Browsed by
Tag: GSTR-9

How to file GSTR-9: Preparing the first-ever annual return for financial year 2017-18

How to file GSTR-9: Preparing the first-ever annual return for financial year 2017-18

The filing of the first annual return for FY 2017-18 is due in roughly three months. It covers a period of nine months from July 2017 to March 2018, as against twelve months in a financial year. But many taxpayers still dread the preparation of annual return forms because the declaration of information in the annual returns has multiple implications.

The last date has been extended to June 30, 2019, but it is important to know that GST Annual returns in GSTR-9, GSTR-9C or GSTR-9A cannot be revised once filed. Moreover, any incorrect information can attract tax demands and interest or even penalties; leave alone the long-term litigations that can follow years later.

GSTR-9 is an annual summary of the sales, tax paid thereon, purchases, input tax credit (ITC) claimed, ineligible credits, demands and refunds. If the form was just a replica of the monthly GSTR-3B summarised at a yearly level, it would have been an easy task. Using monthly GSTR-3Bs already filed by a taxpayer, the annual form could be auto-populated for the twelve months of the financial year. However, being the first and perhaps the last GSTR-9 format under the present set up of GSTR-1 andGSTR-3B, every taxpayer must gear up to make an accurate declaration of transactions.GSTR-9 auto-populates two fields. An option to auto-fill from table 4A of GSTR-3B is available to report the ITC declared as per GSTR-3B in the Table 6A of the GSTR-9. Further, the annual summary ITC reflected in GSTR-2A is auto-filled in Table 8A of the GSTR-9. Rest of the fields must be taken care of by the businesses. Due to the decisions taken in the 31st GST council meeting, a taxpayer may have a GSTR-9 that is not exactly the sum of details reported in GSTR-1 or GSTR-3B. So, the taxpayer can now declare values as accounted in books for a particular transaction(s). Taxpayers must weigh the pros and cons of declaring a different figure that does not total up to the values as per GSTR-3B or GSTR-1 already filed for the specified period. These differences must have an explanation and any short payment of taxes at the end of the year must first be paid in cash in form DRC-03 after which the GSTR-9 must be filed.

The same council meeting had also addressed that irrespective of the month of filing, the table 8A (field that auto-populates GSTR-2A information) in GSTR-9 will reflect ITC as reported by all the suppliers of a tax filer. For invoices raised in FY 2017-18. Amid these developments, CBIC issued orders by the end of December 2018. These hold significance for filers of FY 2017-18 who have not finished compliance and those who desire to make corrections or claim ITC to already-filed returns. These are:

  • Any GST returns for July 2017 to September 2018 if not filed earlier, can now be filed up to 31st March 2019 without late fees.
  • The input tax credit against purchase invoices of FY 2017-18 can be claimed before filing the GSTR-3B for the return period of March 2019
  • Portal has allowed amendments for B2B outward supplies which happened between July 2017-March 2018 in any GSTR-1 filed after September 2018, but up to March 2019.

With the extended time limit, taxpayers who are yet to submit GSTR-9 must proceed only after ensuring that all the GST Returns applicable to their business (GSTIN) during FY 2017-18 are filed. In addition to this, businesses can make necessary amendments related to FY 2017-18 in GSTR-1 or GSTR-3B being filed for present months till March 2019 return period and claim any missed but eligible ITC. Further, they can nudge their suppliers to upload invoice details in GSTR-1 for those genuine ITC of FY 2017-18 which were not appearing in GSTR-2A between period July 2017 to September 2018.

Taxpayers must reconcile data of FY 2017-18 throughout the year from July 2017 to September 2018 to identify differences if any between returns and between the book of accounts and returns. Advances paid or received must accordingly be adjusted at the year-end against invoices issued and balance must only be reflected. ITC reversals must be done at the end of the year as per CGST rules.

One may find it difficult to report the HSN wise summary for purchases in GSTR-9, where it is not maintained in the books of accounts while raising an invoice. Reporting of a particular HSN is required if the value under one HSN is more than 10% of the total value of all HSNs put together. This was never a requirement in GSTR-3B. Use of a tool along with the sorting and filter feature can help identify HSN and summarise for GSTR-9 details. Technology can thus come to the rescue of taxpayers, who want to do this efficiently.

All this can be easy with the help of a sturdy reconciliation tool that can easily identify mismatches, duplication of entries, match credit/ debit notes against respective invoices, correct the reporting into wrong tax heads, non-reporting and so on. Hence, taxpayers especially those subject to audit under GST must ensure that a certified reconciliation statement in GSTR-9C is obtained from the auditor who is a chartered accountant or the cost accountant as soon as possible and is filed along with GSTR-9.

XaTTaX – World Class Automated eSolution for Return filing and e-Waybill

Source: Economic Times
Annual return tab enabled on GST portal; FIEO appreciates the initiative

Annual return tab enabled on GST portal; FIEO appreciates the initiative

The Goods and Services Tax Network (GSTN) has enabled the option of ‘Annual Return Tab’ on GST portal for filing annual GST return.

Calling it a good initiative on part of government, Ajay Sahai, Director General of Federation of Indian Exports Organization (FIEO) while talking to KNN India said “We have already informed exporters that they have to be little careful while filing the GST annual return.”

While filing the return, sum total of the monthly return should be matched with the annual return, he added.

He pointed “If annual return not matches with the sum total of monthly return, it will create problem for exporters.”

Requesting the government, Sahai said “If there are any errors, we request government to give some reasonable time to the exporters to review this data.”

Yesterday, GSTN has enabled the option by creating a tab for filing GST Annual Return on GST Portal, there are high chances that GST Annual Return Utility may be released very soon.

The Due date for filing Form GSTR– 9 i.e. (Annual Return) for the financial year, 2017-18 is December 31, 2018 and till date there is no such offline or online utility is available by GST department.

Draft GSTR 9 based on the returns filed by taxpayers is made available on GST portal for download.

GSTR 9 form is an annual return to be filed once in a year by or before the 31st December following the end of such financial year, by the registered taxpayers under GST including those registered under composition levy scheme.

Ease Your GST Filing & Invoice with XaTTaX GST Software

Source: KNN
Finance ministry notifies annual return forms under GST for 2017-18

Finance ministry notifies annual return forms under GST for 2017-18

The finance ministry has notified annual tax return forms for businesses registered under the GST, in which details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal have to be provided in a consolidated manner.

The ministry has notified annual return form for normal taxpayers (GSTR-9)Finance ministry notifies annual return forms under GST for 2017-18 and for composition taxpayers (GSTR-9A). The last date for filing the annual return forms is December 31.

The Goods and Services Tax (GST), which subsumed 17 different indirect taxes, was rolled out on July 1, 2017.

The annual return form for normal taxpayers has been divided into 6 parts with 19 tables which includes detailed information related to outward supplies, inward supplies, ITC availed, ITC reversed, ineligible ITC, particulars of demand and refund, HSN summary of outward supplies and HSN summary of inward supplies of the transactions declared in returns filed during the financial year ending March 2018.

Also information with regard to transactions related to financial year ending March 31, 2018 declared in return of April to September are to be declared in the annual return.

“Today government has accepted the long pending demand of industry and has notified annual return form for normal taxpayers(GSTR 9) and annual return form for composition taxpayers(GSTR 9A) in which detailed information has to be provided by businesses,” AMRG & Associates Partner Rajat Mohan said.

Also Read: Simple Guide of GSTR 9 with Easy Online Return Filing Process Eligibility & Rules

Also information with regard to transactions related to financial year ending March 31, 2018 declared in return of April to September are to be declared in the annual return, he added.

“This Annual return formats refers to computation of reconciliation of Tax credit claimed in GSTR 3B against credit available in GSTR 2A and IGST paid on import of supplies with the aim that Tax credit not availed till filing of return for September 2018 would lapse forever,” Mohan said.

While Part I of the form deals with basic information of the business, the details of all the supplies declared by the taxpayer in the returns filed during the financial year has to be filled in Part II of the return form in a consolidated manner.

Part III consists of the details of all input tax credit availed and reversed in the financial year for which the annual return is filed.

Part IV is the actual tax paid during the financial year.

Part V consists of particulars of transactions for the previous financial year but declared in the returns of April to September of current FY or date of filing of Annual Return for previous financial year (for example in the annual return for the FY 2017-18, the transactions declared in April to September 2018 for the FY 2017-18 shall be declared), whichever is earlier.

“This was quite an awaited Return format by the industry especially given the limited time frame for filing ie December 31st. While this development was awaited, the format of GSTR-9C, which is expected to include reconciliation with financials, attestation by auditor and other details is now being looked foward to by the industry, EY Tax Partner Abhishek Jain said.

Ease Your GST Filing & Invoice with XaTTaX GST Software

Source: Business Standard
GST Council to discuss annual return forms on Jul 21; experts expect reconciliation with ITR

GST Council to discuss annual return forms on Jul 21; experts expect reconciliation with ITR

The format for annual returns and audit is likely to be approved by the GST Council in its meeting on July 21 and industry expects that there could be some reconciliation with annual IT returns as the government aims to check tax evasion.

Goods and Services Tax (GST) was rolled out on July 1, 2017, GST Council to discuss annual return form on 21 Julyand this is the first year when businesses will have to file annual returns (GSTR-9) for 2017-18 fiscal by December 31, 2018. Also, those businesses with the turnover of more than Rs 2 crore will have to file audit reports along with the annual returns.

The revenue officers have prepared a draft of the annual returns form, which will be deliberated by the all-powerful GST Council chaired by Union Finance Minister and comprising state finance ministers as members, in its meeting on July 21. The GST Network, which manages the IT backbone for the new indirect tax regime will thereafter finalize the software to enable businesses to file the returns.

Also Read: Simple Guide of GSTR 9 with Easy Online Return Filing Process, Eligibility & Rules

Tax experts said they expect the annual returns form to be in line with that in the erstwhile Value Added Tax (VAT) regime, with some columns for reconciliation with Income Tax returns and audit report. They expect the forms to be made available online by October so that the returns could be filed within the December due date.

Deloitte India Partner M S Mani said: “Considering the fact that the key objective of GST is to expand the tax base, it is expected that the GST annual return would require some information related to annual accounts and income tax returns, in addition to the details which were required to be submitted in the erstwhile VAT annual returns”.

They expect that in the VAT era, assessments were made on the basis of annual returns and the same process should be followed in the GST regime as well.

Experts said the businesses might commit some error in the monthly returns filed and those could get corrected in the annual returns and hence assessment should be on the basis of annual returns.

EY India Tax Partner Abhishek Jain said: “Given the first year of GST, the industry would expect the Annual Return format to be simple and if possible only require PAN-based data reconciliation with the financials and not state wise or GSTIN wise data reconciliation with financials. The said demand essentially being on account of most company IT systems not being configured to extract state wise financials”.

Under the VAT regime, businesses were required to file returns in every state where they are registered and hence linking their annual returns with that of the same filed under IT returns was not feasible.

AMRG & Associates Partner Rajat Mohan said: “Some of the Industry expectations are online forms with least manual intervention seeking selected information, clarity on the need for annual state-wise financial statements and finally, deferment of GST audits in the first year”.

But, with GST being PAN based registration, it would be easier to reconcile the sales and purchases with that reported in IT returns.

As per the IT return forms notified by the income tax department, businesses filing ITR-4 (Presumptive Income From Business & Profession) will have to give information regarding turnover/gross receipt reported for GST as well as GST Identification Number (GSTIN). Besides, in ITR-6 which is to be filed by companies, businesses have to specify GST paid or refunded or credit outstanding.

Over 1.14 crore businesses are registered under the GST regime. Of these, about 18 lakh businesses have opted for composition scheme.

Source: Auto Economic times
FinMin Introduce Annual GST Return Forms in Next Council Meet

FinMin Introduce Annual GST Return Forms in Next Council Meet

The finance ministry is drafting an annual return form for the filing of the Goods and Services Tax that will be brought upon in the upcoming GST Council meet.

This will help the revenue department collect additional FinMin Introduce Annual GST Return Forms in Next Council Meetdata from taxpayers. Sources in the finance ministry informed the form has to be filed additionally along with the existing monthly GSTR-3B.

This comes after finance ministry complained of not enough information being shared by taxpayers in the monthly GSTR forms. The new annual form will seek all business details to help the government maintain the invoice-wise database.

The return form will help the government with invoice matching thus aiding in cross-checking returns to avoid tax evasion. The form will also be useful in checking any wrong claims of credit and refunds.

According to media reports, the council is also likely to take up the possible inclusion of natural gas in the indirect tax regime during its next meeting.

Recommended: How to change or update e-mail, phone number in GST system

“Petroleum is a considerably larger source for revenues not only for [the] Centre but states also and on [the] natural gas front, there is some consensus for bringing it into GST ambit and therefore, it could be the first petroleum product that could come within the GSTN,” Dheeraj Rastogi, Joint Secretary, GST Council, said while addressing a PHD Chambers of Commerce and Industry event.

“[We are] going to propose the inclusion of natural gas within the GST purview on an experimental basis in the forthcoming GST Council meeting,” Rastogi added, saying that this could be soon followed by the inclusion of aviation turbine fuel (ATF).

He, however, did not specify the tax bracket for natural gas if it was included in GST.

Currently, petroleum crude, motor spirit (petrol), high-speed diesel, natural gas, and ATF have been kept out of GST. However, several officials, including Petroleum Minister Dharmendra Pradhan and Indian Oil Corporation chairman Sanjiv Singh, had repeatedly said that petroleum products and natural gas should be brought under the unified indirect tax regime.

XaTTaX: Your automated E-Way bill compliance is just a click away!

Source: ET
Simple Guide of GSTR 9 with Easy Online Return Filing Process, Eligibility & Rules

Simple Guide of GSTR 9 with Easy Online Return Filing Process, Eligibility & Rules

The GSTR 9 is an annual return form to be filed by the taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. Here, XaTTaX briefs all the details, rules and regulations for GSTR 9 online filing along with step-by-step compliance procedure.

Get to know all the related information of GSTR 9 annual filing procedure, format, eligibility, and rules along with proper images (screenshots) and filing guidance at each and every step.

For any query and question relevant to GST, ask our experts and professional CAs which will resolve all your doubts as soon as possible. Here we are going to discuss the complete GSTR 9 form under the goods and services tax.

What is the Meaning of Filing GSTR-9?

GSTR 9 is meant for a return form which is required to be filed once in a year by the regular taxpayers concerning GST regime. It is further categorized in IGST, SGST, and CGST. Under the heads, the taxpayers fill information about supplies made and received in a year separately. It is a consolidated form which comprises the details mentioned in the monthly/quarterly returns in a year.

Who is Required to File GSTR-9?

All the registered taxpayers are required to file GSTR 9 under GST regime. However, following persons are not required to file GSTR 9

  • Casual Taxable Person
  • Input service distributors
  • Non-resident taxable persons
  • Persons paying TDS under section 51 of GST Act.

What are Different Sorts of Annual GST Returns under GSTR 9?

Different kinds of annual return under GST:

  • GSTR 9: The regular taxpayer who files GSTR 1, GSTR 2, and GSTR 3 are required to file the GSTR-9.
  • GSTR 9A: The composition scheme holder under GST is required to furnish GSTR 9A.
  • GSTR 9B: All the e-commerce operators who have filed GSTR 8 are required to file GSTR 9B in a financial year.
  • GSTR 9C: The taxpayers whose annual turnover cross Rs. 2 crores are required to file GSTR 9C in a financial year. All those taxpayers are needed to obtain the accounts to be audited and furnish a copy of reconciliation statement of tax already paid, audited annual accounts and tax payable according to the audited accounts with GSTR 9C.

What is the Due Date for Filing GSTR 9?

GSTR-9 is required to be furnished on or before 31st December in respective financial year bracket. For example, if you want to file GSTR 9 in the this FY 2017-18, then the last date to file the return form will be 31st December 2018.

Penalty Norms When you Miss the Due Date of GSTR 9 Filing

The late fee of one hundred rupees for every day during which such failure continues will be levied subject to a maximum of an amount deliberated at a quarter percent of taxpayer turnover in the respective Union territory or state.

XaTTaX: Free GST Filing Software

Which Kind of Detail is Required to Mention in GSTR-9?

GSTR 9 is divided into 9 sections:

  1. GSTIN: A state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number(GSTIN) is provided to each registered taxpayer. GSTIN is auto-populated when furnishing the return form.
  2. Legal Name: When the registered taxpayer log-in to the common portal, the legal name of the person is auto-populated.
    •  2C. Taxpayer Liable To Statutory Audit: Every registered taxpayer whose composite turnover during a financial year surpasses Rs. 2 crore is required to get his accounts audited as mentioned under sub-section (5) of section 35 and he/she shall file a copy of audited annual accounts and a reconciliation statement, duly validated, in FORM GSTR-9C, electronically using the common portal either through a Facilitation Centre informed by the Commissioner or directly.
  1. Date of statutory Audit: This head takes the date of the statutory audit.
  2. Auditors: The taxpayer is required to mention auditors’ names who have audited the accounts of the entity.
  3. Details of Expenditure: Information about goods and services bought in a financial year is required to mention here mandatorily. These details are required to be mentioned along with the appropriate HSN/ SAC codes and taxable worth of such goods and services. This information is provided in GSTR-2. Further, the relevant information is categorized in following sections:
    • The total value of purchases on which ITC availed (inter-State)
    • The total value of purchases on which ITC availed (intra-State)
    • The total value of purchases on which ITC availed (Imports)
    • Other Purchases on which no ITC availed
    • Sales Return
    • Other Expenditure (Expenditure other than purchases)

Total value of purchases on which ITC availed (inter-State)

  1. Details of income: Details of income accommodates all the information of supplies and sales made in a relevant financial year. This information is also mentioned by the taxpayer in GSTR-1. It is categorized as follow:
    • The total value of supplies on which GST paid (inter-State Supplies): Composite worth of supplies on which IGST is applicable in respect of inter-State Supplies
    • The total value of supplies on which GST Paid (intraState Supplies): Composite worth of supplies on which CGST and SGST are applicable in respect of inter-State supplies.
    • The total value of supplies on which GST Paid (Exports): Composite worth of supplies made under goods and services tax on which IGST is paid in respect of exports.
    • The total value of supplies on which no GST Paid (Exports): It comprises the worth of goods on which no GST is applicable in respect of exports.
    • Value of Other Supplies on which no GST paid: It takes the information of the supplies made under GST on which no GST is paid.
    • Purchase Returns: It includes the information of purchase return done in a financial year.
    • Other Income (Income other than from supplies): Other income made in a financial year which is not mentioned in above points are required to be mentioned here.

Details of all supplies and sales made during the year needs to be provided here. Such details are also mentioned in GSTR 1

  1. Return reconciliation Statement: After filing the details, the system will match with the transactions automatically and will calculate tax liability applicable in respect of the tax paid. The details such as interest, amount of tax difference and penalty are auto-populated by the system. It categorizes the relevant details in following fields:

Return reconciliation Statement

  1. Other amounts

GSTR 9: Other amounts

  1. Profit as Per the Profit and Loss Statement

Profit as Per the Profit and Loss StatementAs soon as particulars are furnished appropriately, the assessee is required to sign digitally either via a digital signature certificate (DSC) or Aadhaar based signature verification to authenticate the return details.

Aadhaar based signature