Goods & Services Tax
The Cochin Chamber of Commerce and Industry organized a session on "Annual Returns/Audit Report and other updates" on Saturday the 12th of June, 2019 at Hotel Park Central, Ernakulam. The session was handled by Ms. Nisha Menon, Director, Tax - PwC India.
Mr. V Venugopal, President of the Chamber delivered the Welcome Address. The session was organized with the intention of sharing key considerations regarding the GST annual returns filing and to provide latest updates on GST.
Ms. Menon gave the participants an insight into the basic concepts of GST Annual Returns, GSTR 9 and GSTR 9C. GSTR-9 or GST annual return is a type of GST return that must be filed by regular taxpayers and persons registered under GST composition scheme. She mentioned that every registered person whose aggregate turnover during a financial year exceeds two crore rupees should get their accounts audited and should furnish a copy of the audited annual accounts and a reconciliation statement, in form GSTR-9C.
Ms. Menon explained the GSTR 9C form which is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year. The form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the Audited Financial Statements of the taxpayer. She also 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. Ms. Menon also mentioned the latest updates on the GST front from a legislative as well as judicial perspective.
Following this, there was a question and answer session where the participants cleared their doubts regarding the GST Annual Returns.
The session was attended by 150 participants.
Mr. C S Kartha, Past President of the Chamber presented a Memento to Ms. Menon and proposed the Vote of Thanks.