FAQ – 18

In From GSTR – 9C, what is “Adjustments in turnover due to foreign exchange fluctuations” and in which cases do i need to fill it?

It has to be filled by all taxpayers who have outward supplies in foreign currency and where they issue a tax invoice as well as a commercial invoice. It can be in case of exporters or supplies to SEZ’s where they issue a tax invoice with payment of duty i.e as per the GST at the time of removal of goods and for the foreign customer, a commercial invoice is issued on a subsequent date. The different dates can some time result in different exchange rates being used. This could cause a difference reported in the financial statements and in the GST Returns, for this reason, it has to be mentioned in the Form GSTR – 9C.

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FAQ-13

Do I need to prepare the Annual Return before starting my GST Audit and filling of Form GSTR – 9C?

Yes, the Annual Return has filled /to be taken as a base for preparing the reconciliation statement as it will give the final input tax credit availed, output tax liability for the period July 2017 to March 2018.

FAQ – 6

What is Form GSTR – 9C?

Form GSTR – 9C is a reconciliation certificate to be filed by the taxpayers whose aggregate turnover in a financial year crosses two crores have to get their books audited by a Certified Cost Accountant or Charted Accountant.

GST Tip – 143

In Annex – 11 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for the Balances as on date of financial statements (Input Tax Credit along with the reasons if there are any differences for all the taxes applicable under GST.

GST Tip – 142

In Annex – 10 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for the Balances as on date of financial statements (GST payable) along with the reasons for all the taxes applicable under GST.

GST Tip – 141

In Annex – 9 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for the  Amounts paid under protest/ as pre-deposit against demand along with the reasons for all the taxes applicable under GST.

GST Tip – 140

In Annex 8 of GSTR – 9b, a reconciliation statement for the refunds has to be provided between the financial statements and GSTR Returns. It has to show the opening balance of refunds to be received, refund claimed during the year, refund claim received during the years and refund claims to be received at end of the year.