• Notification Date: 08-12-2023
• Notification No: N/A

ICMAI releases Guidance Note on GST Form GSTR 9 and 9C

The Institute of Cost Accountants of India (ICMAI) has released a guidance note on preparation and filing of Goods and Services Tax (GST) Form GSTR-9 and GSTR-9C. 

The guidance note issued by ICMAI covers a vast range of topics – including the legal and governing provisions of Annual Return, Records and Accounts under GST Law, Step-by-Step Walkthrough and filing of GSTR-9 and GSTR-9C and related press releases, notifications and advisories. 

The Goods and Services Tax (GST) is implemented in India to revolutionize the indirect tax structure and add a comprehensive framework for tax compliance. Returns are the Government’s primary source for tax collection from the taxpayer. At the heart of this framework lie two critical documents- GSTR-9 and GSTR-9C. These forms are vital additives to GST compliance, ensuring accuracy, transparency, and adherence to provisions of GST law. 

Annual Return (GSTR-9) serves as a consolidated summary of a taxpayer’s GST transactions during the financial year. It is a complete document that encapsulates information on outward 

supplies made, inward supplies received, Input tax credits availed, and tax payments made during the financial year. 

By supplying a holistic view of the yearly transactions, GSTR-9 enables the reconciliation of tax liabilities with tax paid and acts as an audit tool. GSTR-9C is the Reconciliation Statement. This shape is designed to reconcile the data provided in GSTR-9 with the audited financial statements of the taxpayer. 

This meticulous process ensures the alignment of financial records with the requirement of records maintained under GST law. GSTR-9C, a self-certified return by the taxpayer, provides a further layer of credibility to the GST compliance procedure. 

“These self-certified returns carry significant weight, as any inaccuracies may prompt the tax department to raise inquiries and concerns directly with the taxpayer. Penalties for non-compliance or incorrect submissions for GSTR-9 can amount to Rs. 200 per day, capped at 0.25% of the total turnover. In this handbook, meticulously designed to demystify GSTR 9 & 9C, our aim is to empower taxpayers and their compliance units with comprehensive insights”, President of ICMAI, CMA Ashwin G. Dalwadi remarked. “It is our belief that this resource will not only enhance understanding but also foster improved compliance practices. I extend heartfelt appreciation to the resource persons, knowledge contributors, and critics whose collective efforts have elevated this handbook. Special congratulations to the Tax Research Department and the Western India Regional Council of the Institute for their unwavering commitment in producing this invaluable resource”, he added.