Goods and Services Tax – GST – By: – Bimal jain – Dated:- 23-10-2018 – Finally, after facing every step of hurdle during past one year of journey of GST, passing through more than 400 changes in form of Notifications, Circulars, Press Releases and Orders, the final goal of every taxpayer is to assess their business records and analyse the mistakes done during the past financial year through the mode of GST Audit (GSTR – 9C) and Annual Return (GSTR – 9) for FY 2017-18. Undoubtedly, the compliances under the GST law for the month of September 2018 is very critical for all registered persons under GST as many provisions of GST law pertaining to Input Tax credit ( ITC ) availment, issuing debit/credit notes, etc., prescribe last date of corresponding action as earliest of due date of furnishing return for the month of September following the end of FY or furnishing of the relevant annual return (Due date for filing – December 31, 2018). In this regard, we are summarising herewith key area
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B viz-a-viz ITC as per books of accounts and viz-a-viz ITC as per GSTR-2A: Identify the credits which have not been claimed or which have been claimed but not shown by the vendor in their return (GSTR-1) – chase the vendor for needful correction required; Review all expenses and capital assets ledgers to identify if any eligible credit has been missed to be availed; Prepare details of eligible & ineligible credit pertaining to Inputs, Input Services and Capital goods for filing annual return in Form GSTR -9; Recheck ITC register maintained by the company to ensure that no ineligible credits have inadvertently been taken in monthly return Form GSTR-3B. Recheck if GST paid under reverse charge in terms of Section 9(3) of the CGST Act and Section 9(4) of the CGST Act [till October 13, 2017] in FY 2017-18 has been availed as ITC to the extent eligible; Ensure that the invoices of vendors which are not paid within 180 days from date of invoice of supplier, have been duly paid and the am
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onth of September 2018: Any amount of credit extra reversed can be claimed as ITC in the return to be filed for the September month. In case of short reversal made, the differential amount of ITC can be reversed now with interest @ 18% per annum for the period staring from April 1, 2018 till the date of payment. Review of outward supply reported in Form GSTR-1 to check missing invoices and any amendments to be carried out: As per proviso to Section 37(3) of the CGST Act, any corrections in respect of the details already furnished in GSTR-1 shall be allowed only till furnishing return for the month of September following the end of FY to which such details pertain, or filing of relevant Annual Return, whichever is earlier. Further, in terms of Section 34(2) of the CGST Act, any credit note in respect of the supplies made in the previous FY shall be declared in the return for the month during which such credit note has been issued but not later than September following the end of the fin
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well as by the Company. Any tax adjustment required to be made on account of credit notes issued/ to be issued to be completed before filing Form GSTR-3B for September month. Road ahead and preparation for filing Annual Return: In terms of Section 44(1) of the CGST Act, every registered person, other than an Input Service Distributor, a person paying tax under Section 51 (TDS Collector) or Section 52 (TCS Collector), a casual taxable person and a non-resident taxable person, shall furnish an Annual Return for every financial year on or before the 31st day of December following the end of such financial year. The Government vide Notification No. 39/2018 – Central Tax dated September 4, 2018 has notified the format of Annual Return Form GSTR-9 (for normal taxpayers) and Form GSTR-9A (for composition taxpayers). Further, every registered person whose aggregate turnover during a financial year exceeds INR 2 crores is required to get his accounts audited and furnish a copy of audited annua
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itical Issues for filing Annual Return Form GSTR – 9: Considering the complexity of Form GSTR-9 under the given time frame of 3 months for due date of 31st December, Mr. Bimal Jain, Chairman, Indirect Tax Committee, PHD Chamber of Commerce, had highlighted critical issues therein which the taxpayer may face and which requires immediate attention of the Government along with highlighting key issues demanding extension of due date for filing Annual Return, in the Mega GST Conclave held on September 26, 2018 at PHD House. You can access the complete video of his theme presentation Challenges & Critical Issues for filing Annual Return Form GSTR – 9 by Bimal Jain at following link: https://www.youtube.com/watch?v=OdGfjIC10aQ Before parting… New beginnings are often considered as dreadful since it entails lots of challenges and practical trauma. Initial hiccups of new indirect taxation regime of GST also created teething problems in filing returns, capturing correct data and avail
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