The CBIC, vide Notification No. 56/2019 – Central Tax dated November 14, 2019, has made some amendments aimed towards simplifying the Form GSTR 9C i.e. Reconciliation Statement as envisaged in a move intended to ease the taxpayers and ensure faster filing and submission of returns. The gist of the aforesaid notification has been discussed hereunder: –
Major Changes in Form GSTR 9C i.e. Reconciliation Statement:-
|
Table |
Particulars |
Relaxations |
|
5B & 5C |
· 5B: Unbilled revenue at the beginning of the Financial Year · 5C: Unadjusted advances at the end of the Financial Year |
Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O. |
|
5D |
Deemed Supply under Schedule I |
Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O. |
|
5E & 5F |
· 5E: Credit Notes issued after the end of the financial year but reflected in the annual return
· 5F: Trade Discounts accounted for in the audited Annual Financial Statement but are not permissible under GST |
Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O. |
|
5G |
Turnover from April 2017 to June 2017 |
Optional for the registered person for the F.Y 17-18 and If there are any adjustments required to be reported then the same may be reported in Table 5O. |
|
5H, 5I, 5J, 5K, 5L, 5M, 5N |
· 5H: Unbilled revenue at the end of the Financial Year; · 5I: Unadjusted Advances at the beginning of the Financial Year; · 5J: Credit notes accounted for in the audited Annual Financial Statement but are not permissible under GST; · 5K: Adjustments on account of supply of goods by SEZ units to DTA Units; · 5L: Turnover for the period under composition scheme; · 5M: Adjustments in a turnover under section 15 and rules thereunder; · 5N: Adjustments in turnover due to foreign exchange fluctuations |
Optional for the registered person for the F.Y 17-18 & 18-19 and If there are any adjustments required to be reported then the same may be reported in Table 5O. |
|
12B |
ITC booked in earlier Financial Years claimed in current Financial Year |
Made Optional for the registered person for the F.Y 17-18 & 18-19. |
|
12C |
ITC booked in current Financial Year to be claimed in subsequent Financial Years |
Made Optional for the registered person for the F.Y 17-18 & 18-19. |
|
14 |
Reconciliation of ITC declared in Annual Return (GSTR9) with ITC availed on expenses as per audited Annual Financial Statement or books of account |
Made Optional for the registered person for the F.Y 17-18 & 18-19. |
|
Part-B |
Certification |
· Cash flow Statements to be reported only if available. · “True & Fair” substituted for “True & Correct” |
The complete notification can be accessed at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-56-central-tax-english-2019.pdf;jsessionid=EC661019BB9F8BA57419321A5BDB8C33