Forms for the GST audit report of the Financial Year 2017-18 have been issued. This form is for companies that do business more than 2 crore rupees annually.For the financial year 2017-18, companies with annual turnover of more than Rs 2 crore can start filling GST audit reports. For this, GST Network (GSTN) has made the form available on its portal. The last date for filing the audit report is June 30.The financial year 2017-18 was the first year of implementation of Goods and Services Tax (GST). The Ministry had notified the annual return form GSTR-9, GSTR-9A and GSTR-9C on December 31, 2018. The GST Council had extended the last date of filing of these forms from December 30 to 30 June.
Annual Audit Form
GST Network has also made GSTR-9C offline available. It can fill the taxpayer and upload it to the portal. EY India’s tax partner Abhishek Jain said that the industry had been waiting for a long time to facilitate offline processing and filling of GSTR-9C online. He said, “Explanation of auditor’s digital signature, besides book-accounts, sending benefits / loss accounts etc, the companies should help in complying with its compliance.”
About the form
GSTR-9 is the annual return form for all the taxpayers registered under GST. GSTR-9A is for taxpayers who adopt a one-time tax plan. Whereas GST-9C is a maturity statement. Verification is done by chartered accountants or cost accountants. By the way taxpayers have to deposit it with an annual return whose business is more than Rs 2 crore in the financial year.
GST Revenue At Highest Level
Explain that revenue collection under GST has gone up from 15 percent to 1.06 lakh crore in March last year compared to the same period last year. According to the finance ministry, GST revenue collection was Rs 1,06,577 crore in March, which is the highest monthly collection level ever since GST was implemented. GST revenue collection in March last year was Rs 92,167 crore, compared to 15.6 per cent in the last month’s revenue collection.