Karneeti Part 301:
“GST- GANESHA… SAVE TAXPAYERS”
By CA Umesh Sharma
Arjuna (Fictional Character): Krishna, “Vighnaharta” Lord Ganesha’ is arriving in the month of September to resolve all the “Vighnas” of all the devotees. The month of September is the most important month which the Taxpayers should take care of. What are “Vighnas” that taxpayers might /face during the month of September?
Krishna (Fictional Character): Arjuna, The month of September is the most important month for the Taxpayers. Taxpayers who are required to get their books of accounts audited for F.Y 18-19 are required to upload their Income Tax Audit Report till 30th September, 2019. While filing Income Tax Audit Report, taxpayers have to provide information of GST too. Also the month of September is the last month for GST Taxpayers for taking effect of corrections of errors or omissions made while filing the GST returns for the F.Y 2018-19.
Arjuna: Krishna, What are “Vighnas” that Taxpayer might face relating to GST Audit for F.Y 2017-18 and Income Tax Audit Report for F.Y 18-19?
Krishna: Arjun, The Taxpayer might face the “Vighna” that the due date for filing GST Annual Return and Audit Report for F.Y. 2017-18 has been extended to 30th November, 2019 but the due date of filing Income Tax Audit Report of F.Y 2018-19 is 30th September, 2019.
Taxpayer should take care of the adjustments of F.Y 17-18 made in F.Y 18-19 which they will show in table no 10, 11, 12 and 13 of GSTR-9. The books of accounts for F.Y 18-19 are to be finalized before 30th September, 2019. Hence while finalizing the books of accounts for F.Y 18-19. Taxpayer should also finalize their GST liability for F.Y. 2017-18 and take it’s subsequent effect in books of accounts.
Arjuna: Krishna, What are “Vighnas” that Taxpayer might face while finalizing Income Tax Audit Report for F.Y 18-19?
Krishna: Arjuna, The Taxpayer might face the “Vighna” of providing detailed break-up of total expenditure of entities registered and unregistered under the GST in the Income Tax Audit Report i.e. expenditure-wise details of inward supplies-
1. Relating to goods or services exempt from GST
2. Relating to entities falling under the composition scheme
3. Relating to other registered entities
4. Expenditure relating to entities not registered under GST.
Hence the Taxpayer should be prepared with all the above information which is needed to be furnished in Income Tax Audit Report.
Arjuna: Krishna, What are “Vighnas” that Taxpayer might face while finalizing the GST Return for the month of September 2019?
Krishna: Arjuna, The GST return for the month of September 2019 is the last return for taking effect of corrections of errors or omissions made while filing the GST returns for the F.Y 2018-19. The taxpayers should reconcile books of accounts and GST returns. The details of transactions which were not shown in returns but accounted in books of accounts should be provided. The above reconciliation is important for taxpayer as this would also help them in finalizing the GST Annual return and Audit Report for the F.Y 2018-19.
Arjuna: Krishna, what lesson we should take from this?
Krishna: Arjuna, The month of September is the crucial for taxpayers as many “Vighnas” are awaiting but with arrival of “Vighnaharta” we can hope for early resolution of all “Vighnas”. The reason that the taxpayers are facing so many “Vighnas” is due to the non-availability of option to file Revised GST Return, hence all the taxpayer should pray to “Lord Ganesha”,that the Government brings the facility of “Revised GST Return” as this looks the only hope for resolving the “Vighnas” faced by the taxpayers. Hence for now GST means “GANESHA….SAVE TAXPAYERS”
Courtesy : CA Umesh Sharma