GSTR-9 Audit Checklist: Inward and Outward Supplies

Businesses with a turnover exceeding Rs. 2 Crore annually must file GSTR-9 before 31st December. But, before filing the return, you have to check the accuracy of your data. You should ensure the GSTR-9 audit checklist is in place to fill in the details correctly and avoid penalties. In this blog, you will learn the GSTR-9 audit checklist and how to use it.

Objectives of the GSTR-9 Audit

GSTR-9 is a summary return of all GST-related activity for a business for the entire year. So, you have to:

• Collate data from all GST returns filed during the year and the purchase and sales registers,
• Check for any discrepancies and
• Report all the details in GSTR-9.

We are calling this process a GSTR-9 self-audit. Now, before you learn the GSTR-9 audit checklist, it is essential to understand the objectives of having the GSTR-9 audit:

• Accuracy of Data: GSTR-9 cannot be revised once filed. Hence, the data you enter must be correct. The GSTR-9 audit checklist helps ensure two things:
  • You do not miss out on key details and
  • The data you enter is correct.
• Reconciliation: To ensure accuracy, the GSTR-9 audit enables you to reconcile your annual sales and Input Tax credit figures. You also have to report any discrepancies in the reconciliation in GSTR-9.
• Tax Planning: GSTR-9 audit helps you identify wrong/short claims of Input Tax Credit. As a result, you can plan your GST liability for the next year in advance.

GSTR 9 Audit Checklist: Inward supply

A business's inward supplies or purchases are the goods and services it receives. Reconciling the purchase data is essential to correctly reporting the Input Tax Credit (ITC).

To fill the data in tables 6, 7 and 8 of GSTR-9, you should include the following for inward supplies in your GSTR 9 audit checklist:

GSTR 9 Audit Checklist: Outward supply

Your business's goods and services are called outward supplies or sales. To fill the data in tables 6, 7 and 8 of GSTR-9, you should include the following for inward supplies in your GSTR 9 audit checklist:

Internal Documents Checklist

Before starting the GSTR 9 audit, you should ensure that your internal documents are accurate. After all, they are the basis for ensuring that your GST filings are correct. Here's the GST annual return checklist for internal documents:

• Books of Accounts: Ensure that your accounting records and financial statements are corrected and updated. These include the purchase registers, sale registers, and ITC registers.
• Bank Statements: Reconciles the bank statement with GST-related transactions and GST returns.
• GST Invoices: Keep copies of all GST invoices, debit notes, and credit notes for both sent and received to verify with the GST returns.
• Tax Payments: Maintain the record of all GST challans for proof of GST payments during the year.

Using a well-structured GSTR 9 audit checklist can make life easier. Check the documents thoroughly and reconcile the returns with the accounting records.