GST Self-Certified Reconciliation Statement is a document that reconciles the details of turnover, tax paid, and input tax credit (ITC) as per the taxpayer’s records with those filed in GST returns. It is usually required for taxpayers whose annual turnover exceeds a specified limit. This statement is filed in Form GSTR-9C along with the GST annual return (GSTR-9). Earlier, a Chartered Accountant or Cost Accountant was required to certify GSTR-9C, but now taxpayers can self-certify it. The reconciliation statement ensures transparency and accuracy in GST filings. It helps in identifying errors or mismatches in GST returns before submission. Differences between audited financial statements and GST returns are analyzed in this statement. ITC claimed and tax liability declared in GSTR-3B are cross-verified. Discrepancies, if any, must be explained with reasons in the statement. Taxpayers must pay any additional liability found during reconciliation before filing. The statement includes details of turnover, taxes paid, ITC availed, and adjustments made. Self-certification reduces compliance costs for businesses. It is crucial for ensuring that financial records match GST returns. Businesses must maintain proper documentation to support their reconciliation. Failure to file a reconciliation statement may lead to penalties. It is an important tool for tax authorities to verify the correctness of GST compliance. The self-certified statement promotes voluntary compliance and reduces tax evasion. Taxpayers should review all GST returns before preparing the reconciliation statement. Errors in GST filings can be rectified while preparing GSTR-9C. Proper reconciliation helps in avoiding notices from tax authorities. Mismatches in sales data between GSTR-1 and financial records should be resolved. ITC claimed should be compared with GSTR-2B to ensure accuracy. Adjustments related to debit and credit notes must be correctly reported. Businesses should ensure that tax payments match their actual liability. The reconciliation process involves verifying GST rates applied to various transactions. Turnover reported under GST should align with financial statements. Any unreconciled difference should be explained in the statement. Large businesses must take extra care while preparing the reconciliation. The statement helps in identifying tax shortfalls or excess tax payments. ITC reversal calculations should be correctly accounted for in the reconciliation. Businesses should complete the reconciliation process before the due date to avoid late fees. Digital records and accounting software can make reconciliation easier. A well-prepared reconciliation statement enhances the credibility of financial reporting.