NICAI UPDATES FOR FINANCE PROFESSIONALS

NICAI Updates: 

1.  30th June 2019 is last date for GSTR 9C filing, it is reconciliation statement Audited by a Cost or Chartered Accountant between "GSTR 9 filed by you and "Audited Annual Financial Statements -2017-18"
2. Take appointment letter as CA at earliest for each state wise. As CA has to generate UDIN number at their portal. This appointment should contain Management Representation along with terms of appointment. (MRL is also attached)
3.  CAs may take specimen from ICAI Guidance Note + "Guidance Note on Reports or certificates for Special Purposes -Revised 2016" (Acceptance Letter is attached)
4.  If you have more GSTN with same PAN number then you are required to suitable split your "Profit & Loss A/c" in all states GSTN wise. 
5.  The turnover filled in GSTR 3B/GSTR 1 & GSTR 9 of each state must be in equal amount with the splitted Audited Financial Statement. 
6.  Further, you have to break figures from 1-4-2017 to 30-06-2017 & 1-7-2017 to 31-03-2018 to know the GST Financial Turnover.
7.  Also take that turnover from books which is exempted to GST or Zero rated without payment of GST because that is required to match your turnover with GSTR 9 and Audited Books of Accounts. 
8. Take care at Part II 5 B & C needs figures as at c/d 30-6-2017 or c/f 1-7-2017 it is not for 1-4-2017 i.e. Unbilled revenue or Unadjusted advance as at beginning/end of Financial Year here in GSTR 9C - Financial Year means 1-7-2017 to 31-03-2018.  
9.  A concept has been used in 9C i.e. "ITC availed in Audited Annual Financial Statement"  it means that ITC which you have created in Audited Books of Accounts, do not get confused with ITC availed in Books, what is this, actually ITC you have availed in 3B or GSTR 9 only for GST point of view, this terminology is only used for reconciliation purposes between ITC in books & ITC in GSTR 9.
10.  ITC c/f through TRAN 1 from era before GST i.e. ITC c/f from 30-6-2017. Point No. 14 is very important - "Reconciliation of ITC declared in Annual Return (GSTR9) with ITC availed on expenses as per audited Annual Financial Statement or books of account" - here you have to inform for several expenses booked in Finance Books which may contain GST component and you have to inform how much GST was there and how much you used then it creates liability if you have used more ITC than it is available in 
11.  Modus Operandi: Download Offline tool of GSTR 9C by GSTN. Then filled it and create JSON file. Then up load at website of particular state. Get Hard copy of CA/CWA certified copy i.e. Part (B) i & ii as per facts
12.  Attach Audited Balance Sheet, Attach Audited Profit & Loss or Income Expenditure A/c, Trial Balance of Each State certified by management and Hard copy of GSTR 9. 

Source:-CA Raj Chawla