Looking for a business loan
Thank you for your interest, our team will get back to you shortly
Thank you for your response
Thank you for your response
Our representative will get in touch with you shortly.
Save upto 7% in taxes
Claim 100% ITC and save ~4% GST
3x faster experience
Save 2 man days every GSTIN month
Easy to connect
Connect with 100s of ERP's, import data error-free
Every GST-registered person whose aggregate turnover during a financial year exceeds Rs.5 crore must prepare and self-certify the reconciliation statement in Form GSTR-9C. They shall also furnish a copy of the audited annual accounts together with it.
Latest updates to GSTR-9C
5th July 2022
The CBIC has exempted GST-registered taxpayers with annual aggregate turnover up to Rs.2 crore in FY 21-22 from filing Form GSTR-9.
Watch the video to get a complete overview of GSTR-9C
Every registered person under GST whose turnover during a financial year exceeds the prescribed limit of Rs.5 crore^ must prepare the reconciliation statement in Form GSTR-9C and self-certify it before filing it on the GST portal.
Form GSTR-9C is a statement of reconciliation between:
It will consist of gross and taxable turnover as per the Books reconciled with the respective figures as per the consolidation of all the GST returns for an FY.
Hence, any differences arising from this reconciliation exercise will be reported here, along with the reasons for the same and then certified by the taxpayer themselves. The certified statement shall be issued for every GSTIN. Hence, for a PAN, there can be several GSTR-9C forms to be filed.
^The limit is enhanced to Rs 5 crore for the GSTR-9C of FY 2018-19, FY 2019-20 and FY 2020-21, as per the CBIC notifications.
GSTR-9C must be prepared and self-certified by the taxpayer. It must be filed on the GST portal or through a facilitation centre by the taxpayer, along with other documents such as a copy of the Audited Accounts and Annual Return in form GSTR-9. This statement is applicable to all those taxpayers who must get their Annual Accounts audited under the GST laws.
Audit under GST applies to those registered persons whose Annual aggregate turnover exceeds rupees five crore^ in that FY. Further, as per CBIC’s CGST notification number 30/2021 dated 30th July 2021, all foreign companies which are in the airline business and compliant with the relevant provisions and rules of the Companies Act 2013 are exempted from the GSTR-9C requirement.
Moreover, persons who are non-residents and are providing OIDAR service in India to unregistered persons have been exempted from submitting GSTR-9 and GSTR-9C.
^The limit is enhanced to Rs 5 crore for the GSTR-9C of FY 2018-19, FY 2019-20 and FY 2020-21 as per the CBIC notifications.
The due date for submitting the Annual returns in GSTR-9 is the same deadline for the submission of GSTR-9C. Hence, the GSTR-9C must be filed on or before 31st December of the year subsequent to the relevant FY under audit. The due date can be extended by the Government if deemed necessary.
The taxpayer must prepare this GST Reconciliation statement. Any differences between the details reported in all the GST returns and the Audited Accounts must be reported therein with the reasons for the differences.
This statement acts as a base for the GST authorities to verify the correctness of the GST returns filed by the taxpayers. The GSRT-9C needs to be self-certified by the taxpayer.
The GSTR-9C consists of two main parts:
The figures in the audited financial statements are at PAN level. Hence, the turnover, Tax paid and ITC earned on a particular GSTIN (or State/UT) must be pulled out from the audited accounts of the organisation as a whole.
As per Notification No: 56/2019 issued on 14th November 2019 For FY 2017-18 & 2018-19, following changes were made:
The Reconciliation Statement is divided into five parts as follows:
Part-I: Basic details: Consists of FY, GSTIN, Legal Name and Trade Name. The taxpayer must also mention if he is subject to audit under any other law.
Part-II: Reconciliation of turnover declared in the Audited Annual Financial Statement with turnover declared in Annual Return (GSTR-9): This involves reporting the gross and taxable turnover declared in the Annual return with the Audited Financial Statements. One must note that most often, the Audited Financial statements are at a PAN level. This might require the break up of the audited financial statements at GSTIN level for reporting in GSTR-9C.
Part-III: Reconciliation of tax paid: This section requires GST rate-wise reporting of the tax liability that arose as per the accounts and paid as reported in the GSTR-9 respectively with the differences thereof. Further, it requires the taxpayers to state the additional liability due to unreconciled differences noticed upon reconciliation.
Part-IV: Reconciliation of Input Tax Credit (ITC): This part consists of the reconciliation of input tax credit availed and utilised by taxpayers as reported in GSTR-9 and as reported in the Audited Financial Statement.
Further, it needs a reporting of Expenses booked as per the Audited Accounts, with a breakup of eligible and ineligible ITC and reconciliation of the eligible ITC with that amount claimed as per GSTR-9. This declaration will be after considering the reversals of ITC claimed, if any.
Self-certification by taxpayer
Part-A: Reconciliation Statement
Following are the changes made to the format and filing procedure as on 31st Dec 2018:
The older format of Part-B: Certification (No longer applicable)
Earlier, the GSTR-9C had to be certified by the same CA who conducted the GST audit or it can be also certified by any other CA who did not conduct the GST Audit for that particular GSTIN. This has been done away with from FY 2020-21 onwards.