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Everything you need to know about GSTR-9C: Meaning, Due Date, Penalties

What is GSTR-9C Form?

Every registered taxpayer whose aggregate turnover exceeds two crore rupees during a financial year shall be audited in accordance with subsection (5) of section 35 of the CGST Act, 2017 and shall include a copy of the annual accounts audited and a duly certified reconciliation statement in FORM GSTR-9C.

However, the limit for GSTR-9C of FY 2018-19 has been increased to Rs 5 crore as set out in the CBIC notification dated 23 March 2020.

GSTR-9C is a reconciliation statement between the annual returns reported in GSTR-9 for the FY and the taxpayer’s audited annual financial statements by auditor.

When Does Another’s Income Become Your Tax Liability?

According to the Income Tax laws of India, if the taxable income exceeds the basic exemption limit, every taxable person is liable to pay taxes on his/ her income. However, in certain circumstances, a taxpayer may have to bear the tax burden on the income of another person as well. The provisions of Clubbing in the Indian Income-tax Law have been included to report such income as the taxpayer’s income.

A complete guide on Tax Deducted at Source (TDS)

What is TDS?

Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc.

A Complete Information About Auditing Service

There are several audits, in which some of them are mandatory and some are voluntarily done by a business or an individual. Auditing Service in India can be categorized in the below points: