Annual returns : gst

CA Dheeraj S (Practicing CA) (427 Points)

18 September 2018  

Much awaited and debated forms for annual returns under GST laws are notified by the Govt. 

 

To understand more about this notified compliance, we need to understand few of the basic queries that come up in our minds initially. 

 

To address few such questions, an attempt has been made here below: 

 

1. What is annual returns under GST

A Compilation of all the returns/ transactions made during the year. 

 

2. To whom is this annual returns applicable?

To all categories of registered tax payers under GST

 

3. Does this annual return need certification from a Chartered Accountant?

No certification required from CA, unless the aggregate turnover exceeds Rs. 2 crores in the FY 2017-18

 

4. When is the due date for this annual returns?

31 December xxxx ( every 31 December after the end of Financial year)

i.e 31 December 2018 for the FY 2017-18

 

5. What is the form that needs to be filed?

There are four forms notified. They are:

a. GSTR 9 : For registered persons under normal scheme

b. GSTR 9A : For Registered persons under composite scheme

c. GSTR 9B : For E-Commerce Operators filing GSTR 8 

d. GSTR 9C : For registered persons with aggregate turnover exceeding 2crores (along with CA Certification)

6. What are the basic and important details to be filled in the forms?

The Forms are divided into six categories with 19 tables which requires detailed information with respect to outward supplies, inward supplies and ITC availed, reversed and ineligible ITC, refund claimed, Demands, HSN summary. 

These six categories in the forms are : 

a. Basic details of the tax payer
b. Details of outward and inward supplies 
c. Details of ITC declared
d. Details of tax paid in returns
e. Transactions relating to previous financial year but declared in the current financial year upto 30 Sept xx. 
f. Other informations with respect to GST demands, refunds, HSN summary, late fees, etc. 

 

Few important points to remember : 

1. It is mandatory for all categories of registered persons under GST

2. Taxable turnover or tax payable missed in GST returns cannot be addded in annual returns. However,exempt supplies or Non GST supply missed out can be disclosed here.

3. The returns are to be filed separately for each registration number

4. B2C transactions with unregistered persons can be clubbed and disclosed in one shot

5. HSN wise details to be provided for inward supplies

6. Credit availed till date shall be disclosed without fail

7. Penalty for failure in furnishing returns under Section 44 shall attract Rs.100 per day for the default period subject to maximum of 0.25% of turnover.

8. Adequate reconciliations with GST returns and books need to be ready before filing of annual returns.