Goods and Services Tax – GST Dated:- 3-7-2019 – News – The Government of India has been receiving a number of representations regarding Annual Return ( FORM GSTR-9 / FORM GSTR-9A ) and Reconciliation Statement ( FORM GSTR-9C ). In this regard the following clarifications are issued for information of all stakeholders: – a) Payment of any unpaid tax : Section 73 of the CGST Act provides a unique opportunity of self correction to all taxpayers i.e. if a taxpayer has not paid, short paid or has erroneously obtained/been granted refund or has wrongly availed or utilized input tax credit then before the service of a notice by any tax authority, the taxpayer may pay the amount of tax with interest. In such cases, no penalty shall be leviable on such tax payer. Therefore, in cases where some information has not been furnished in the statement of outward supplies in FORM GSTR-1 or in the regular returns in
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
nts should be synchronous and the values should match across different forms and the books of accounts. If the same does not match, there can be broadly two scenarios, either tax was not paid to the Government or tax was paid in excess. In the first case, the same shall be declared in the annual return and tax should be paid and in the latter all information may be declared in the annual return and refund (if eligible) may be applied through FORM GST RFD-01A . Further, no input tax credit can be reversed or availed through the annual return. If taxpayers find themselves liable for reversing any input tax credit, they may do the same through FORM GST DRC-03 separately . c) Premise of Table 8D of Annual Return: There appears to be some confusion regarding declaration of input tax credit in Table 8 of the annual return. The input tax credit which is declared / computed in Table 8D is basically credit that was available to a taxpayer
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
a mis-match between the updated FORM GSTR-2A and the auto-populated information in Table 8A. It is important to note that Table 8A of the annual returns is auto-populated from FORM GSTR-2A as on 1 st May, 2019. d) P remise of Table 8J of Annual Return: In the press release on annual return issued earlier on 4 th June 2019, it has already been clarified that all credit of IGST paid at the time of imports between July 2017 to March 2019 may be declared in Table 6E. If the same is done properly by a taxpayer, then Table 8I and 8J shall contain information on credit which was available to the taxpayer and the taxpayer chose not to avail the same. The deadline has already passed and the taxpayer cannot avail such credit now. There is no question of lapsing of any such credit, since this credit never entered the electronic credit ledger of any taxpayer. Therefore, taxpayers need not be concerned about the values ref
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
and Table 5F (Non-GST Supply): It has been represented by various trade bodies/associations that there appears to be some confusion over what values are to be entered in Table 5D,5E and 5F of FORM GSTR-9. Since, there is some overlap between supplies that are classifiable as exempted and nil rated and since there is no tax payable on such supplies, if there is a reasonable/explainable overlap of information reported across these tables, such overlap will not be viewed adversely . The other concern raised by taxpayers is the inclusion of no supply in the category of Non-GST supplies in Table 5F. For the purposes of reporting, non-GST supplies includes supply of alcoholic liquor for human consumption, motor spirit (commonly known as petrol), high speed diesel, aviation turbine fuel, petroleum crude and natural gas and transactions specified in Schedule III of the CGST Act. g) Reverse charge in respect of Financial Year 2017-18 paid d
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
GST Act is clear in this regard. With respect to the reconciliation statement, their role is limited to reconciling the values declared in annual return ( FORM GSTR-9 ) with the audited annual accounts of the taxpayer. i) Turnover for eligibility of filing of reconciliation statement: It may be noted that the aggregate turnover i.e. the turnover of all the registrations having the same Permanent Account Number is to be used for determining the requirement of filing of reconciliation statement. Therefore, if there are two registrations in two different States on the same PAN, say State A (with turnover of ₹ 1.2 Crore) and State B (with turnover of ₹ 1 Crore) they are both required to file reconciliation statements individually for their registrations since their aggregate turnover is greater than ₹ 2 Crore. The aggregate turnover for this purpose shall be reckoned for the period July, 2017 to March, 2018.
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
in Table 6B and 6H: Many taxpayers have represented about duplication of information in Table 6B and 6H of the annual return. It may be noted that the label in Table 6H clearly states that information declared in Table 6H is exclusive of Table 6B. Therefore, information of such input tax credit is to be declared in one of the rows only. l) Reconciliation of input tax credit availed on expenses: Table 14 of the reconciliation statement calls for reconciliation of input tax credit availed on expenses with input tax credit declared in the annual return. It may be noted that only those expenses are to be reconciled where input tax credit has been availed. Further, the list of expenses given in Table 14 is a representative list of heads under which input tax credit may have been availed. The taxpayer has the option to add any head of expenses. All the taxpayers are requested to file their Annual Return ( FOR
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =