Notification no 49/2018 Central Tax date on 13th September, 2018, GST

Posted on 11 June 2022 Category : Notifications

Central Tax Notification No 49 of 2018 dt 13th September, 2018 under GST

Notification amending the CGST Rules, 2017 (Tenth Amendment Rules, 2018)

The extract of GST Notification No. 49/2018- Central Tax is given below:

Notification No. 49/2018- Central Tax, GST

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Central Board of Indirect Taxes and Customs

Notification No. 49/2018 – Central Tax

New Delhi, the 13^th September, 2018

G.S.R……(E).- In exercise of the powers conferred by section 164 of the Central Goods and

Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

(1) These rules may be called the Central Goods and Services Tax (Tenth Amendment) Rules, 2018.

(2) They shall come into force on the date of their publication in the Official Gazette.

In the FORMS to the Central Goods and Services Tax Rules, 2017, after FORM GSTR-9A, the following shall be inserted, namely:-

“FORM GSTR-9C

See rule 80(3)

PART – A - Reconciliation Statement

Pt. I

Basic Details

Financial

Year

GSTIN

Legal Name

< Auto>

Trade Name

(if any)

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Are you liable to audit under any Act?

<<Please specify>>

(Amount in ? in all tables)

Pt.

Reconciliation of turnover declared in audited Annual Financial Statement with

turnover declared in Annual Return (GSTR9)

Reconciliation of Gross Turnover

Turnover (including exports) as per audited financial

statements for the State / UT (For multi-GSTIN units under

same PAN the turnover shall be derived from the audited

Annual Financial Statement)

Unbilled revenue at the beginning of Financial Year

(+)

Unadjusted advances at the end of the Financial Year

(+)

Deemed Supply under Schedule I

(+)

Credit Notes issued after the end of the financial year

(+)

but reflected in the annual return

Trade Discounts accounted for in the audited Annual

(+)

Financial Statement but are not permissible under GST

Turnover from April 2017 to June 2017

(-)

Unbilled revenue at the end of Financial Year

(-)

Unadjusted Advances at the beginning of the Financial

Year

(-)

Credit notes accounted for in the audited Annual

(-)

Financial Statement but are not permissible under GST

Adjustments on account of supply of goods by SEZ

units to DTA Units

(-)

Turnover for the period under composition scheme

(-)

Adjustments in turnover under section 15 and rules

(+/-

thereunder

)

Adjustments in turnover due to foreign exchange

(+/-

fluctuations

)

Adjustments in turnover due to reasons not listed above

(+/-

)

Annual turnover after adjustments as above

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Turnover as declared in Annual Return (GSTR9)

Un-Reconciled turnover (Q - P)

AT1

Reasons for Un - Reconciled difference in Annual Gross Turnover

Reason 1

<<Text>>

Reason 2

<<Text>>

Reason 3

<<Text>>

st of March for any

supply accounted in the current financial year but such credit notes were

reflected in the annual return (GSTR-9)shall be declared here.

Trade discounts which are accounted for in the audited Annual Financial

Statement but on which GST was leviable(being not permissible) shall be

declared here.

Turnover included in the audited Annual Financial Statement for April 2017 to

June 2017 shall be declared here.

Unbilled revenue which was recorded in the books of accounts on the basis of

accrual system of accounting during the current financial year but GST was

not payable on such revenue in the same financial year shall be declared here.

Value of all advances for which GST has not been paid but the same has been

recognized as revenue in the audited Annual Financial Statement shall be

declared here.

Aggregate value of credit notes which have been accounted for in the audited

Annual Financial Statement but were not admissible under Section 34 of the

CGST Act shall be declared here.

Aggregate value of all goods supplied by SEZs to DTA units for which the

DTA units have filed bill of entry shall be declared here.

There may be cases where registered persons might have opted out of the

composition scheme during the current financial year. Their turnover as per

the audited Annual Financial Statement would include turnover both as

composition taxpayer as well as normal taxpayer. Therefore, the turnover for

which GST was paid under the composition scheme shall be declared here.

There may be cases where the taxable value and the invoice value differ due to

valuation principles under section 15 of the CGST Act, 2017 and&nbottom" width="65">

tax

/ UT tax

Description

Value

12%

18%

28%

sp; rules

Reconciliation of Taxable Turnover

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Annual turnover after adjustments (from 5P above)

Value of Exempted, Nil Rated, Non-GST supplies, No-Supply

turnover

/ UT tax

Description

Taxable Value

12%

18%

thereunder. Therefore, any difference between the turnover reported in the

Annual Return (GSTR 9) and turnover reported in the audited Annual

Financial Statement due to difference in valuation of supplies shall be declared

here.

Any difference between the turnover reported in the Annual Return (GSTR9)

and turnover reported in the audited Annual Financial Statement due to

foreign exchange fluctuations shall be declared here.

Any difference between the turnover reported in the Annual Return (GSTR9)

and turnover reported in the audited Annual Financial Statement due to

reasons not listed above shall be declared here.

Annual turnover as declared in the Annual Return (GSTR 9) shall be declared

here. This turnover may be derived from Sr. No. 5N, 10 and 11 of Annual

	Return (GSTR 9).

6	Reasons for non-reconciliation between the annual turnover declared in the
	audited Annual Financial Statement and turnover as declared in the Annual
	Return (GSTR 9) shall be specified here.

7	The table provides for reconciliation of taxable turnover from the audited
	annual turnover after adjustments with the taxable turnover declared in annual
	return (GSTR-9).

7A	Annual turnover as derived in Table 5P above would be auto-populated here.

7B	Value of exempted, nil rated, non-GST and no-supply turnover shall be
	declared here. This shall be reported net of credit notes, debit notes and
	amendments if any.

7C	Value of zero rated supplies (including supplies to SEZs) on which tax is not
	paid shall be declared here. This shall be reported net of credit notes, debit
	notes and amendments if any.

7D	Value of reverse charge supplies on which tax is to be paid by the recipient
	shall be declared here. This shall be reported net of credit notes, debit notes
	and amendments if any.

7E	The taxable turnover is derived as the difference between the annual turnover
	after adjustments declared in Table 7A above and the sum of all supplies
	(exempted, non-GST, reverse charge etc.) declared in Table 7B, 7C and 7D
	above.

7F	Taxable turnover as declared in Table 4N of the Annual Return (GSTR9) shall
	be declared here.

8	Reasons for non-reconciliation between adjusted annual taxable turnover as
	derived from Table 7E above and the taxable turnover declared in Table 7F
	shall be specified here.

Part III consists of reconciliation of the tax payable as per declaration in the reconciliation statement and the actual tax paid as declared in Annual Return (GSTR9). The instructions to fill this part are as follows :-

Table No.	Instructions

9	The table provides for reconciliation of tax paid as per reconciliation statement
	and amount of tax paid as declared in Annual Return (GSTR 9). Under the
	head labelled ?RC?, supplies where tax was paid on reverse charge basis by
	the recipient (i.e. the person for whom reconciliation statement has been
	prepared ) shall be declared.

9P	The total amount to be paid as per liability declared in Table 9A to 9O is auto
	populated here.

9Q	The amount payable as declared in Table 9 of the Annual Return (GSTR9)
	shall be declared here. It should also contain any differential tax paid on Table
	10 or 11 of the Annual Return (GSTR9).

10 Reasons for non-reconciliation between payable / liability declared in Table 9P above and the amount payable in Table 9Q shall be specified here.

11 Any amount which is payable due to reasons specified under Table 6, 8 and 10 above shall be declared here.

Part IV consists of reconciliation of Input Tax Credit (ITC). The instructions to fill Part IV are as under:-

Table No.	Instructions

12A	ITC availed (after reversals) as per the audited Annual Financial Statement
	shall be declared here. There may be cases where multiple GSTINs (State-
	wise) registrations exist on the same PAN. This is common for persons /
	entities with presence over multiple States. Such persons / entities, will have
	to internally derive their ITC for each individual GSTIN and declare the same
	here. It may be noted that reference to audited Annual Financial Statement
	includes reference to books of accounts in case of persons / entities having
	presence over multiple States.

12B	Any ITC which was booked in the audited Annual Financial Statement of
	earlier financial year(s)but availed in the ITC ledger in the financial yearfor
	which the reconciliation statement is being filed for shall be declared here.
	This shall include transitional credit which was booked in earlier years but
	availed duringFinancial Year 2017-18.

12C	Any ITC which has been booked in the audited Annual Financial Statement of
	the current financial year but the same has not been credited to the ITC ledger
	for the said financial year shall be declared here.

12D	ITC availed as per audited Annual Financial Statement or books of accounts
	as derived from values declared in Table 12A, 12B and 12C above will be
	auto-populated here.

12E	Net ITC available for utilization as declared in Table 7J of Annual Return
	(GSTR9) shall be declared here.

13	Reasons for non-reconciliation of ITC as per audited Annual Financial
	Statement or books of account (Table 12D) and the net ITC (Table12E)

availed in the Annual Return (GSTR9) shall be specified here.
	28%
	28%

	3%
	0.25%
	0.25%
	0.10%
	0.10%
	Interest
	Late Fee


	Penalty


	Others
	(please
	specify)
	specify)
Pt.		Reconciliation of Input Tax Credit (ITC)

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Reconciliation of Net Input Tax Credit (ITC)

ITC availed as per audited Annual Financial Statement for the

State/ UT (For multi-GSTIN units under same PAN this should

be derived from books of accounts)

ITC booked in earlier Financial Years claimed in current

Financial Year

(+)

ITC booked in current Financial Year to be claimed in

subsequent Financial Years

(-)

ITC availed as per audited financial statements or books of

account

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ITC claimed in Annual Return (GSTR9)

Un-reconciled ITC

ITC 1

Reasons for un-reconciled difference in ITC

Reason 1

<<Text>>

Reason 2

<<Text>>

Reason 3

Reconciliation of ITC declared in Annual Return (GSTR9) with ITC availed on

expenses as per audited Annual Financial Statement or books of account

Description

Value

Amount of

Amount of eligible

Total ITC

ITC availed

Purchases

Freight / Carriage

Power and Fuel

Imported goods

(Including received

from SEZs)

Rent and Insurance

Goods lost, stolen,

destroyed, written off

or disposed of by way

of gift or free samples

Royalties

Employees' Cost

(Salaries, wages,

Bonus etc.)

Zero rated supplies without payment of tax

0.25%

0.10%

Input Tax

Credit

Interest

Late Fee

Penalty

Any other

amount paid

for supplies

not included

in Annual

Return

(GSTR 9)

Erroneous

refund to be

paid back

Outstanding

demands to

be settled

Other (Pl.

specify)

Verification:

I hereby solemnly affirm and declare that the information given herein above is true and correct to the best of my knowledge and belief and nothing has been concealed there from.

**(Signature and stamp/Seal of the Auditor)

Place: ……………

Name of the signatory …………………

Membership No………………

Date: ……………

Full address ………………………

Instructions: –

Terms used:

(a) GSTIN: Goods and Services Tax Identification Number

The details for the period between July 2017 to March 2018 are to be provided in this statement for the financial year 2017-18. The reconciliation statement is to be filed for every GSTIN separately.

The reference to current financial year in this statement is the financial year for which the reconciliation statement is being filed for.

Part II consists of reconciliation of the annual turnover declared in the audited Annual Financial Statement with the turnover as declared in the Annual Return furnished in FORM GSTR-9 for this GSTIN. The instructions to fill this part are as follows :-

Table No.	Instructions

5A	The turnover as per the audited Annual Financial Statement shall be declared
	here. There may be cases where multiple GSTINs (State-wise) registrations
	exist on the same PAN. This is common for persons / entities with presence
	over multiple States. Such persons / entities, will have to internally derive
	their GSTIN wise turnover and declare the same here. This shall include
	export turnover (if any). It may be noted that reference to audited Annual
	Financial Statement includes reference to books of accounts in case of persons
	/ entities having presence over multiple States.

5B	Unbilled revenue which was recorded in the books of accounts on the basis of
	accrual system of accounting in the last financial year and was carried forward
	to the current financial year shall be declared here. In other words, when GST
	is payable during the financial year on such revenue (which was recognized
	earlier), the value of such revenue shall be declared here.
	(For example, if rupees Ten Crores of unbilled revenue existed for the
	financial year 2016-17, and during the current financial year, GST was paid on
	rupees Four Crores of such revenue, then value of rupees Four Crores rupees
	shall be declared here)

5C	Value of all advances for which GST has been paid but the same has not been
	recognized as revenue in the audited Annual Financial Statement shall be
	declared here.

5D	Aggregate value of deemed supplies under Schedule I of the CGST Act, 2017
	shall be declared here. Any deemed supply which is already part of the
	turnover in the audited Annual Financial Statement is not required to be
	included here.

5E	Aggregate valp>

14	This table is for reconciliation of ITC declared in the Annual Return (GSTR9)
	against the expenses booked in the audited Annual Financial Statement or
	books of account. The various sub-heads specified under this table are general
	expenses in the audited Annual Financial Statement or books of account on
	which ITC may or may not be available. Further, this is only an indicative list
	of heads under which expenses are generally booked. Taxpayers may add or
	delete any of these heads but all heads of expenses on which GST has been
	paid / was payable are to be declared here.

14R	Total ITC declared in Table 14A to 14Q above shall be auto populated here.

14S	Net ITC availed as declared in the Annual Return (GSTR9) shall be declared
	here. Table 7J of the Annual Return (GSTR9) may be used for filing this
	Table.

15	Reasons for non-reconciliation between ITC availed on the various expenses
	declared in Table 14R and ITC declared in Table 14S shall be specified here.

16	Any amount which is payable due to reasons specified in Table 13 and 15
	above shall be declared here.

Part V consists of the auditor’s recommendation on the additional liability to be discharged by the taxpayer due to non-reconciliation of turnover or non-reconciliation of input tax credit. The auditor shall also recommend if there is any other amount to be paid for supplies not included in the Annual Return. Any refund which has been erroneously taken and shall be paid back to the Government shall also be declared in this table. Lastly, any other outstanding demands which is recommended to be settled by the auditor shall be declared in this Table.

Towards, the end of the reconciliation statement taxpayers shall be given an option to pay their taxes as recommended by the auditor.

PART – B- CERTIFICATION

I. Certification in cases where the reconciliation statement (FORM GSTR-9C) is drawn up by the person who had conducted the audit:

* I/we have examined the—

(a) balance sheet as on ………

(b) the *profit and loss account/income and expenditure account for the period beginning from ………..…to ending on ……., and

attached herewith, of M/s …………… (Name), …………………….………… (Address),

..…………………(GSTIN).

2. Based on our audit I/we report that the said registered person—

*has maintained the books of accounts, records and documents as required by the IGST/CGST/<<>>GST Act, 2017 and the rules/notifications made/issued thereunder

*has not maintained the following accounts/records/documents as required by the

IGST/CGST/<<>>GST Act, 2017 and the rules/notifications made/issued thereunder:

(a) *I/we report the following observations/ comments / discrepancies / inconsistencies; if any:

…………………………………….

3. (b) *I/we further report that, -

(A) *I/we have obtained all the information and explanations which, to the best of *my/our knowledge and belief, were necessary for the purpose of the audit/ information and explanations which, to the best of *my/our knowledge and belief, were necessary for the purpose of the audit were not provided/partially provided to us.

(B) In *my/our opinion, proper books of account *have/have not been kept by the registered person so far as appears from*my/ our examination of the books.

(C) I/we certify that the balance sheet, the *profit and loss/income and expenditure account and the cash flow Statement are *in agreement/not in agreement with the books of account maintained at the Principal place of business at ……………………and **

……………………additional place of business within the State.

The documents required to be furnished under section 35 (5) of the CGST Act and Reconciliation Statement required to be furnished under section 44(2) of the CGST Act is annexed herewith in Form No. GSTR-9C.

In *my/our opinion and to the best of *my/our information and according to explanations given to *me/us, the particulars given in the said Form No.GSTR-9C are true and correct subject to following observations/qualifications, if any:

(a) ……………………………………………………………………………………

(b) ……………………………………………………………………………………

………………………………………

**(Signature and stamp/Seal of the Auditor)

Place: ……………

Name of the signatory …………………

Membership No………………

Date: ……………

Full address ………………………

II. Certification in cases where the reconciliation statement (FORM GSTR-9C) is drawn up by a person other than the person who had conducted the audit of the accounts:

*I/we report that the audit of the books of accounts and the financial statements of M/s.

………...........…………………. (Name and address of the assessee with GSTIN) was

conducted by M/s. …………………………………………..………. (full name and address

of auditor along with status), bearing membership number in pursuance of the provisions of the …………………………….Act, and *I/we annex hereto a copy of their audit report dated

……………………………. along with a copy of each of :-

(a) balance sheet as on ………

(b) the *profit and loss account/income and expenditure account for the period beginning from ………..…to ending on …….,

(d) documents declared by the said Act to be part of, or annexed to, the *profit and loss account/income and expenditure account and balance sheet.

2. I/we report that the said registered person—

*has maintained the books of accounts, records and documents as required by the IGST/CGST/<<>>GST Act, 2017 and the rules/notifications made/issued thereunder

*has not maintained the following accounts/records/documents as required by the

IGST/CGST/<<>>GST Act, 2017 and the rules/notifications made/issued thereunder:

The documents required to be furnished under section 35 (5) of the CGST Act and Reconciliation Statement required to be furnished under section 44(2) of the CGST Act is annexed herewith in Form No.GSTR-9C.

In *my/our opinion and to the best of *my/our information and according to examination of books of account including other relevant documents and explanations given to *me/us, the particulars given in the said Form No.9C are true and correct subject to the following observations/qualifications, if any:

(a) …………………………….…………………………….………………………

(b) …………………………….…………………………….………………………

………………………………………

**(Signature and stamp/Seal of the Auditor)

Place: ……………

Name of the signatory …………………

Membership No………………

Date: ……………

Full address ………………………?.

[F. No. 349/58/2017-GST (Pt.)]

(Gunjan Kumar Verma)

Under Secretary to the Government of India

Note:- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification No. 3/2017-Central Tax, dated the 19^th June, 2017, published vide number G.S.R 610 (E), dated the 19^th June, 2017 and last amended vide notification No. 48/2018-Central Tax, dated the 10^th September, 2018, published vide number G.S.R 859 (E), dated the 10^th September, 2018.

<<Text>>

Reason 2

Reason 3

<<Text>>

Pt.

III

Reconciliation of tax paid

Reconciliation of rate wise liability and amount payable thereon

Tax payable

Central

State tax

Cess, if

Description

Taxable Value

Integrated Tax

applicabl

tax

/ UT tax

5% (RC)

12%

12% (RC)

18%

18% (RC)

28%

28% (RC)

0.25%

0.10%

Interest

Late Fee

Penalty

Others

Total amount to be paid as per

< valign="bottom" width="65">

Supplies on which tax is to be paid by the recipient on reverse

charge basis

Taxable turnover as per adjustments above (A-B-C-D)

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Conveyance charges

Bank Charges

Entertainment charges

Stationery Expenses

(including postage

etc.)

Taxable turnover as per liability declared in Annual Return

(GSTR9)

Unreconciled taxable turnover (F-E)

AT 2

Reasons for Un - Reconciled difference in taxable turnover

Reason 1

Repair and

Maintenance

Other Miscellaneous

expenses

Capital goods

Any other expense 1

Any other expense 2

Total amount of eligible ITC availed

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ITC claimed in Annual Return (GSTR9)

Un-reconciled ITC

ITC 2

Reasons for un - reconciled difference in ITC

Reason 1

<<Text>>

Reason 2

<<Text>>

Reason 3

<<Text>>

Tax payable on un-reconciled difference in ITC (due to reasons specified in 13

and 15 above)

Description

Amount Payable

Central Tax

State/UT

Tax

Integrated

Tax

Cess

Interest

Penalty

Pt.

Auditor's recommendation on additional Liability due to non-reconciliation

To be paid through Cash

Central

State tax

Cess, if

Integrated tax

applicabl

tables above

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Total amount paid as declared in

Annual Return (GSTR 9)

Un-reconciled payment of amount

PT 1

Reasons for un-reconciled payment of amount

Reason 1

<<Text>>

Reason 2

<<Text>>

Reason 3

<<Text>>

Additional amount payable but not paid (due to reasons specified under Tables

6,8 and 10 above)

To be paid through Cash

Central

State tax

Cess, if

Integrated tax

applicabl

tax

</t

Notification no 49/2018 Central Tax date on 13th September, 2018, GST

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