Recently the Government vide Notification No. 39/2018 – Central Tax dated September 4, 2018, had notified GST Annual Return Formats viz. GSTR-9 (for regular taxable persons) and GSTR-9A (for composition supplier). Every taxpayer is required to furnish Annual Return by 31st December irrespective of their turnover. Further, every registered person whose aggregate turnover during a financial year exceeds INR 2 crores shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, format of which is still awaited.
In the light of importance of GST Audit and reconciliation, Mr. Bimal Jain, Chairman, Indirect Tax Committee, PHD Chamber of Commerce, had highlighted critical issues therein which the taxpayer may face and which requires immediate attention of the Government, in the Mega GST Conclave held on September 6, 2018 this week at PHD House.
Key Issues in GST Audit & Reconciliation of Financial Statements with GST Returns - By Bimal Jain