As per the initial findings, it seems that the GSTR 9C (GSTAudit form) is a significant GST return filing form introduced by the government which requires taxpayers to file GST returns of the complete year in a single form.
Also, the increase in compliance and requirement of detailed reporting of tax returns and subsequent transactions done by a businessman in a whole year would obviously justify the annual GST return form for all the taxpayers.
The return filing and tax details input done in the annual form will certainly be a help for all the taxpayers as it will figure out and give best of the solution for any improvement in the filing procedure or any other compliance part.
Although the GST annual audit form is a part of a statutory compliance it will be also a beneficial part for all those businesses which requires at least consolidation of whole year business.
Read Also: View & Download the PDF Format of GSTR 9, GSTR 9A & GSTR 9C
The reporting requirements of GST annual audit form is not only a mathematical correction form but it will help in multiple phases in even upcoming years of the business having reconciliation certificates on hand.
The GST audit report and the annual return must be filed on or before 31st December of every year, which also makes it a habitual factor for complete years go through of business transactions.
And given the years time, there will be an complete research over the business dealings and any of the wrong entry committed within the audit reports will be taken into consideration.
From such extensive clarification on the importance of GST Audit form in the complete processing of business dealings in a taxpayers business, it is not cleared that government has wisely introduced the provision of annual audit form for the taxpayers benefit only.
