GSTR- 9C Under GST: It's not Audit but Certification with Lot of Responsibilities!!

Abstract

Goods and Service Tax (GST) has been implemented with effect from 1st July 2017 and this is the first year of submission of Annual Return and Reconciliation Statement for the Financial Year 2017- 18. Central Goods and Service Tax Act 2017, mandates certification of Reconciliation Statement (GSTR-9C) by a chartered accountant or cost accountant on ‘true and correct’ basis - which is different from ‘true and fair’ basis for Audit Report under Companies Act, 2013. In addition to this, the purpose of GSTR-9C is to link Financial Statements with Annual Returns filed by a registered person. Considering this, an attempt has been made in this article to give combined view to the reader on Accounts and Audit provisions and highlight that lot of responsibilities is cast of the person certifying GSTR-9C under CGST Act 2017.