Understanding GSTR-9C: A Quick Guide for Businesses

GSTR-9C is a vital compliance document under the Goods and Services Tax (GST) regime in India. It serves as a reconciliation statement between the annual GST return (GSTR-9) and the taxpayer’s audited financial statements. Certified by a Chartered Accountant (CA) or Cost Accountant, this form ensures transparency and accuracy in GST reporting.

Understanding GSTR-9C: A Quick Guide for Businesses

Who Needs to File GSTR-9C?

GSTR-9C is mandatory for taxpayers with an annual aggregate turnover exceeding ₹5 crores. It is not applicable to taxpayers below this threshold or to composition dealers and Input Service Distributors (ISDs).

Key Components of GSTR-9C

1. Reconciliation Statement: Compares turnover, tax liability, and ITC between GST returns and audited financials.

Steps for Filing GSTR-9C

1. Collect financial statements and GST records.
2. Reconcile differences between GSTR-9 and financial data.
3. Address discrepancies and perform adjustments.
4. Submit the form on the GST portal along with GSTR-9.

Why is GSTR-9C Important?

GSTR-9C promotes accuracy, reduces tax evasion, and ensures compliance with GST laws. Timely filing helps businesses avoid penalties and build credibility.
For expert assistance with GSTR-9C filing, connect with Corporate Genie, your trusted partner in GST and allied services. Stay compliant, stay stress-free!