Turnover Definition For Gstr 9c

Table 5 start with turnover in financials.

Turnover definition for gstr 9c. Part ii consists of reconciliation of the annual turnover declared in the audited annual financial statement with the turnover as declared in the annual return furnished in form gstr 9 for this gstin. Gst annual return is filed in form gstr 9. In gstr 9c the flow of data is reverse. The annual return is required to be filed electronically through form gstr 9c along with the audited statement of annual accounts the reconciliation statement and other documents as prescribed as per the gst law.

Gstr 9c is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Further as per section 35 5 of the act every registered person whose turnover during the financial year exceeds the limit of inr 2 crore shall get his accounts audited by a chartered accountant or cost accountant and shall submit a. For fy 2018 19 form gstr 9 is mandatory for turnover more than rs 2 crores. The below chart will clear all your doubts regarding turnover limit for gst audit and annual return.

For fy 2017 18 the limit of gst audit was rs. Along with the gstr 9c audit form the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit. Table 7 compiles all the outward supplies on which tax is not paid. It contains the detailed summary of outward supply taxes paid thereon input tax credits claimed taxes paid and refund claimed in the financial year.

Then this data is drilled down to reach at the total turnover. Valid for taxpayers whose annual turnover is above 2 crores released by the central board of indirect taxes and customs cbic gstr 9c is an audit form for taxpayers whose annual turnover exceeds rs. Businesses having an annual turnover above rs 2 crores. For businesses with an annual turnover of less than rs 5 crore filing of gstr 9c for fy 2018 19 has been waived off.

2 crores in the financial statement with turnover declared in annual return gstr 9. Reconciliation of turnover declared in audited annual financial statement what details are required to be furnished in part ii of gstr 9c. Brief about the gst annual return and gst audit report form gstr9 and gstr 9c section 44 1 of the cgst act act read with rule 80 of the cgst rules rules stipulates that every registered person shall furnish an annual return in form gstr 9. Gstr 9c has to be filed by every taxpayer on whom the rules of audit referred by the gst act become applicable i e.