Tax Audit season has been over, Now every one will have to move towards GST Annual Return. The due date for filing GST Annual Return is 31st December 2018. So this article is about GST Annual Return. “GST ANNUAL RETURN”
Arjuna (Fictional Character) : Krishna, this year GST Annual Return will have to be filed. So, tell me to whom, when and how it is to be filed. Explain me in detail.
Krishna (Fictional Character) : Arjuna, As per section 44 of CGST Act, every person registered under GST (except Input Service Distributor) will have to file GST Annual Return.
Arjuna : Krishna, what is the due date for filing of GST Annual Return?
Krishna : Arjuna, for the period of Financial Year, 31st December shall be the last day for filing of GST Annual Return i.e. Annual Return for the period of 1st July,2017 to 31st March,2018 should be filed on or before 31stDecember,2018.
Arjuna : Krishna, what are the types of GST Annual Return?
Krishna : Arjuna, as per CGST Rule 80 there are four types of GST Annual Return which have been explained below-
a) For the Taxpayers registered under Composition Scheme, GSTR 9A is to be filed
b) For the Taxpayers engaged in Electronic Commerce business (i.e. Electronic Commerce Operator), GSTR 9B is to be filed.
c) In the same way, Taxpayers whose Annual Turnover exceeds Rs 2 crore will have to perform the GST Audit and file GSTR 9C.
d) For the Remaining Taxpayers, GSTR 9 is to be filed.
Arjuna : Krishna, In GST annual return, what information and details are to be provided and where?
Krishna : Arjuna, GST Annual Return has been divided into 6 parts as shown below-
1) Part 1: Basic Information about Financial Year, GST Number, Business name/ Trade name (if any) will have to be given.
2) Part 2: The information declared in Returns filed during the Financial Year – Details about Supplies, Advances on which GST is applicable and on which GST is not applicable have to be shown separately in 2 different parts. In this, Supplies, Zero Rated Supplies, Supplies made to Special Economic Zone have to be shown along with their Taxable value, CGST, SGST and IGST respectively applied on them. The details of Debit notes and Credit notes have to be given. Details about Exempted, Nil Rated and Non GST Supplies also needs to be provided.
3) Part 3: Details of ITC declared in the return during the year have to be given. Herein, some details will be auto populated. Details about Taxable goods, Capital goods and Services along with CGST, SGST and IGST on them will have to be provided. Likewise, if TRANS 1 or TRANS 2 has been filed, details of the same also need to be provided. In Part 3, ITC Reversal or TRANS Credit Reversal details are to be mentioned. Thereafter, ITC not availed after matching with GSTR 2A will also be declared.
4) Part 4: Details of Tax Paid during the year showing Tax payable, ITC adjusted as well as cash paid in the form of tax have to be given.
5) Part 5: Details of any Mistakes or Omissions of Previous year which have been corrected during the period of April to September,2018 i.e. in Current Year will also be mentioned. Likewise, the tax to be paid on it will also be mentioned.
6) Part 6: Other information & Details as to-
Ø GST Demand & Refund details,
Ø Purchases made from Composition Dealer
Ø HSN code wise Inward and Outward Supplies and
Ø Late Fees payable or paid.
7) The information given in GSTR Annual Return form is right and nothing has been concealed thereby giving surety for the details mentioned therein.
Arjuna : Krishna, what lesson the taxpayer should learn from GST Annual Return?
Krishna : Arjuna, Firstly, the pressure of monthly returns have already stressed the Taxpayer and now the GST Annual Return would be another challenge to be fulfilled as in this too much of information is to be provided. GST Annual Return form hasn’t been provided on the portal by the Government yet. Whereas this is the first year for GST Annual Return and thus, how many obstacles will be faced, God Knows!
Courtesy : CA Umesh Sharma – 9822079900