1. Annual Return, GST Audit and Finalization of Accounts with GST Perspective
Presented By:
CA Navneet Garg,
B. Com, FCA, DISA, DIRM
Presented By

2. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
Happy 1st Birthday – GST
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

3. Finalization of Accounts with GST Perspective
Issues in Outward Supply.
Issues in Inward Supply, ITC & Reconciliation thereof.
Issues in Reverse Charge.
Ageing analysis of creditors for reversal Special transactions
Accounting Treatment of Transitional Credit
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

4. Effect on Cash / Credit Ledgers
No Hit on Cash Ledger, Credit Ledger, Liability Register
GSTR 1
Hit on Cash Ledger, Credit Ledger, Liability Register
GSTR 3B
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

5. Issues in Inwards Supply & ITC and reconciliation thereof
Issues in Outwards Supply
Issues in Inwards Supply & ITC and reconciliation thereof
GSTR 1
Books of Account
GSTR 3B = =
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

6. Issues in Outwards Supply
Invoice omitted to be reported in returns
Invoice reported twice in return.
Invoice Cancelled afterwards.
Sales Return.
Post Sale Discount.
Misc. Income / Sale or Disposal of Asset
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

7. Credit Note/ Debit Note
A credit note or a debit note, for the purpose of the GST Law, can be issued by the registered person who has issued a tax invoice, i.e., the supplier.
Any such document, by whatever name called, when issued by the recipient to the registered supplier, is not a document recognized under the GST Law.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

8. Time Limit Debit Note- No Time Limit Credit Note- Time Limit
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

9. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
The credit note must not be issued any time after either of the following 2 events or
Annual return has been filed for the FY in which the original tax invoice was issued; OR
September of the FY immediately succeeding the FY in which the original tax invoice was issued
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

10. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
Situations under which the registered supplier is entitled to issue a credit note
1. Actual value of supply is lower than that stated in the original tax invoice; 2. Tax charged in the original tax invoice is higher than that applicable on the supply; 3. Goods supplied are returned by the recipient; 4. Goods or services supplied are deficient.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

11. Treatment of Advance Received
In respect of Goods-
No Tax on Advance received from 15th November 2017 onwards.(40/2017, 13th Oct 17 & 66/2017, Dated 15th Nov 17 )
In respect of Services-
Tax has to be paid even on advances.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

12. Issues in Inwards Supply & ITC and reconciliation thereof
GSTR 2A
Books of Account
GSTR 3B = =
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

13. Issues in Inwards Supply & ITC and reconciliation thereof
Balance in Electronic Credit Ledger, Electronic Cash Ledger Should match with balance in Books of Accounts.
If Balance does not match then one has to prepare reconciliation statement
Reversal of Blocked Credit 17(5)

14. Issues in Inwards Supply & ITC and reconciliation thereof
Registered person shall not be entitled to take input tax credit
in respect of any invoice or debit note
for supply of goods or services or both
after the due date of furnishing of the return under section 39 for the month of September
following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return,
whichever is earlier.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

15. Issues in Reverse Charge - 9(3)
For Services
Notification no. 13/2017-Central Tax (Rate) dated 28th June 2017.
Notification no. 10/2017-Integrated Tax (Rate) dated 28th June 2017.
For Goods
Notification no. 04/2017-Central Tax (Rate) dated 28th June 2017
Notification no. 04/2017-Integrated Tax (Rate) dated 28th June 2017
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

16. Issues in Reverse Charge - 9(4)
Notification no. 8/2017-Central Tax dated 28th June 2017 provides that intra state supplies received by an unregistered person from registered taxpayers will be exempted subject to the amount of Rs per day w.e.f
Complete amount of IGST arising on receipt of inter-state supplies should be payable on reverse charge basis. This provision had its validity only upto 12th October 2017.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

17. Issues in Reverse Charge - 9(4)
On 13th October 2017, the Government released Notification no. 38/2017-Central Tax (Rate) and 32/2017-Integrated Tax (Rate).
The limit of Rs. 5,000 has been withdrawn from 13th October However, this does not alter the position till 12th October 2017
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

18. Review ageing analysis of creditors for reversal Special transactions
Payment not made for Value of Supplies Within 180 days – ITC Shall be reversed – Second Proviso to 16(2) & Rule 37 of CGST Rules 2017
Input not received back within one Year from the date of sending it to job worker, then the principal who has availed input tax credit on such input shall reverse such credit and pay Interest thereon. – Sec 19(3) of CGST Act 2017
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

19. Review ageing analysis of creditors for reversal Special transactions
Capital Goods not received back within Three Year from the date of sending it to job Worker, then the principal who has availed input tax credit on such input shall reverse such credit and pay Interest thereon. - Sec 19(6) of CGST Act 2017
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

20. Accounting Treatment of Transitional Credit
Carry Forwards ITR from VAT Return.
Carry Forwards Cenvat from Service Tax / Central Excise Return.
Credit of Excise Component Based on Duty Paying Document.
Deemed Credit.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

21. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
Annual Return
Section – 44 of CGST Act 2017
Rule of CGST Rules 2017
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

22. Section- 44(1) Annual Return
Every registered person, other than - - an Input Service Distributor, - a person paying tax under section 51 or section 52, - a casual taxable person and a non-resident taxable person, - shall furnish an annual return for every financial year electronically - in such form and manner as may be prescribed - on or before the thirty-first day of December following the end of such financial year.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

23. Section-44(2) Annual Return
Every registered person –
who is required to get his accounts audited
in accordance with the provisions of sub-section (5) of section 35
shall furnish, electronically, the annual return under sub-section (1)
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.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

24. For composition Dealer For E-Commerce Operator
Annual Return – Rule 80
GSTR- 9
For Normal Dealer
GSTR- 9A
For composition Dealer
GSTR- 9B
For E-Commerce Operator
GSTR- 9C
For Audit Cases
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

25. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
GSTR-9
Basic Detail
Part-I
Details of Outward & Inward supplies declared in returns filled during the Financial Year.
Part-II
Detail of ITC as declared in returns filed during the Financial Year.
Part-III
Detail of tax paid as declared in returns filed during the Finanacial Year.
Part-IV
Particulars of the transactions for the previous FY declared in return of Apr to Sep of current FY or Up to date of filing of Annual Return of previous F.Y (Whichever is earlier)
Part-V
Particulars of demands & refunds.
Supplies receive from Composition, deemed supply, sent on approval
Part-VI (other)
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

26. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
GST AUDIT- Section 35(5)
Every registered person
Whose turnover during a financial year
Exceeds the prescribed limit
shall get his accounts audited by a chartered accountant or a cost accountant Accounts and
shall submit a copy of the audited annual accounts,
the reconciliation statement
under sub-section (2) of section 44 and
such other documents in such form and manner as may be prescribed.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

27. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
Rule 80(3) Annual Return
Every registered person whose - aggregate turnover during a financial year - Exceeds two crore rupees - shall get his accounts audited - as specified under sub-section (5) of section 35 and - he shall furnish a copy of audited annual accounts and - A reconciliation statement, duly certified, In FORM GSTR-9C, - electronically through the common portal - either directly or through a Facilitation Centre notified by the Commissioner.
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

28. Aggregate Turnover- Sec 2(6)
“Aggregate Turnover” means the aggregate value of-
- all taxable supplies
(excluding the value of inward supplies on which tax is payable by a person on reverse charge basis),
exempt supplies,
exports of goods or services or both and
inter-State supplies of persons having the same Permanent Account Number,
to be computed on all India basis
but excludes
central tax, State tax, Union territory tax, integrated tax and cess;
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

29. Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM
Tax Audit V/s GST Audit
Tax Audit
GST Audit
U/s 44AB, 142(2A)
U/s 35(5), 65 & 66
Before Filling of return
After Filling of Monthly Return and Annual return
Single Audit for One PAN
Multiple Audit for all registrations under same PAN
Reporting in Form 3CA/ 3CB and 3CD
Reporting in GSTR 9C and Reconciliation thereof.
Last Date – 30th September
Last Date – 31st December
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

30. Part A (Reconciliation)
GSTR-9C
Part A (Reconciliation)
Part B (Certification)
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

31. Part-A (Reconciliation)
Part-I
Basic detail
Part-II
Reconciliation of Turnover Declared in Audited Financial Statement with Turnover declared in Annual return GSTR-9
Part-III
Reconciliation of Tax paid
Part-IV
Reconciliation of Input Tax Credit
Part-V
Auditor’s recommendation on additional liability due to non reconciliation
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

32. Part-B (Certification)
Reconciliation Statement on audited Balance Sheet, Profit & Loss Account and Cash Flows. II
Record to be maintain are maintained
III
Certification of Records & Voucher maintained. Refer Sec 35
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

33. Vouchers to be Maintained Rule 56(16)
Supply of Taxable Goods
Supply of Taxable Services
Tax Invoice
If Advance refunded without Supply of Goods/Services
Refund Voucher
For receipt of Advance
Receipt Voucher
For Payment to URP vendor
Payment Voucher-RCM
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

34. Vouchers to be Maintained Rule 56(16)
Upward Revision of rate.
No time limit.
Debit Note
Document for Supply.
Other than supply (Repair & Job work)
Delivery Challan
Newly Registered Person (>20 Lakhs)
For transaction between date of liable for registration to Grant of registration
Revised Invoice
For Supply of Exempted Goods/Services
Composition Detail
Bill of Supply
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

35. Vouchers to be Maintained Rule 56(16)
Downward revision of rate
Goods return / deficiency in services
Time limit
Credit Note
URP Purchase
Exemption - Not Exceeding 5000
Consolidated Invoice Monthly
Self Invoice-RCM
Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM

36. Navneet Garg & Associates, Chartered Accountants
Second Floor, Bakshi Complex, Plot NO 68, Zone-II, M P Nagar, Bhopal (MP)
, ,