LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

GST Alert! Govt gives breather in filing GSTR-9, GSTR-9C forms, deadline now March 2019; get answers to all your queries here for seamless auditing

Chartered Accountants and tax experts have already started, and in many cases completed the examination of GST records of many GST registered taxpayers across India.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
GST Alert! Govt gives breather in filing GSTR-9, GSTR-9C forms, deadline now March 2019; get answers to all your queries here for seamless auditing
Less than 20 days are left for the reporting deadline of Reconciliation statement in GSTR-9C and Annual returns in GSTR-9. Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Wed, Dec 12, 2018
11:09 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
GST: Major Modi government move for curbing tax evasion, safeguarding revenues GST: Major Modi government move for curbing tax evasion, safeguarding revenues
National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know
NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know
Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman
Budget 2021 Expectations: Mobile industry raises demand for GST rate cut in Union Budget 2021-2022 Budget 2021 Expectations: Mobile industry raises demand for GST rate cut in Union Budget 2021-2022

Among the many forms taxpayers need to keep track of, there is one that is titled 'annual returns'. A taxpayer is required to file this under Goods and Services Tax (GST) system.There is also a deadline that need to be kept track of. This is for filing GSTR 9 and GSTR-9C, which is very near now. This form is used to file annual returns  once in a year by the registered taxpayers under GST including those registered under composition levy scheme. The deadline for filing these two forms was previously scheduled on December 2018. However, the government has now extended this deadline to March 2019 instead. Hence you might want to start preparing the data of your annual returns with proper proof. Having a last minute work will always come as a burden, in fact you might just miss out on crucial information. 

Chartered Accountants and tax experts have already started, and in many cases completed the examination of GST records of many GST registered taxpayers across India.

Format of GSTR-9C was released in September 2018.  According to the released form, taxpayers must reconcile turnover declared in the financial statement and annual return. In addition to this,  the tax liability and tax paid, the input tax credit (ITC) availed and reported must be reconciled. Finally, the auditor must specify any additional liability that arises out of non-reconciliation and certify the same.

Purpose of GSTR-9C is to authenticate the ITC being availed by the taxpayer along with the turnover earned and tax paid on the same, through a certified opinion. With the statutory audit for FY 2017-18 already closed, it is time for the taxman to reconcile and certify information submitted via GST returns filed for the financial year by the large taxpayers.

However, Archit Gupta, Founder & CEO ClearTax says, "A major issue that the certifiers face is the treatment to be given to items identified as those subject to GST, while a taxpayer takes an opposite position under GST law. From the form, it is clear that the reconciliation statement is a plain matching of data between the figures in audited books and annual returns, to guarantee the arithmetical accuracy between the two. 

Gupta explains that, yet with respect to an item, when taxpayers have taken a contrasting tax position while interpreting GST law unlike the GST auditor, then reporting issues will arise."

Gupta added, "The form requires reasons only from GST auditors for any un-reconciled amounts. Hence, GST auditor must report un-reconciled amounts those which are due to the evident reasons of non-compliance of GST laws. Moreover, proper documentation of the same will help auditors while facing any future litigations that may arise around tax positions."

Hence, if you are finding it difficult in your GST audit then this is what you should know, as per ClearTax. 

GST audit is applicable to those taxpayers whose annual turnover exceeds two crore rupees during the financial year 2017-18. A question arises, whether taxpayers must also consider the turnover made during the period from April 2017 to June 2017, belonging to the pre-GST period to reckon this limit. Since GST was made applicable from July 2017, it can be concluded that the GST audit will also be conducted for the transactions effected after July 2017. 

#NewsImpact | पूजा त्रिपाठी से जानिए आज किन खबरों के चलते #Reliance #Pharma और #Retail कंपनियों के शेयर रहेंगे फोकस में।@AnilSinghviZEE @poojat_0211 @deepaliranaa #stockstowatch #stocksinnews pic.twitter.com/cT9sgyw6U3

— Zee Business (@ZeeBusiness) December 12, 2018

Indirect tax committee recently issued FAQs on GST Annual return. In one of the questions concerning the period of annual return, this point has been reiterated. However, a particular table on reconciliation of turnover between audited Books and annual return, reports a line item ‘unbilled revenue’. Doubts have been raised whether the unbilled revenue is to be taken as it stands at the beginning of the year 1st April 2017 or on 1st July 2017.

Many companies follow the exercise of reconciling and accounting for the unbilled revenue during the end of the financial year only. In such as case, an additional statement of reconciliation must be prepared as at 1st July 2017 for various items. Adding to this woe, a GST auditor must verify the books of accounts for the current financial year between April 2018 up to September 2018 that may have not been fully audited yet. 

This is needed due to the possibility of amendments to the sales or purchase invoices belonging to the previous financial year 2017-18 being made in the current financial year. 

Hence after a thorough verification of the books for this period, the auditor must complete the GST audit.

Another popular task that is seen as a humongous one by tax experts is, whether the annual turnover must be considered at the GSTIN level or on a PAN-India basis. The Act defines aggregate turnover to be computed at PAN-India level, covering all GSTINs of a particular PAN, but to be reported at a GSTIN level in GSTR-9C. 

This involves an issue. GSTR 1, which is filed at GSTIN level in each State, needs to be reconciled with the income and sales ledger at the company P&L level which may not available state-wise. The consolidated figure of different states’ GSTR 1 may not match with the annual P&L, leaving the auditors challenged. Similarly, the reporting of the P&L expenses with ITC as eligible and ineligible can be an arduous task for GST auditors verifying multiple registrations.

GST auditor has another hard task before beginning with an audit. Need to educate the auditee about the data requirement and the form and manner in which it is to be made available has left many auditors the additional burden of fetching the data themselves. Many ERPs of taxpayers are not designed to provide the requisite MIS reports, that ultimately necessitates an auditor to dissect the audited accounts himself to obtain the desired output.

As the clock ticks by diligently, the deadline of March 2019 is fast approaching! It is to be seen whether the taxman makes an effort to solve concerns that exist in the current forms for annual return filing of GST.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTGST FilingGSTR-9CGSTNGSTR-9
RELATED NEWS
GST: Major Modi government move for curbing tax evasion, safeguarding revenues GST: Major Modi government move for curbing tax evasion, safeguarding revenues
National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know
NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know
Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman
Budget 2021 Expectations: Mobile industry raises demand for GST rate cut in Union Budget 2021-2022 Budget 2021 Expectations: Mobile industry raises demand for GST rate cut in Union Budget 2021-2022

LATEST NEWS

7th Pay Commission Latest News: Check out these vacancies notified by UPSC; salary up to Rs 1,77,500 plus DA and other allowances

Stock Market Outlook: Nifty, Bank Nifty crucial levels REVEALED; Anil Singhvi explains key reasons behind massive fall

Bank Holidays March 2021: RBI says banks will remain closed on these many days next month

Petrol, diesel prices on February 27: Fuel prices hiked again today—check rates in your cities

Covid 19 2nd phase vaccination drive from March 1: EXPLAINED! Who are eligible, required photo identity, advance self-registration—All you need to Know

Sovereign Gold Bond Scheme 2021: Issue Price fixed at Rs 4,662/gm

Indian economy 2021: With 0.4% GDP growth in 3rd quarter, country out of technical recession

Pensioners ALERT: RUSH! Last date to submit digital life certificate tomorrow—Avail doorstep service from SBI, PNB, BoB and other banks

7th Pay Commission: CONFIRMED! 3% DA, DR hike for government employees, pensioners of THIS state from March 1

Google fires 150 game developers hired for Stadia: Report

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved