Goods and Services Tax – GST – By: – Sandeep Rawat – Dated:- 14-11-2018 Last Replied Date:- 18-11-2018 – Government has announced for annual return to be filed under Goods & Service tax Act. However a Lot of difficulties are being faced by taxpayers and professionals while filing GST returns due to technical glitches and ambiguous law. After filing monthly returns, a regular person has to even file an Annual Return which is quite detailed. it s critical to start focusing on various compliances such as input and output reconciliations, preparation and filing of annual return and GST audit certification. Annual Return and GST Audit GSTR-9 ANNUAL RETURN GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It consolidates the information furnished in the
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p by consolidating summary from all GST returns filed in previous FY. Part-III Details of ITC declared in returns filed during the FY. This will be summarised values picked up from all the GST returns filed in previous FY. Part-IV Details of tax paid as declared in returns filed during the FY. Part-V Particulars of the transactions for the previous FY declared in returns of April to September of current FY or up to the date of filing of annual returns of previous FY whichever is earlier. Usually, the summary of amendment or omission entries belonging to previous FY but reported in Current FY would be segregated and declared here. Part-VI Other Information comprising details of: -GST Demands and refunds, HSN wise summary information of the quantity of goods supplied and received with its corresponding Tax details against each HSN code, Late fees payable and paid details and Segregation of inward supplies received from different categories of taxpayers like Composition dealers, deemed su
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accounts along with GSTR 9C. This form is to be prepared and audited by a chartered accountant or cost accountant. This statement is to be filled for every GSTIN separately and therefore there-can be several reports of GSTR-9C for same PAN. This form is divided into mainly 2 parts- PART-A: RECONCILIATION STATEMENT The figures in the audited financial statements are at PAN level. Hence, the turnover, Tax paid and ITC earned on a particular GSTIN( or State/UT) must be pulled out from the audited accounts of the organisation as a whole. The Reconciliation Statement is divided into five parts as follows: Part-I: Basic details: Consists of FY, GSTIN, Legal Name and Trade Name. The taxpayer must also mention if he is subject to audit under any other law Part-II: Reconciliation of turnover declared in the Audited Annual Financial Statement with turnover declared in Annual Return (GSTR 9)- This involves reporting the gross and taxable turnover declared in the Annual return with the Audited Fi
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ill be after considering the reversals of ITC claimed, if any. Part-V: Auditor s recommendation on additional Liability due to non-reconciliation- Here, the Auditor must report any tax liability identified through the reconciliation exercise and GST audit, pending for payment by the taxpayer. This can be non-reconciliation of turnover or ITC on account of : Amount paid for supplies not included in the Annual Returns(GSTR 9) Erroneous Refund to be paid back Other Outstanding demands to be settled Lastly, the instructions to the format of GSTR-9C specify that an option will be given to taxpayers to settle taxes as recommended by the auditor at the end of the reconciliation statement. PART-B: CERTIFICATION. The GSTR-9C can be certified by the same CA who conducted the GST audit or it can be also certified by any other CA who did not conduct the GST Audit for that particular GSTIN. The difference between both is that in case the CA certifying the GSTR-9C did not conduct the GST audit, he m
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the GST Law for not getting the accounts audited by a Chartered Accountant or a Cost Accountant. Therefore, in terms of Section 125 of CGST Act, 2017, he shall be subjected to penalty up to ₹ 25,000/-. MAJOR PROBLEM/ISSUE WHILE CARRRING OUT GST AUDIT Major problem faced while carrying out GST audit for the financial year 2017-18 HSN of inward supplies is required in the annual return GSTR 9 which was not needed while filing monthly GSTR 3B. Multiple audits under indirect tax laws: VAT audits and Service Tax audit may be required to be carried out for the first quarter and GST audit for the next three quarters; The difference in the annual return as per the books of accounts and GST data filed during the financial year. Segregated details of ITC availed are required as Inputs/Input services/ Capital Goods Reporting of the amended transactions relevant to the FY 2017-18 filed in the returns of April to September of current FY or up to the filing of annual return of FY 2017-18 i.e.
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