It’s now Nov or Dec, time after statutory and tax audit, when books are finalised and we need to provide the GST authority with details of the inputs so claimed and reconcile the turnover so declared with the GST paid.
So, how do we prepare workings for filing GSTR 9 and 9C? Its Simple.
Let’s discuss the same, point wise:
1) Create a new folder with client’s name.
2) Create 4 sub-folders, being:
a) Audit folder- Filled with audit docs (final Tally back up, Signed FS etc)
b) Compu Reports- from software compu tax, containing data as mentioned below.
c) Portal reports and workings- containing data as mentioned below.
d) Workings- This will contain the working we do for filing 9 and 9C
3) Important points to work on for sales:
a) GSTR 9 – 4, 5, 9, 10, 11 and 17
b) GSTR 9C- 5, 7 and 9
4) Important points to work on for purchases:
a) GSTR 9 - 6, 7, 8
b) GSTR 9C- 12, 14.
How to start?
1) Download all Compu and portal reports as mentioned below:
*Note: Download reports as instructed above highlighted in italics.
2) Now let’s start with sales:
a. Extract the sales in compu software for auto draft of 9.
b. Compare the same with GSTR 1 and 3b and the financials, and reconcile the difference. (Use A, F, M and N to work out reconciliation on sales)
c. Make sure 5N reconciles with 9, 17 and Point 9 of GSTR 9C.
d. Use F report to work on rate wise sales.
3) With respect to inputs:
a) Use the first report being C and make the following reconciliation using K such that the same matches with 2A (I.e B).
b) Make an excel working in C itself in below format:
Sl No. | Particulars |
I | Invoices- as per 2B -FY23-24 |
II | C+D note adjustment |
III=I-II | Net as per 3B and 2B (If entirely claimed and no non-2A RCM) |
IV | Less: Old year inputs claimed this year |
V | Add: Inputs of the current year claimed next year (As per 2B working of FY24-25-Point -K) |
VI=III-IV+V | Total as per books-2A (Point B). |
Note:
· The above needs RCM adjustment, if any is there
· The above need Reversals adjustment, if any Is there
a. The point as mentioned in V will be feeded in 8C, 13 and 12C of GSTR 9C.
b. Make sure to have proport reconciliation in the difference of amounts in 8A, 8B and 8D.
c. While filling amount in 12A of GSTR 9C, the value will be exactly as per 2A (+outside RCM, if )
i. Note: The value will be exactly as per 2A only if there is no blocked amount.
d. The amount in 12B of GSTR 9C will be same as point IV mentioned above.
e. For preparing the reconciliation of 14 in GSTR 9C use 2A as base an prepare workings. Make sure to use the double pivot standard working for ease. Also, you need to reconcile the same with financials (eg: Purchases as mentioned in profit and loss account should match with purchases value as mentioned here etc).
f. Use 2B for bifurcation of 6B.
g. The difference in 14T of 9C shall be due to 12F+12B-12C of 9C.
Here, we have worked on few points of 9 and 9C which are relevant in most of the cases, there may be some more points, which is not covered here. Please consult your accounting and compliance advisor for the same.
Quote of the day:Quote of the day:
“Never Stop Learning, because life never stops teaching”
-Harshpreet singh
Regards
CA Umang Jain
CA Hemant Bardia
+ 91 96323-32850
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