GSTR-9C (Reconciliation Statement and Certification)

GSTR-9C is a reconciliation statement and certification required to be filed along with the annual return GSTR-9 under the Goods and Services Tax (GST) system in various countries. Here’s an overview of GSTR-9C:

Purpose: The purpose of GSTR-9C is to reconcile the figures provided in the annual return GSTR-9 with the audited financial statements of the taxpayer. It ensures consistency and accuracy in reporting GST-related financial information, thereby enhancing transparency and compliance.

Frequency: GSTR-9C needs to be filed annually along with the GSTR-9 return by all taxpayers whose annual turnover exceeds a specified threshold. It’s mandatory for all taxpayers, except those who have opted for the composition scheme (if applicable) or are Non-Resident Taxable Persons.

Information Required: The GSTR-9C reconciliation statement requires taxpayers to provide the following information:

  1. Reconciliation of Turnover: A reconciliation of the turnover declared in the audited financial statements with the turnover reported in the annual return GSTR-9.
  2. Reconciliation of Tax Liability: A reconciliation of the tax liability reported in the audited financial statements with the tax liability reported in GSTR-9.
  3. Reconciliation of Input Tax Credit: A reconciliation of the input tax credit claimed in the audited financial statements with the input tax credit claimed in GSTR-9.
  4. Additional Information: Any additional information or explanations required by tax authorities regarding the discrepancies identified during the reconciliation process.

Certification: GSTR-9C needs to be certified by a Chartered Accountant or Cost Accountant. The certifying Chartered Accountant or Cost Accountant verifies the correctness of the reconciliation statement and confirms compliance with GST laws and regulations.

Due Date: The due date for filing GSTR-9C is usually December 31st of the following financial year, the same as the due date for filing GSTR-9.

Consequences of Non-compliance: Failure to file GSTR-9C or filing it with inaccuracies can attract penalties and interest under the GST law. It’s essential for taxpayers to ensure timely and accurate filing, along with proper certification by qualified professionals, to avoid any adverse consequences.

Overall, GSTR-9C plays a crucial role in ensuring the accuracy and reliability of GST-related financial information reported by taxpayers, thereby enhancing transparency and compliance with GST regulations.

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