Goods and Services Tax – GST – By: – Ganeshan Kalyani – Dated:- 5-3-2019 – Section 44 of the Central Goods and Services Tax Act, 2017 ( CGST Act ) provides that every registered person other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year. In view of the above cited provision, a registered person shall furnish annual return for the financial year 2017-18 (consisting of nine months period starting from 1st July 2017 to 31st March 2018) by 31st December 2018. However, due to unavailability of the electronic system in government portal through which the annual return is to be filed the registered person could not furnished the annual return. Therefore on the recommendation of the GST Council,
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nd furnished in the annual return. The classification may be carried out based on the name of the supplier of service. The purchase department in an organization can classify a supplier into supplier of goods and supplier of service. The list of such supplier supplying services can be used to classify the credit in to goods or services. Also, the accounting software in an organisation has a unique serial number for supplier of service's account number. The same could be useful to do the classification. Though it seems to be an easy task a considerable time will be required to carry out the task of classification of input tax credit in to inputs, capital goods and input services. Thus, one must start the activity immediately. GSTR-2A reconciliation with the input tax credit taken by the registered person in GSTR-3B: The second big task which is going to take considerable time is GSTR-2A reconciliation with the input tax credit taken by the registered person in GSTR-3B. Though the re
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18-Central Tax dated 31st December, 2018. HSN (Harmonized System of Nomenclature) summary of outward supplies and inward supplies: This is yet another time taking task. Outward supplies: Every registered person would have furnished the HSN summary of the outward supplies in Table 12 of GSTR-1. The same would be readily available to them for disclosing it in annual return. However, it is suggested to registered person to have a relook at the details before furnishing the same in the annual return. It is possible that some HSN may have skipped to be furnished in the GSTR-1 return. Hence, it is necessary to recheck the HSN summary with the outward supplies. Inward supplies: secondly, the HSN summary of inward supplies is required to be furnished in point no. 18 of the annual return. It is given in the instruction no. 17 &18 in the Notification No.74/2018 which states that in respect of inward supplies, HSN of those supplies which in value independently account for 10% or more of the t
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out of the composition scheme. Second requirement is regarding deemed supply under section 143. Section 143 of CGST Act, states that a registered person, with due intimation and conditions as prescribed, may send any inputs or capital goods to a job worker without payment of tax and from there to another job worker and so on. However, the said inputs must be received back by the principal within a period of 2 years (1 year up to 31.01.2019) and in case of capital goods within a period of 5 years (3 years up to 31.01.2019). The said time period is increased as mentioned w.e.f. 01.02.2019 vide CGST (Amendment) Act, 2018 which is made effective by Notification No. 02/2019-Central Tax dated 29th January, 2019. If the inputs and capital goods are not received back by the principal within the said time period then it would be deemed that those inputs and capital goods were supplied by the principal to the job worker and the applicable tax would become payable. In the table no. 16 of annual
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The information as regard total refund claimed, total refund sanctioned, total refund rejected, total refund pending, total demand of taxes, total tax paid as against the demand of taxes and total demand pending is required to be furnished in point 15 of the annual return. The registered person must start compiling such information so as to disclose it in the annual return. Details of ITC reversed and ineligible ITC for the financial year: The details of the Input Tax Credit reversed through Table 4(B)(i) & (ii) and ineligible Input Tax Credit furnished in Table 4(D) (1) & (2) of GSTR-3B need to be furnished in the point no. 7 of the annual return. The input tax credit so reversed could be of the GST credit or it can be transitional credit i.e. the credit claim u/s 140 of CGST Act read with rule 117 of the CST Rules, 2017. The reversal of transitional credit may have arrived at by own detection of credit being wrongly taken or on detection by the assessing officer in the cours
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he branch transfer of goods from one branch to another branch does not reduces or increases the stock in a company. Further, the asset transfer from one branch to another branch in another state also need to be consider for the purpose of arriving at the turnover because GST is applicable on the asset transfer. GST is also applicable on notice pay recovery from an employee who does not want to serve full notice period days. In this way the turnover of the annual financial statement to be arrived at in order to match it with the turnover as furnished in the annual return. If there is any difference, the explanation need to be furnished in point no. 6 of GSTR-9C. Similarly the taxable turnover to be arrived at and furnished in point no. 7 of GSTR-9C. Reconciliation of taxes paid and additional amount payable: Reconciliation of rate wise liability and amount payable thereon need to be furnished inn point no. 9 of GSTR-9C. Additional amount payable arrived at during the reconciliation of t
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