ICAI’s Technical Guide on Annual GST Audit (Form GSTR 9C)

ICAI has released revised 2021 edition of the ‘Technical Guide on GST Audit’ under the CGST Act/ Rules 2017 for guidance of the Members in preparation of the certified/ audited Reconciliation Statement in Form GSTR 9C.

This Technical Guide of the ICAI provides members with detailed guidance on the reporting requirements of various tables and fields of Form GSTR-9C as well as issues that are pertinent to those requirements. To put it another way, the ICAI has published this Technical Guide on GST Audit in order to assist in the process of conducting GST audits and to make it easier for members and other stakeholders to conduct a clause-by-clause analysis of the Form GSTR 9C.

GST audit is required to be conducted under section 35(5) along with drawing-up/ certification of reconciliation statement in Form GSTR 9C as per provisions of Section 44(2) in the cases where taxpayers  are having turnover above Rs. 2 Crores. However, the said limit of Rs 2 crores has been increased to Rs 5 crores for the financial years 2018-19 and 2019-20 in the case of small taxpayers to ease the compliance burden.

It may be noted that every registered person whose turnover during the financial year exceeds the prescribed limit i.e. Rs. 2 Crore shall have to get his accounts audited by Chartered Accountant or Cost Accountant and shall have to submit a copy of audited annual accounts, the reconciliation statement duly certified, in Form GSTR 9C.

ICAI’s Technical Guide on GST Audit (January 2021)

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