Deepak Gupta | Nov 18, 2018 |
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GSTR 9: Understanding Annual Return and GST Audit :
The implementation of GST has brought a major shift in structure of Indirect Taxes. One of the very important compliance in GST regime is Filling of Annual Return and Conducting GST Audit. Although Annual Return and GST Audit has givenan opportunity to the professionals but they are responsibility as well which are required to be deliberated very carefully.
Kindly note that For FY 17-18 GST annual return for electronic commerce operator or GSTR 9B has not been notified. Also the provisions of TDS and TCS were notified after March 2018, so it is quite clear that no GST 9B is required to be filed for FY 17-18 |
Annual Return or GSTR9/GSTR9A/GSTR9B | Form GSTR9C* for GST Audit |
Prescribed in terms of section 44 CGST Act read with Rule 80 | Prescribed in terms of Section 35(5) read with section 44 CGST Act and Rule 80(3) |
GSTR9 is divided into Six Parts and GSTR9A is divided into Five Parts | Form GSTR9C is divided in to two parts Part A is Reconciliation Statement which is divided into Five Parts Part B is Certification by the professional. Professional certifying the Reconciliation Statement may or may not be the one who has Audited Accounts of the Assessee. |
Annual return is kind of consolidation of previous returns filed by the Taxpayer | FORM GSTR9C involves reconciliation, audit and certification. |
To be filed by all registered Persons except : Casual Taxable Person Input service distributors Non-resident taxable persons Persons paying TDSunder section 51 of CGST Act Person Collecting TCS under Section 52 of CGST Act | Tax payers who are required to file Annual Return and there aggregate turnover in a financial year exceeds Rs 2 Crores require to file Form GSTR9C |
No need to annex financials | Financials to be annexed |
*Reader may please note thatForm GSTR9C is also a specific kind of annual return only.
GSTR9 is filled before the GSTR9C and thesereturns can only be filed once for a financial year. There is no option to revise this return.
The Due date of submitting Annual Return and GST Audit is 30th June 2019.Professionals should take due care of this date and do this compliance on time to avoid any penalty or litigation.
(The Author of this Article can be reached at [email protected])
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