Details analysis :- FORM GSTR-9C : Reconciliation of Input Tax Credit (ITC)
The entire reconciliation statement in the form 9C has been divided into the following Parts namely:
3. Reconciliation of tax paid Reconciliation of Input Tax Credit (ITC); and lastly
4. Auditor’s recommendation on additional Liability due to non-reconciliation
- Amount of total ITC in that particular Head of Income; and
- The amount of eligible ITC availed (this requires the verification of each invoice)
- 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.)
- Conveyance charges
- Bank Charges
- Entertainment charges
- Stationery Expenses (including postage etc.)
- Repair and Maintenance
- Other Miscellaneous expenses
- Capital goods
- Any other expense (remaining expenses can be clubbed in this head)
If the same is not matching then each category of the difference shall be properly explained.
The same shall be properly calculated and mentioned in the reconciliation statement.
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