The Indirect Tax Committee of the Institute of Chartered Accountants of India (ICAI) has released FAQs on Form GSTR-9C, which is the GST reconciliation Statement for a particular FY to be filed by taxpayers on or before 31st December after being certified by CAs. It must be filed along with theĀ GSTR-9Ā (Annual Returns) and the Audited Financial Statements on the GST Portal or be filed through the facilitation centre.
The FAQ clarified that every registered person whose aggregate turnover during a financial year exceeds the prescribed limit of Rs. 2 Crore, shall get his accounts audited by a chartered accountant or a cost accountant. In all other cases, no audit is required to be conducted by the Chartered or Cost accountant.
It was said that Form GSTR 9C consists of 2 parts. Part-A is Reconciliation statement and Part B is Certificate to be issued by GST Auditor.
It was also said that an internal Auditor cannot certify Form GSTR 9C as per the instructions issued by ICAI.
According to the document, submission of Form GSTR 9C will not in any manner curtail the right of the department to conduct an audit.
āProvisions relating to departmental audit under section 65 and provisions relating to audit under section 35(5) are two independent provisions. Audit under section 35(5) is required when aggregate turnover is greater than Rs.2 crores whereas there is no such condition for audit under section 65. Further audit under section 65 is by the department whereas audit under section 35(5) is by a Chartered Accountant/ Cost Accountant,ā it said.
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