Annual GST return require additional details from taxpayers

By | November 17, 2018
(Last Updated On: November 17, 2018)

Annual GST return require additional details from taxpayers

The Government, on September 4, 2018, notified the format for filing annual return for both regular dealers (GSTR-9) and composition dealers (GSTR-9A). Refer

  1. GSTR 9 of Annual Return Notified : Download /Print
  2. [Video] GST Annual Return GSTR 9 Notified : जीएसटी वार्षिक रिटर्न : GST News 470

GST Law mandates all taxpayers, except casual taxable person or non-resident taxable person, input service distributor, person liable to deduct TDS, to file annual return for the July 2017 to March 2018 by 31 December 2018.

Annual return is divided into 6 parts with 19 tables, which requires taxpayers to report summary of outward supplies, inward supplies, tax paid, particulars of demands and refunds, HSN summary etc.

The following takeaways from the recently introduced annual return format (i.e. GSTR-9) will make it clear that taxpayers would need to make a note of certain new provisions.

Auto Populated Details from GSTR 3B

Majority of the information to be filled in the above tables are based on information reported in GSTR-3B and GSTR-1 for the period July 2017 to March 2018 and therefore, some of it also gets auto-populated. 

Classifying total input tax credit (ITC) availed

Table 6 of GSTR-9 requires taxpayers to classify the total input tax credit (ITC) availed as ITC on input, capital goods and input services. It is important to note that such classification was not required in GSTR-3B. This is a new bifurcation that a taxpayer would need to make.

Reconciliation between the credit claimed in GSTR-3B and GSTR-2A

Table 8 of GSTR-9 requires taxpayers to report the reconciliation between the credit claimed in GSTR-3B and GSTR-2A available on GST portal.

HSN wise details of inward supplies. :

 Table 18 of GSTR-9 mandates taxpayers to report HSN wise details of inward supplies. Taxpayers again will have to note that such HSN wise details for inward supplies was not required to be reported in GSTR-3B. This again is a new requirement as HSN codes were being given only for output supplies and not for inward.

Reporting of previous year Transactions in next Financial Year

 Part V of GSTR-9 requires taxpayers to provide details of transactions reported between April’18 to September’18, which pertains to FY 2017-18. For instance, credit note/debit note issued between April’18 to September’18 for invoices issued in FY 2017-18.

Classification of Suppliers

Following supplies are required to be reported separately in GSTR 9 (Sr N0 16)

  • Inward supplies from composition dealers,
  • deemed supply from job workers
  • Goods sent on approval basis but not returned
 Thus, one needs to be very sure of the profile of the supplier in order to correctlyclassify them for the purpose of Annual Return.

Reclaim of Input Tax Credit

Input tax credit reversed and reclaimed in FY 2017-18 to be separately reported in Table 6H of GSTR-9. For e.g. ITC is reversed on account of non-payment of consideration within 180 days. Subsequently, when the payment is made the said ITC is re-claimed. In this case, thus far, dealers were reclaiming the credit under the normal ITC. However, for the purpose of Annual return, such re-claimed credit of ITC needs to be identified an disclosed separately.

No Rectification of errors done in filing GST returns

From prima facie perusal of the Annual Return format, it appears that any additional liability arising out of error/omission in GSTR-1 and GSTR-3B cannot be paid at the time of filing annual return. This could be a setback as Industry was looking forward to rectifying all inadvertent mistakes at the time of filing the annual return

Important Note : Keep all the additional details asked in GSTR 9 (GST Annual Return) ready so that GSTR 9 can be filed on time.

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