ICAI Releases Technical Guide on GSTR-9C Reconciliation Statement for GST

Key Takeaways:

• Introduction to GST Reconciliation Statement
• Important Aspects for GST Reconciliation Statement in case of Multi-Locational Entities
• Analysis of FORM GSTR-9C
• Appendices including FORM GSTR 9C, Suggested Reconciliation Checklist, Abbreviations, and Press Releases
• Objective of the GST Reconciliation Statement: To ensure proper reconciliation between GST Returns and books of accounts for turnover declared, taxes paid, refund claimed, and input tax credit availed, in addition to compliance with the GST Acts and Rules

Synopsis:

The Institute of Chartered Accountants of India (ICAI) has released a technical guide on Form GSTR-9C, which is the Goods and Services Tax (GST) reconciliation statement. This aims to provide comprehensive insights and guidance on filing the reconciliation statement in Form GSTR-9C, offering a detailed discussion of the form, delineating optional and mandatory fields, and providing potential sources for acquiring information to complete each table.

1. Purpose of Reconciliation Statement (Form GSTR-9C):

• The reconciliation statement aims to reconcile the details filed as per the annual return in form GSTR-9 with the details as per the audited financial statement.
• It aims to reconcile turnover declared, taxes paid, refund claimed, and input tax credit availed.
• The reconciliation statement also aims to assess a registered person’s compliance with the provisions of GST Acts and Rules.

2. Contents of the Technical Guide:

• Introduction to GST Reconciliation Statement
• Important Aspects for GST Reconciliation Statement in case of Multi-Locational Entities
• Analysis of FORM GSTR-9C
• Appendices including FORM GSTR 9C, Suggested Reconciliation Checklist, Abbreviations, and Press Releases

3. Acknowledgment and Foreword:

• CA Aniket Sunil Talati stated in the Foreword that members will find the publication very useful in discharging their statutory functions and responsibilities in an efficient and effective manner.
• He acknowledged the efforts taken by the GST & Indirect Taxes Committee in developing the publication.

4. Objective of GST Reconciliation Statement:

• The objective of the GST Reconciliation Statement is to ensure proper reconciliation between GST Returns and books of accounts for turnover declared, taxes paid, refund claimed, and input tax credit availed, in addition to compliance with the GST Acts and Rules.

Conclusion:

The release of the technical guide by ICAI provides valuable insights and guidance for chartered accountants and professionals involved in filing the reconciliation statement in Form GSTR-9C. It aims to facilitate efficient and effective discharge of statutory functions and responsibilities related to GST reconciliation.