As the GST council members have announced in the 43rd meeting that taxpayers having an annual turnover up to Rs. 2 crores are not required to file form GSTR-9 / 9A for the financial year 2020-21 and if turnover is up to 5 crores then filing is optional and above 5 crores filing is mandatory.
This is filed by all those who are registered barring a few exceptions, which are:
Annual return filing due date of GSTR 9 for the financial year 2020-21 has been extended till date 28th February from 31st December 2021. Read Notification No.40/2021
This is filed by all those who are registered barring a few exceptions, which are:
- Taxpayers opting for composition scheme
- Casual Taxable persons
- Non-Resident Taxable Person
- Input Service Providers
- Any person paying TDS under Section 51 of the CGST Act
Late Fees and Penalties for GSTR 9 and 9c:
The late fees for not giving the annual return by the due date are Rs 200/- per day after the due date. This implies that the person has to pay Rs 100/- under the CGST and Rs 100/- under the SGST Act as a penalty. However, the IGST has no late fees associated.Annual return filing due date of GSTR 9 for the financial year 2020-21 has been extended till date 28th February from 31st December 2021. Read Notification No.40/2021
Details Required to be Filed in Form GSTR-9
The form for GSTR 9 is divided into 6 parts and 19 sections. The details of the firm need to be included in the Form GSTR 9.Detail of the Annual Sales, dividing it into bases of taxable or non-taxable disclosures. The ITC availed and the annual value of inward supply. Purchases as inputs, input services, and capital goods. The ineligible ITC needs to be reversed.
GST (Goods and Services Tax) Audit
By GST Audit, it is meant that the GST Registered person needs to maintain the appropriateness of tax paid, tax paid, ITC availed, turnover declared, refund claimed and other compliances that are to be taken care of.The Audit Mechanism is mandated by the Government because the GST Return filing is done by the taxpayer to himself assess the tax liability, pay returns and file returns as well. Therefore, in order to measure the correctness of the tax paid or return filed, the taxpayer needs to audit every year.
The GST Audit is based on turnover. If the registered taxpayer is RS 2 crore in the financial year, it needs to get his accounts audited by a Chartered Accountant or Cost Accountant. The Turnover is calculated based on the PAN. If the PAN for different offices in states is having turnover more than Rs 2 crore, then every office corresponding to the state needs to make an audit separately. In case the company appoints different auditors for different states then, in that case, there needs to be a joint auditor to report the compiled GST audit.
Also, taxpayers can file the GSTR 9C audit form via Gen GST software V2.0 in a hassle-free manner. The software gives the automated function that import details from other sources.
The Documents That Are Required for Annual Return Filing Are:
- PAN Based Audited Financial Statements
- GSTR-9 Annual Return
- GSTR-9C form having Certified Reconciliation Statements
Eligibility for Performing the GST Audit
An Audit can be performed only by a Chartered Accountant or a Cost Accountant. The facts that need to be considered while making the audit are:- An internal auditor cannot make a GST audit
- Only a Chartered Accountant or a Cost Accountant can perform a GST Audit
Conducting GST Audit & Issue of GST Audit Report
GST Auditor Appointment
Board of Directors proprietor, partner must appoint GST Auditor at the commencement of the financial year.
Accounts to Be Reviewed by GST Auditor
Important accounts following for review:
- Sales register
- Stock register
- expenses ledgers and purchase register
- Input tax credit availed and utilised
- Output tax payable and paid
- generated e-Way bills in the audit period under compliance with rules.
- IRN generated and e-Invoices on record
- Communications record documents from the GST department of the year.
Forms for Annual Return and GST Audit
| "Type of taxpayer" | "Form to be Filed" | |
| "Whether or not applicable to GST Audit" | ||
| "A Regular taxpayer filing GSTR 1 and GSTR 3B" | "GSTR-9" | |
| "A Taxpayer under Composition Scheme" | "GSTR-9A" | |
| "E-commerce operator" | "GSTR-9B (Yet to come into effect)" | |
| "Applicable for GST Audit" | ||
| "Taxpayers whose turnover exceeds Rs. 2 crore^ in FY" | "GSTR-9C" | |
Comments Review by GST Auditor
Report Auditor of tax liability for payment pending by the taxpayer, through the identified reconciliation observations and exercise on the GST audit. settle taxes of Taxpayers in auditor recommended in form DRC-03.
If you are looking for a GST software to file GSTR 9, look here, SAG Infotech developed Gen GST Software for GSTR 9 return filing whom you easily files all your GST return forms like 1, 3B, 4, 8, 9, 9C, etc.
Comments
Post a Comment