Wait...
  1. Home >
  2. Export Import News >
  3. GST News >
  4. GST filing rules clarified; audit report format available for Rs 2 crore-plus businesses

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

GST filing rules clarified; audit report format available for Rs 2 crore-plus businesses


Date: 17-04-2019
Subject: GST filing rules clarified; audit report format available for Rs 2 crore-plus businesses
Businesses with an annual turnover of more than Rs 2 crore can now start filing GST audit reports for the financial year 2017-18 as the rules for filing the audit reports have been clarified. The formats of the audit report for the year 2017-18 are available on the GST Network (GSTN) portal, with a deadline of June 30 as set by the GST Council meeting in March.

All taxable person under GST law are required to furnish annual returns in GSTR-9 form. Under it, businesses are required to share the details of sales, purchases and input tax credit.

While form GSTR-9A is for small businesses under the composition scheme, form GSTR-9C is a reconciliation statement required to be filled while filing GSTR-9 form by businesses with a turnover of more than Rs 2 crore and verified and signed by a Chartered Accountant or cost accountant.

Form GSTR-9C can be filed only after filing the annual return in Form GSTR-9 and once filed it cannot be changed.

The industry was long awaiting the offline utility and the mechanics of filing the GSTR-9C online, especially given the approaching deadline for filing this return for FY 17-18, told EY Tax Partner Abhishek Jain to The Indian Express. “Clarifications like digital signature of auditor being required, balance sheet and profit/loss account being attached, etc. should help businesses plan well for executing this compliance,” he added.

Timely availability of the utility for filing GST annual audit report is a great assistance to taxpayers, especially those having multi-locational places of business, AMRG & Associates partner Rajat Mohan told The Indian Express. “Taxpayers have more than 75 days to file GST annual audit reports and if they start early then there would be no need for any extensions on the last day,” he said.

GST law is a transformation tax reform that will enhance transparency, integrate the market, will bring down the retail prices, improve tax collection etc.

Initially a 3 stage monthly return filing system was created under the GST regime under which GSTR-1, GSTR-2 AND GSTR-3 included sales return, purchase return and final returns respectively. However, with troubles arising from the system, the GST Council later in November 2017 suspended the filing of GSTR-2 and GSTR-3.

Source: financialexpress.com

Infodrive India Pvt Ltd

Delhi :
  E-2, 3rd Floor Kalkaji Main Road
      New Delhi 110019
   011 - 40703001

Kolkata :
  5th Floor Stesalit Towers,
      E-2-3, EP & GP Block,

      Sector-V, Salt Lake City,
      Kolkata-700 091
   033 - 71177191

INFODRIVE INDIA Copyright © 1996-2019 InfodriveIndia. All Rights Reserved.
Please read our Terms of Use and Privacy Policy before you use.

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+