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GST Reconciliation Form GSTR 9C

GST Reconciliation Form GSTR 9C

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Applicability

The form is a reconciliation statement between the figures as reported in GST returns and the figures as appearing in Audited books of accounts

Who is liable to submit form GSTR 9C:

all the assessees whose books are required to be audited under GST .Currently the Assessee whose turnover exceeds 2.00 Cr are under this category

Who is the Authority to certify the form:

A chartered Accountant or a Cost Accountant is authorised to certify the form

What does the form contains:

The form is divided into two parts .first part requires the details and second part is about certification.

First part is again subdivided into five parts explained as under

Part I : This part requires the reconciliation between the turnover as declared in Annual GST Return GSTR9  from that in books.This can be calculated based upon following:

Turnover as per Audited Accounts

Add:

  • Unbilled revenue as at beginning of F.Y.
  • Unadjusted Advances at the end of F.Y.
  • Deemed Supply under Schedule 1
  • Credit Note issued after F.Y. but reflected in GSTR 9
  • Inadmissible Trade Discount debited in books

Less:

  • VAT period Turnover (01/04/2017-30/06/2017)
  • Unbilled revenue at the end of F.Y.
  • Unadjusted Advances at the beginning of F.Y.
  • Credit Notes inadmissible in GST
  • Turnover for the period under composition
  • Adjustment on account of goods supplied by SEZ to DTA units
  • Adjustment on account of turnover under sec 15
  • adjustment in turnover due to currency fluctuations
  • Adjustment on account of any other reason

Adjusted Turnover as calculated above to be compared as declared in GSTR9 and reason for the difference to be given

Part II requires the taxable turnover to be calculated out of above by subtracting following

  • Exempted,Nil Rated,Non GST,Zero rated,Supplies on which RCM is there

Again the reason for difference in taxable turnover as calculated above and that given in Annual Return to be given

Part-III is for reconciliation of tax paid 

This part also requires calculation of additional tax due on account of any adjustments made above

Part-IV Reconciliation of Input tax credit

Only two adjustments are made in the ITC availed as per Financial statement viz

ITC booked in current year and to be claimed in subsequent years and ITC claimed now and booked in earlier years

Now the difference if any from the ITC claimed in GSTR9 are to be explained

CLAUSE 14 of Part IV of GSTR9C is by far the most important detail

It asks for the GST on every major head in trading and profit and loss account

Purchases,Freight and cartage,Power and fuel,Imported goods,Rent and Insurance,Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples ,Royalties,Employee’s Cost, Conveyance Charges,Bank Charges,Stationary,Postage,Repair and Maintenance,Other Miscellaneous Exp.,Capital Goods,Any other Expenditure

The bifurcation of these expenses along with their ITC is to be given.In a nutshell all the items of the trading and P/l are to be provided with their ITC details.

Here also any unreconciled difference from that declared in Annual return to be provided and then any tax due if any to be calculated

Part V:

It is the sole liability of Auditor to provide here any liability of the tax due on account of any of the above adjustments, calculations.

PART II : Certification by the Auditor

The Auditor has to certify the Reconciliation,Balance sheet and Profit and loss Account,Cash Flow statement and the Documents attached.

The format of GSTR9C is given hereunder

 

 

 

 

 

 

 

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