GST audits are carried out to check if taxpayers are paying GST and claiming refunds correctly. GSTR-9 (annual return) and GSTR-9C (reconciliation statement) are essential in determining when an audit may be triggered. This page provides insights into when audits occur under GST, the importance of filing these forms, and the latest filing updates, helping you avoid unnecessary audits.
GSTR-9 and GSTR-9C are forms related to the Goods and Services Tax (GST) in India: GSTR-9: This is the annual report that GST-registered businesses need to file. It sums up all the monthly or quarterly GST returns (like GSTR-1 and GSTR-3B) submitted throughout the financial year. It includes information about what was sold, what was bought, and the taxes paid. GSTR-9C: This is a reconciliation statement for businesses with yearly sales over ₹5 crore. It’s a self-certified statement by the company's CFO or Finance Head that compares the details in GSTR-9 with the company's audited financial statements.
Steps Involved in Filing of GSTR9 and 9C
Login on the portal
Fill the details in GSTR9 after downloading utility of the sane from portal.
Match everything with our books and audited financial statement.
If any discrepancies or liability arises pay or resolve the same
At last, just file the GSTR9 either by EVC or using DSC.
Then after filing of GSTR9 the option of filing of 9C will be enable and we have to prepare Reconciliation statement as per format prescribed by the dept.
Then after preparation and checking of same, management will confirm the same and we have to file the same on portal of GST.
Now lets discuss the steps to be followed for filling of GSTR-9
Firstly, Login to the GST portal and go to the Dashboard and select Annual Return.
Afterwards, select the financial year relating to which GSTR-9 is to be filled then you can prepare the GSTR-9 offline and file it later online. Table no 6A will appear auto-filled on the basis of GSTR-3B and Table no 8A will appear auto-filled on the basis of GSTR-2B and the above mentioned tables are not editable.
Choose whether you have to file NIL Annual Return or Annual Return with data for the financial year.
If yes, for filing NIL Annual Return then check following conditions:
No inward or outward supplies.
Not yet claimed ITC.
No Demand Order received till the date.
If above mentioned condition satisfies you can file NIL GSTR-9.
If No, for filling NIL Annual Return, then next page will appear and Annual Return for normal taxpayers will be displayed. There you can download the system generated computation of GSTR-9 on the basis of previously filled GSTR-1 & GSTR-3B.
Fill all the tables and provide the details as required then you can view the GSTR-9 in excel or pdf format. If everything seems to be correct and no change is required then click on compute liabilities, GST portal will process all the data and compaute the GST liability and late fees if any.
After reviewing the file, you can file the return by using DSC or ECV (OTP will be sent to the registered mobile no. or email id).
Once GSTR-9 is filed, you can also file GSTR-9C by preparing reconciliation statement confirming that all the details provided in the GSTR-9C reconciles with the audited financial statements.
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Eligibility
Turnover exceeds 2cr in preceding FY eligible for filing of GSTR9 but not for 9C.
Turnover exceed 5cr in preceding FY eligible for filing of both the GSTR 9 and 9C.
Documents Required for GSTR 9 & 9C (GST AUDIT)
Documents required for GSTR 9 and 9C
For GSTR-9:
GSTIN: Goods and Services Tax Identification Number.
Legal Name/ Trade Name: Registered name of the business.
Monthly/Quarterly Returns: Copies of GSTR-1, GSTR-3B, etc.
Details of Supplies with HSN: Information on goods and services sold and purchased.
Tax Details: Taxes paid and payable.
ITC (Input Tax Credit): Details of credits claimed and reversed.
Refunds/Demands: Information on any refunds claimed or demands raised.
Miscellaneous Information: Any other relevant details will be claimed when needed.
Profit & Loss Account or Income & Expenditure Account: Statement showing company financial performance.
Cash Flow Statement: Document detailing cash inflows and outflows.
Audited Accounts: Copy of audited financial statements.
GSTR9: - GSTR9 is required for filing of GSTR9C.
Annual Audit Report: Audit conducted by an external auditor under statutory requirements.
Benefits Of Getting GSTr 9 & 9c (gst Audit)
Complete Reporting: Filin g of GSTR 9 gives us full summary of business transaction and ensure proper recording of every transaction.
Accuracy and Clarity: GSTR 9C ensure that filed return are accurate and clear and also check if any difference arise in financial audit and GST returns.
Lower Audit Risk: Regular filing and reconciliation can reduce the risk of audits and penalties due to mismatches in tax data.
Financial Check-Up: GSTR-9C acts like a financial check-up, letting businesses review their tax liabilities and credits, and make necessary adjustments.
Better Reputation: It boosts the business's credibility and trust among investors, suppliers, and customers.
Better Tax Planning: Reviewing the data in these forms helps businesses plan their taxes better and take full advantage of available credits and deductions.
FAQs
GSTR-9 includes details of inward and outward supplies, taxes paid, input tax credit (ITC) availed, refunds claimed, and demands raised
The due date for filing GSTR-9 & 9C is December 31st of the year following the financial year for which the return is being filed
GSTR-9C is a reconciliation statement between the annual GST return (GSTR-9) and the audited financial statements of a taxpayer
GSTR-9C must be self-certified by the taxpayer
Yes, GSTR-9C must be filed for each GSTIN under the same PAN if the aggregate turnover exceeds ₹5 crore
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