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Question ID : 36914

GSTR-9C

As per GST Act every Assessee whose Annual turnover is more than Rs.2 Crore shall gst his Account Audited. In the form GSTR-9C as notified under notification no.49/2018-Central Tax, Reconciliation of turnover under point no. 5 is derived on the basis of Audited Annual Financial Statement. Let take an example of Kacchha Arhtia or del-credre Agent who is issuing invoice on behalf of Principle Supplier. As per GST act his turnover is total receipt on sale which is let suppose Rs.6 Crore (more than Rs. 2Crore ) in a financial year. but under IT Act,1961 his turnover is the amount of commission only that is let suppose Rs.10 Lakh. That's why no audit is conducted under income tax Act & any other Act. Now in this case what turnover shuld be mentioned under Point no.5A to reconcile? In point number 4 he mentioned that he is not liable to audit under any act. Please enlighten us what should we do in this case.

Posted by Tushar Goyal on Dec 30, 2018

Filed Under GST

Answer ID : 76124

Deemed supplies under Sch.I are part of aggregate turnover under GST. In table 5A however, the TO as per financials would have to be disclosed- i.e. 10 lakhs ONLY. In table 5D the value of such supplies would have to be indicated. In this case 6 Cr. The GST auditor u/s 35 (5) would require conduct the audit and report in Format I.

Posted by Madhukar N Hiregange on Jan 01, 2019
Answer ID : 76136

You're right, such a person will not be liable to audit under other laws although for limited purposes of GST law, 9-9C will be attracted. In such a case, 5A will contain 10 lacs and 5O will contain minus 10 lacs plus 600 lacs so that it reconciles with TO as per GSTR9. Also, in point 4 state that audit under other law is not required.

Posted by CA. JATIN CHRISTOPHER A on Jan 02, 2019
Answer ID : 76142

As per Sec 2(13) Audit includes audit under GSt Act or rules & any other law. Further in form GSTR-9C it is not defined turnover as per which Audited financial statement to be taken GSt Audit/Tax Audit/ Statutoty Audit (Companies Act). Till now only format of Reconciliation Statement & Certification has been released by the GST department. No official format & Guideline is available regarding GST Audit. In further without proper guidelines we don't know turnover under GSt audit is turnover as per GSt Act or turnover as per tax Audit or books of Accounts. So please enlighten me turnover under point 5A is Rs.10 lakh or Rs.600 Lakh?

Posted by Tushar Goyal on Jan 03, 2019