We inform that as per provisions of section 35 of CGST/RGST Act, 2017, GST audit is mandatory for all registered persons having total turnover of the entity during FY 2017-18 of more than Rs. 2 crores (including exempted turnover). The annual return in Form GSTR 9 along with GST audit report in GSTR 9C needs to be filed before 31st Dec 2019 for the year 2017-18. In case of turnover less that Rs 2 crores, the Annual Return is required to be filed on GSTR-9A
Formats for annual return (GSTR9/9A) and reconciliation certification/audit reports (GSTR-9C) have already been notified by the Government. The preparation of annual return will require compiling accurate data from various sources (i.e. GSTR 1, GSTR 3B or books of accounts, Tran-1, Tran-2 and GSTR-2A etc).
Further, the process of audit of records will involve verification of many aspects including reconciliation, valuation, cross charge, reverse charge, ITC availment & reversal, block credit, application of correct GST rate, Credit Notes, etc. A reconciliation between Annual return filed by a registered person and details as per books of accounts needs to be certified by the auditor and due taxes, interest etc needs to be deposited based on such reconciliation statement/audit findings.
Please find below the few basic issues for your information:
What is a GST Annual Return (GSTR 9)?
GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST, and IGST. It consolidates the information furnished in the monthly/quarterly returns during the year.
Classification Of GSTR 9 Forms:
There are four types of return under GSTR 9
1 GSTR 9: Should be filed by regular taxpayers filing GSTR 1.
2 GSTR 9A: Should be filed by persons registered under composition scheme under GST.
3 GSTR 9C: Should be filed by the taxpayers whose annual turnover exceeds Rs 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C.
Who Can Conduct The Audit?
The GST Audit can only be conducted by Chartered Accountants or Cost Accountants.
Due Date?
31sr Dec, 2019 is the extended due date for the previous financial year 2017-18.
Penalties for Non-Compliance?
Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the State or UT. Thus, it is Rs 100
under CGST & 100 under SGST, the total penalty is Rs 200 per day of default. Maximum late fee per day cannot exceed 0.25% of Turnover in the State or Union territory under CGST/SGST/UTGST.
Looking to the annual compliance for first year of GST implementation, timely compliance may be planned accordingly.
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