Left Menu
Development News Edition

Businesses with annual turnover of over Rs 2 crore can start filing GST audit report

Devdiscourse News Desk | New Delhi | Updated: 15-04-2019 21:11 IST | Created: 15-04-2019 18:10 IST
Businesses with annual turnover of over Rs 2 crore can start filing GST audit report
The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by June 30. Image Credit: (pexels)

Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal. The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by June 30.

The ministry on December 31, 2018, notified the annual returns forms GSTR-9, GSTR-9A and GSTR-9C. The GST Council in December extended the last date for filing these forms by three months to June 30. GSTN has now made available offline utility of GSTR-9C which can be filled up by the taxpayer and uploaded on the portal.

GSTR-9 is the annual return form for all taxpayers registered under GST, GSTR-9A is for composition taxpayers. GSTR-9C is a reconciliation statement, duly verified and signed by a chartered accountant or a cost accountant, and required to be furnished along with the filing of annual return by the taxpayer whose turnover is above Rs 2 crore during a financial year.

EY Tax Partner Abhishek Jain said the industry was long awaiting the offline utility and the mechanics of filing the GSTR-9C online. "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," Jain said.

AMRG & Associates Partner Rajat Mohan said timely availability of the utility for filing GST annual audit report is a great assistance to taxpayers, especially those having a multi-locational place of business. "Taxpayers have more than 75 days to file GST annual audit reports and in case they start early then there would be no need for any extensions on the last day," Mohan added.


TRENDING

OPINION / BLOG / INTERVIEW

Uganda COVID-19 response: Was off to a good start but reopening dwindled prospects

Uganda has shown success in using health information to enhance efficiency of disease surveillance, reporting and monitoring. The success, however, has critical challenges confronting it as the country resumes normal activities....

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Videos

Latest News

Timely completion of infra projects to pave way for 'Aatmanirbhar Bharat': Gadkari

Good quality infrastructure projects which are completed on time will help pave the way for Aatmanirbhar Bharat, Union Minister Nitin Gadkari said on Wednesday, adding that delay in environmental clearances is a major problem. Addressing a ...

Tanzania latest country to form air bubble arrangement with India during pandemic

India has established a separate bilateral air bubble arrangement with Tanzania for operation of special international passenger flights between the two countries, the Civil Aviation Ministry said on Wednesday. Till now, India had formed su...

European Union Film Festival to go digital for its silver jubilee edition

European Union Film Festival announced on Wednesday that it is going virtual for its 25th year edition amid the pandemic and is set to begin from November 5. The festival, which celebrates EU-India cultural ties, aims to bring the best of E...

Will break locks if temples not reopened by Nov 1: Maharashtra BJP leader

BJP leader Tushar Bhosale on Wednesday warned Maharashtra Chief Minister Udhhav Thackeray and said if the government does not make a decision regarding reopening of temples by November 1, they will break locks of the temples. Speaking to re...

Give Feedback