Annual Return under GST V S Datey

Background Annual return has to be filed by 31st December following the close of financial year For financial year 2017-18, the return is required to be filed for the period July 2017 to March 2018 before 31-12-2018. Form GSTR-9 and GSTR-9A notified on 4-9-2018 Nil Return is also required to be filed, if registered

Audit report in form GSTR-9C if aggregate turnover exceeds Rs two crores In addition to Annual Return, Audit report in form GSTR- 9C if aggregate turnover exceeds Rs two crores in form GSTR=9C – not yet notified Cost Accountant can audit the accounts Annual return along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed

Annual Return is not to be used to disclose turnover or claim ITC for 2017-18 The Annual Return is only a summary of turnover, Input Tax Credit availed, Tax payable and tax paid. Annual Return cannot be used to disclose turnover or claim ITC for 2017-18. Such disclosure is required to be made in GSTR-3B and GSTR-1 returns filed during April 2018 to September, 2018. Annual Return cannot be used to rectify mistakes filed in earlier returns

Reconciliation of Annual Return with Annual Financial Statement (Balance Sheet) The differences in annual financial statement can be on many counts, including following – (a) Annual Return is for the period July 2017 to March 2018 while Annual Financial Statement is for the period April 2017 to March 2018 (b) Financial Statement will include income and expenditure other than as shown in Annual Return (c) Provisions made at the end of Financial Year to comply with Accounting Standards (d) Annual return includes adjustment during April –Sept 2018 Cost Audit report also expects reconciliation

Contents of Annual Return GSTR-9 The Annual Return is basically a summary of GSTR-1 and GSTR-3B returns for the period July 2017 to March 2018. However, if there are any amendments made during April 2018 to September 2018 returns, these have to be included in the Annual Return for 2017-18.. The return is in following parts. Part I – Basic Details – Financial Year, GSTIN, Legal Name and Trade Name (if any).

Continued - Contents of Annual Return GSTR-9 Part II - Details of Outward and inward supplies declared during the financial year – (a) Details of advances, inward and outward supplies on which tax is payable as declared in returns filed during the financial year (b) Details of Outward supplies on which tax is not payable as declared in returns filed during the financial year Part III - Details of ITC as declared in returns filed during the financial year – (a) Details of ITC availed as declared in returns filed during the financial year (b) Details of ITC Reversed and Ineligible ITC as declared in returns filed during the financial year (c) Other ITC related information. This part has been omitted in GSTR-9A

Continued - Contents of Annual Return GSTR-9 Part IV - Details of tax paid as declared in returns filed during the financial year – This part covers actual tax paid during the financial year. Part V – Particulars of the transactions for the previous FY declared in returns of April to September of current FY or upto date of filing of annual return of previous FY whichever is earlier – This part covers amendments made in returns of April to September 2018 in respect of returns filed for period upto March 2018, like supplies/tax declared (net of debit notes) or reduced (net of credit notes and ITC reversed or availed for the previous financial year

Continued - Contents of Annual Return GSTR-9 Part VI - Other Information – (a) Particulars of demands and refunds (b) Information on supplies received from composition taxpayers, deemed supply under section 143 and goods sent on approval basis.(c) HSN wise summary of outward supplies (d) Late fee payable and paid. Information required in GSTR-9A (applicable to taxable persons under composition scheme) is similar. Details of Input Tax Credit is not required

Opportunity for Cost Accountants Certification of Annual Return of GST GST Practitioner – examination will commence soon Consultant and Adviser in GST

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