ICAI releases Technical Guide on Form GSTR-9C Reconciliation Statement

The Institute of Chartered Accountants of India (ICAI) has released a technical guide on Form GSTR-9C or Goods and Services Tax (GST) reconciliation statement.

“I am positive that members will find this publication very useful in discharging their statutory functions and responsibilities in an efficient and effective manner”, CA Aniket Sunil Talati stated in the Foreword.

“I am delighted to acknowledge the efforts taken by the GST & Indirect Taxes Committee in developing the publication, “Technical Guide on GST Reconciliation Statement (Form GSTR 9C)””, he added,

The Technical Guide offers comprehensive insights and guidance on filing of the reconciliation statement in Form GSTR-9C. The relevant provisions are presented in readily understandable language. Additionally, the publication presents a detailed discussion of Form GSTR-9C (Reconciliation Statement), delineating optional and mandatory fields, along with potential sources for acquiring information to complete each table.

The contents of the technical guide cover the following topics of impotence: –

Introduction to GST Reconciliation Statement

Important Aspects for GST Reconciliation Statement in case of Multi-Locational Entities

Analysis of FORM GSTR-9C

Appendices –

Appendix 1- FORM GSTR 9C

Appendix 2- Suggested Reconciliation Checklist

Appendix 3- Abbreviations

Appendix 4- Press Release dated 04-06-2019

Appendix 5- Press Release dated 03-07-2019

Appendix 6- Press Release dated 14-11-2019

Appendix 7- FAQs

From the format of FORM GSTR – 9C (Reconciliation Statement), the following can be deduced:

(a) The reconciliation statement aims to have reconciliation between details filed as per annual return in form GSTR 9 and details as per audited financial statement.

(b) It aims to have reconciliation of:

(i) Turnover declared,

(ii) Taxes paid,

(iii) Refund claimed; and

(iv) Input tax credit availed;

(c) The reconciliation statement also aims to assess registered person’s compliance with the provisions of GST Acts and Rules.

“All this makes it clear that the objective of GST Reconciliation Statement is to ensure the proper reconciliation between GST Returns and books of accounts for Turnover declared, Taxes paid, Refund claimed, and Input Tax Credit availed in addition to compliance of the GST Acts and Rules”, the guide states, placing emphasis on the requirement of GST reconciliation.

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