{"id":55255,"date":"2023-04-15T16:09:18","date_gmt":"2023-04-15T10:39:18","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=55255"},"modified":"2023-04-15T16:09:19","modified_gmt":"2023-04-15T10:39:19","slug":"everything-that-you-should-know-about-form-gstr-9c","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/","title":{"rendered":"Everything That You Should Know About Form GSTR-9C"},"content":{"rendered":"\n<p>Any person who is registered for <strong><a href=\"https:\/\/corpbiz.io\/gst-registration\">GST<\/a><\/strong> (Goods and Services Tax) and whose annual revenue exceeds the stipulated limit of INR 5 crore must complete Form GSTR-9C, the reconciliation statement, and self-certify it before submitting it on the <strong>GST portal<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.gst.gov.in\/\"><strong>[1]<\/strong><\/a><\/sup>.<\/p>\n\n\n\n<p><strong>A Statement\nOf Reconciliation Between Is Included In Form GSTR-9C:<\/strong><\/p>\n\n\n\n<ul><li>The annual returns submitted in\nForm GSTR-9 for a fiscal year (FY)<\/li><li>The statistics taken from the\ntaxpayer&#8217;s yearly Financial Accounts, which have been reviewed.<\/li><\/ul>\n\n\n\n<p>It shall be composed of gross and taxable turnover determined by the Books and reconciled to the corresponding sums determined by the consolidation of all <strong><a href=\"https:\/\/corpbiz.io\/gst-return-filing\">GST returns<\/a><\/strong> for a fiscal year.<\/p>\n\n\n\n<p>So, any discrepancies discovered via this\nreconciliation process will be recorded here along with their justifications\nand then verified by the taxpayer. For each GSTIN, the certified statement must\nbe issued. As a result, a PAN may require filing multiple GSTR-9C forms.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/#Who_Are_Required_To_Submit_Form_GSTR-9C\" >Who Are Required To Submit Form\nGSTR-9C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/#Whats_The_Importance_of_Form_GSTR-9C\" >What\u2019s The Importance of Form GSTR-9C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/#What_Is_The_Due_Date_For_Form_GSTR-9C\" >What Is The Due Date For Form GSTR-9C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/#What_Are_The_Contents_Of_Form_GSTR-9C\" >What Are The Contents Of Form GSTR-9C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/#Latest_Development_around_the_Form_GSTR-9C\" >Latest Development around the Form GSTR-9C<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/everything-that-you-should-know-about-form-gstr-9c\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Are_Required_To_Submit_Form_GSTR-9C\"><\/span>Who Are Required To Submit Form\nGSTR-9C?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The taxpayer is required to complete and\nself-certify GSTR-9C. It must be submitted by the taxpayer in Form GSTR-9 on\nthe GST site or through a facilitation centre, together with other paperwork\nincluding a copy of the audited financial statements and annual report. This\ndeclaration is applicable to all taxpayers who, in accordance with GST\nlegislation, are required to have an audit of their annual accounts.<\/p>\n\n\n\n<p>All foreign corporations engaged in the\naviation business and in compliance with the relevant requirements and guidelines\nof the Companies Act of 2013 are exempt from the GSTR-9C requirement, according\nto CBIC&#8217;s CGST notification, dated July 30, 2021.<\/p>\n\n\n\n<p>Also, non-residents who provide OIDAR\nservices to unregistered individuals in India are excluded from submitting GSTR-9\nand GSTR-9C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_The_Importance_of_Form_GSTR-9C\"><\/span>What\u2019s The Importance of Form GSTR-9C?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The GST Reconciliation statement must be\ncompleted by the taxpayer. Any discrepancies between the information provided\nin all GST forms and the audited accounts must be noted there along with the\nreasons why they exist. The GST authorities use this declaration as a\nfoundation to check the accuracy of the GST returns submitted by the taxpayers.\nThe taxpayer is required to self-certify the Form GSTR-9C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_The_Due_Date_For_Form_GSTR-9C\"><\/span>What Is The Due Date For Form GSTR-9C?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is also necessary to submit Form GSTR-9C\nby the same deadline as the annual returns are required in GSTR-9. The Form GSTR-9C\nmust be submitted by the deadline of December 31 of the year after the relevant\nFY under audit. If the government determines it is required, the due date may\nbe extended.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_The_Contents_Of_Form_GSTR-9C\"><\/span>What Are The Contents Of Form GSTR-9C?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are two key components to the\nGSTR-9C.<\/p>\n\n\n\n<ul><li>Reconciliation Statement in\nPart A; <\/li><li>Self-certification in Part B<\/li><\/ul>\n\n\n\n<p><strong>Part-A:\nReconciliation Statement<\/strong><\/p>\n\n\n\n<p>The\nfinancial statements&#8217; audited figures are at the PAN level. Hence, the total\nturnover, tax paid, and ITC gained for a specific GSTIN (or State\/UT) must be\ntaken from the organization&#8217;s audited records.<\/p>\n\n\n\n<p>According\nto Notification No. 56\/2019, which was released on November 14th, 2019 The following\nmodifications were made for FY 2017\u201318 and FY 2018\u201319:<\/p>\n\n\n\n<p>The\ntaxpayer may report adjustments, if any, that are needed to be reported in\nTable 5O. Descriptions of turnover adjustments that must be made in tables 5B\nto 5N are now optional.<\/p>\n\n\n\n<p>In tables\n12B, 12C, and 14, a taxpayer has the choice to omit filling out the specifics\nof the ITC reconciliation.<\/p>\n\n\n\n<p><strong>The Reconciliation Declaration Is Broken\nDown Into The Following Five Sections:<\/strong><\/p>\n\n\n\n<ul><li><strong>Part I<\/strong>:\nBasic information includes the following: FY, GSTIN, Legal Name, and Trade\nName. The taxpayer must also state if any other laws have subjected him to\naudit.<\/li><li><strong>Part II<\/strong>:\nComparison of the turnover reported in the audited annual financial statement\nand the annual return (GSTR-9) turnover:<\/li><\/ul>\n\n\n\n<p>This\nentails submitting the audited financial statements along with the reported\ngross and taxable turnover from the annual return. One must keep in mind that\nPAN levels are typically used in the audited financial statements. The audited\nfinancial statements may need to be divided up at the GSTIN level for reporting\nin GSTR-9C as a result.<\/p>\n\n\n\n<ul><li><strong>Part III<\/strong>: Reconciliation of tax paid: This section demands GST rate-wise\nreporting of the tax liability that emerged according to the accounts and paid\nas reported in the GSTR-9, respectively, with the disparities therebetween.\nAdditionally, it mandates that the taxpayers disclose any additional\nresponsibility resulting from discrepancies that were discovered during\nreconciliation.<\/li><li><strong>Part-IV<\/strong>:\nInput Tax Credit (ITC) Reconciliation Input tax credits claimed and used by\ntaxpayers as reported in GSTR-9 and as stated in the Audited Financial\nStatement are reconciled in this section.<\/li><\/ul>\n\n\n\n<p>Additionally,\nit needs to report expenses that were incurred in accordance with the audited\naccounts, break down eligible and ineligible ITC, and reconcile the eligible\nITC with the amount reported on GSTR-9. This declaration will be made after\ntaking into account any ITC claimed reversals.<\/p>\n\n\n\n<ul><li><strong>Part-V<\/strong>: Tax payer self-certification.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Latest_Development_around_the_Form_GSTR-9C\"><\/span>Latest Development around the Form GSTR-9C<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><em><strong>49th GST Council <\/strong><\/em><em><strong>Meeting Updates<\/strong><\/em><strong> (18th February 2023)<\/strong><\/li><\/ul>\n\n\n\n<ul><li>From FY 2022\u201323 onward, the council recommended the following late fee rationalisation for GSTR-9 filing delays:<ul><li>A registered person&#8217;s daily fee is decreased to INR 25 subject to a maximum of 0.02 percent of turnover if their annual aggregate turnover (AATO) is up to INR 5 crores.<\/li><li>Registered persons with AATO with a turnover of between INR 5 crore and 20 crores are limited to INR 50 per day with a maximum of 0.02 percent.<\/li><\/ul><\/li><li>The Council advocated for a GSTR-9 return amnesty programme. A conditional waiver or reduction of late fees is included in this plan.<\/li><\/ul>\n\n\n\n<ul><li><strong>Budget 2023 (1st February 2023)<\/strong><\/li><\/ul>\n\n\n\n<p>The\nGSTR-9 due date was added to Section 44 as a result of Budget 2023 amendments.\nWhen three years have passed since the initial due date&#8217;s expiration, taxpayers\ncan no longer file a GSTR-9.<\/p>\n\n\n\n<ul><li><strong>16th November\n2022<\/strong><\/li><\/ul>\n\n\n\n<p>GSTR-9 (annual returns) has changed its\nstructure to refer to the time period following the FY 2021\u201322.<\/p>\n\n\n\n<ul><li><strong>05th July 2022<\/strong><\/li><\/ul>\n\n\n\n<p>GST-registered\ntaxpayers having yearly aggregate revenue up to INR 2 crores in FY 21\u201322 are\nexcluded from completing Form GSTR-9, according to the CBIC.<\/p>\n\n\n\n<ul><li><strong>30th July 2021<\/strong><\/li><\/ul>\n\n\n\n<p>Changes to the CGST Act&#8217;s Sections 35(5) and 44 have been announced by the CBIC. The need for a CA\/CMA to perform a GST audit and certification has been eliminated. Taxpayers must submit Form GSTR-9C on a self-certification basis if their revenue in the preceding fiscal year exceeded INR 5 crore. This modification took effect in FY 20-21. Moreover, Form GSTR-9C will be changed to facilitate taxpayer self-certification.<\/p>\n\n\n\n<ul><li><strong>28th May 2021<\/strong><\/li><\/ul>\n\n\n\n<p>GSTR-9 will continue to be optional for\ntaxpayers with a turnover of up to INR 2 crore; however, starting in FY\n2020\u201321, taxpayers with a turnover of less than or equal to INR 5 crore can\nself-certify GSTR-9C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Form GSTR-9C is the annual GST reconciliation statement that qualified taxpayers submit. Each registered person must have their accounts audited in accordance with sub-section (5) of Section 35 of the CGST (Central Goods and Service Tax) Act if their combined annual revenue exceeds INR 5 crore. They must provide a copy of the audited yearly accounts and a properly certified reconciliation statement in Form GSTR-9C.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read Our Article<\/b>: <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/changes-in-gstr-9c-for-fy-2020-21\/\">Casting Light On The Changes In GSTR-9C For FY 2020-21<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Any person who is registered for GST (Goods and Services Tax) and whose annual revenue exceeds the stipulated limit of INR 5 crore must complete Form GSTR-9C, the reconciliation statement, and self-certify it before submitting it on the GST portal[1]. A Statement Of Reconciliation Between Is Included In Form GSTR-9C: The annual returns submitted in [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":55256,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[3450],"acf":{"service_id":"132"},"authorName":"Astitva Kumar","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-27.jpg","authorDescription":"Astitva Kumar is an advocate by profession and has completed her BBA. LLB from IP University. She is an avid reader, researcher, and legal writer. Her areas of interest include mediation, conflict resolution, finance, cyber laws, and taxation.","postViews":2155,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/55255"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=55255"}],"version-history":[{"count":2,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/55255\/revisions"}],"predecessor-version":[{"id":55258,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/55255\/revisions\/55258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/55256"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=55255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=55255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=55255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}