ICAI Issued Handbook on GST Annual Return

ICAI Issued Handbook on GST Annual Return:

Foreword: The submission and processing of return is an important link between the taxpayers and tax administration. Section 44 of the Central Goods & Services Tax (CGST) Act, 2017 stipulates that every registered person shall furnish an annual return for each financial year. Annual return is a consolidation of returns filed i.e. GSTR 1 and GSTR 3B, by the taxpayer for the financial year. It will contain details of inward and outward supply along with tax payments with an option to report additional liability, if any. GST annual return filing is mandatory for all entities having GST registration, irrespective of turnover during the financial year. Hence, even businesses that have obtained GST registration and having even NIL turnover must file annual return. GST registration holder who has obtained the registration anytime before 1st April 2018 are required to file GST annual return for the financial year 2017-18 on or before 30th June 2019 in form GSTR 9 notified by the CBIC which contains VI Parts and 19 Tables and similarly GSTR-9A for composition dealer. Being a partner in GST Knowledge Dissemination, the GST & Indirect Taxes Committee of ICAI has come out with this publication namely Handbook on GST Annual Return which contains the detail analysis of Form GSTR-9 and GSTR-9A in a comprehensive manner for each table of the forms. I appreciate the efforts put in by the Chairman, Vice-Chairman and other members of the GST & Indirect Taxes Committee of ICAI for undertaking this tedious task and coming out with this Handbook. I hope this publication will be beneficial to all the readers and assist them in their professional endeavours. Preface The Goods and Services Tax was introduced in July, 2017 by replacing 17 Central and State taxes, which enable the removal state border virtually and creation of common market. Since then the tax payers have been filing monthly/quarterly return reporting therein inward and outward supplies made by them and taxes paid thereon. Every registered taxpayer under GST, now are required to file Annual Return for the period 1st July, 2017 to 31st March, 2018 by 30th June, 2019 in Form GSTR 9/9A depending on whether they are regular dealers or composition dealers. The Institute of Chartered Accountant of India has been regularly supporting the Government, its members and other stakeholder by disseminating GST knowledge through its technical publications, Certificate Course, programme and conferences. The effort of the Institute has recently been recognised by the Goods and Services Tax Network which felicitated the Institute on the occasion of its foundation day on 5th April, 2019 at New Delhi. Now, considering the importance of filing of Annual Return to provide support and to help tax payers in filing their Annual Return for the first time, the GST & Indirect Taxes Committee of the Institute has brought out this Handbook on Annual Return. An attempt has been made to guide about each and every information sought in the Annual Return. We are happy to acknowledge the support and assistance provided by members of the Study Group in Chennai and Kolkata, CA J. Purushothaman, CA. A. Jatin Christopher, CA. D S Aggarwal and others members of the committee. I also appreciate the dedicated efforts of entire Secretariat of GST & Indirect Taxes Committee. The users are welcomed to a professionalized learning experience in GST and are encouraged to provide suggestions for the improvement of this handbook at the link at idtc@icai.in.