audited annual accounts and details furnished under GSTR-9. GSTR-9 is an annual return to be furnished by taxpayer based on monthly/quarterly (based on turnover of entity) GST returns filed by him (GSTR-1 and GSTR-3B).
What is the turnover limit, which will require assessee to file GSTR-9 or GSTR-9C?
|Turnover up to Rs. 2 crores||Optional||Not required|
|Turnover more than Rs. 2 crores but up to Rs. 5 crores||Compulsory||Optional|
|Turnover more than 5 crores||Compulsory||Compulsory|
What is due date for furnishing GSTR-9 and GSTR-9C?
For financial year 2017-18 i.e. starting from 01/07/2017 to 31/03/2018 due date for furnishing GSTR-9 and GSTR-9C was 5th February, 2020. For financial year 2018-19 i.e. starting from 01/04/2018 to 31/03/2019 due date for filing GSTR-9 and GSTr-9C has been extended to 31st December, 2020.
What are the consequences of non-filling of GSTR-9 or GSTR-9C?
If assessee fails to furnish GSTR-9 then late fees for not filing GSTR-9 from due date is Rs. 100 per day for CGST and Rs. 100 per day for SGST. In case total liability of person in form of late fees shall not exceed 0.25% of the taxpayer’s turnover.
In case assessee fails to furnish GSTR-9C then late feed for not filing GSTR-9C is Rs. 100 per day for CGST and Rs. 100 per day for SGST. In case total liability of person in form of late fees shall not exceed 0.50% of the taxpayer’s turnover.
Whether GSTR-9 or GSTR-9C can be used by taxpayer for availing Input tax credit not availed whiling filling the return?
No, GSTR-9 and GSTR-9C cannot be used by assessee for claiming credit.
What assessee has not filed any of GSTR-1 or GSTR-3B for tax period for which GSTR-9 or GSTR-9C is filed?
No, it is mandatory for the taxpayer that he is first required to furnish GSTR-1 and GSTR-3B for all the tax period of relevant tax period, only after that he will be allowed to furnish GSTR-9 and GSTR-9C.
Whether auditor of financial statement as required by any act (Income Tax Act or Companies Act) and auditor required to certify GSTR-9C shall be same?
No, it is not necessary that auditor of financial statement and auditor required to certify GSTR-9C is same.
What if audit has not been carried out under any other law for time in force?
In that case at some place under GSTR-9C it is mandatory that assessee furnishes audited figure also assessee is required to attached audited balance sheet and profit and loss account along with cashflow statement if any. Therefore, practically it will not be possible for assessee to file GSTR-9 and GSTR-9C if he is required to get his books of account audited and he has not obtained audit report.