GSTR 9C: Reconciliation Statement

Suhasini , Last updated: 29 December 2022  
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GSTR-9C is a form that is required to be filed by certain taxpayers under the goods and services tax (GST) in India. It is a reconciliation statement that compares the values declared in the annual return (GSTR-9) with the audited financial statements of the taxpayer for the same period.

Importance Of GSTR 9C

Here are some key points explaining the importance of GSTR-9C:

GSTR 9C: Reconciliation Statement

1. Ensures compliance with GST laws

GSTR-9C helps to ensure that the values declared in the annual return are consistent with the audited financial statements of the taxpayer. This helps to provide a more accurate and complete picture of the taxpayer's financial position and helps to ensure compliance with GST laws.

2. Provides transparency

Filing GSTR-9C helps to provide transparency in the GST system by allowing the GST authorities to verify the accuracy of the values declared in the annual return.

3. Helps to avoid penalties and legal consequences

Filing GSTR-9C is a legal requirement for certain taxpayers, and failure to do so can result in penalties and other legal consequences. Therefore, it is important for taxpayers to file GSTR-9C accurately and on time to avoid any potential issues.

 

4. Improves record-keeping

Filing GSTR-9C helps taxpayers to maintain accurate records of their GST transactions and helps to ensure that they are able to provide accurate and complete information to the GST authorities when required.

5. Helps to build trust with the GST authorities

By filing GSTR-9C accurately and on time, taxpayers can demonstrate their commitment to compliance and help to build trust with the GST authorities. This can be beneficial in the long run and may make it easier for taxpayers to resolve any issues that may arise.

Who is Required To File GSTR 9C?

The GSTR-9C form is required to be filed by taxpayers who are required to get their accounts audited under the Income Tax Act, 1961, and have a turnover of more than 5 crore rupees in the previous financial year.

Due Date Of Filling GSTR 9C

The due date for filing GSTR-9C for FY 21-22 is on or before 31st December 2022.

How To Download Form GSTR-9C Tables Derived Form GSTR9?

To download Form GSTR-9C Tables Derived from Form GSTR-9, perform the following steps:

  1. Access the www.gst.gov.in URL. Login to the portal with valid credentials.
  2. The dashboard page is displayed. Click the Services > Returns > Annual Return command.  Alternatively, you can also click the Annual Return link on the Dashboard.
  3. The File Annual Returns page is displayed. Select the Financial Year for which you want to file the return from the drop-down list.
  4. Click the SEARCH button.
  5. Annual Return Tiles are displayed. In the GSTR-9C tile, click the INITIATE FILING button.
  6. The GSTR-9C page is displayed. Click the DOWNLOAD GSTR-9C TABLES DERIVED FROM GSTR-9(PDF) button.
  7. System-generated PDF gets downloaded into your machine
 

What Are The Fields Required To Be Filled In GSTR 9C?

Form GSTR-9C Tables Derived from Form GSTR-9 will contain the following pre-filled in fields:

  • Turnover as declared in Annual Return (Form GSTR-9)
  • Taxable turnover as per liability declared in Annual Return (Form GSTR-9)
  • Total amount of tax paid as declared in Annual Return (Form GSTR- 9)
  • ITC claimed in Annual Return (Form GSTR-9)

Can GSTR 9C Be Revised After Filing?

Form GSTR-9C once filed cannot be revised. However, changes can be made till filing of return.


Published by

Suhasini
(Finance Professional)
Category GST   Report

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