GST Audit Applicability for fY20-21/ GSTR 9 and 9C applicability for fy 20- 21 Due date of GSTR-9/9C
In this session we will discuss about the GSTR 9C filing for the FY 2020-21. GSTR 9C is a reconciliation statement between GSTR 9 (Annual Return) and Books of account. There are many amendments which are introduced by FA 2021 as discussed below.
🙋Who is required to File GSTR 9C?
For the FY 2020-21 turnover limit for GSTR 9C is 5 crore.
📅Due date of Filing GSTR 9C?
For the FY 2020-21 due date to File GSTR 9C is 31st Dec 2021.
📔What are the updates by FA 2021?
FA 2021 come up with major updates in GSTR 9 and GST Audit. The CBIC has notified changes to Sections 35(5) and 44 of the CGST Act. The requirement to get a GST audit and certification done by a CA/CMA now stands removed. Taxpayers with a turnover exceeding Rs.5 crore in the previous financial year are required to file Form GSTR-9C on a self-certification basis. This change is applicable from FY 20-21 onwards. Further, Form GSTR-9C will be modified to support self-certification by the taxpayer. We have try to cover all updated aspect in this video.
📂Documents and Data required for GSTR 9C Filing
👉Annual Return Summary (GSTR 9)
👉Balance Sheet and PnL
👉Purchase Ledger
👉Expense wise ITC claimed
👉ITC Reco for the year
👉Sale Ledger
👉Rate wise Turnover and GST
👉Detail of Exempt, Nil Rates and Non GST Supplies
👉Inter Branch Supply
👉Deemed Supply in GST
All the above information must be segregate GSTIN wise in case taxpayer have multiple GSTIN
🗒Point of Reconciliation in GSTR 9C
1. Gross Turnover
2. Taxable Turnover
3. Tax Paid
4. ITC
🤔Important Point to remember
👉Use DRC 03 to pay additional tax liability. Also make sure to attach the same with GSTR 9C
👉GSTR 9C is a reco between GSTR 9 and Books. Hence make sure to File GSTR 9 correctly
👉Balance Sheet and PnL attached with GSTR 9C must be self certified
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