The Cochin Chamber of Commerce and Industry organized a Workshop on "GST Audits and Annual Returns: An Overview" on Saturday the 8th of December, 2018 at Hotel Park Central, Ernakulam. The Workshop was led by Ms. Nisha Menon, Director, Tax - PwC India.
Mr. S.P. Kamath, Executive Committee Member, CCCI delivered the Welcome Address. The Workshop was organized with the intention of providing a clearer picture on the GST annual returns filing and the latest updates on the GST front. The 115 participants represented over 110 organizations and included manufacturing, shipping, finance, export industries etc.
Ever since GST came into effect from 1st of July, 2017, there were several anticipations for the GST Audit and it's reconciliation with the annual return. Made available by Government in September this year, the forms require businesses to not only consolidate the information that they have been filing in their monthly returns but also to reconcile it.
Ms. Menon gave the participants an insight into the basic concepts of GST Annual Returns. Every registered person is required to file the Annual Returns whereas an input service distributor or a casual taxable person need not. She also mentioned the penalty for the failure to file GST Annual Returns.
Ms. Menon touched upon the details to be provided in the Annual Returns namely; Inward and Outward Supplies, Input Tax Credit, Tax Paid etc. She also mentioned the audit requirements, the prescribed limit and format of the audits, suppression and the joint liability of Directors of a private company.
GSTR 9C is the GST reconciliation statement for a particular financial year to be filed by the tax payers. Ms. Menon gave a detailed explanation of the format of the GSTR 9C which includes the Reconciliation of Turnover, Reconciliation of Tax Paid, Reconciliation of ITC, Additional Liability etc. The session also covered the accounts and other records to be maintained, what to expect out of a GST Annual Audit Programme and how to prepare for the audit procedures in detail.
Following this, there was a question and answer session where the participants cleared their doubts regarding the GST Annual Returns.
Ms. Archana A K, Intern, Cochin Chamber of Commerce and Industry, presented a Memento to Ms. Nisha Menon.
Ms. Vanidevi, Intern, Cochin Chamber of Commerce and Industry proposed the Vote of Thanks.