Checklist for filing GST Annual Return
Who is required to File GST Annual return ?
Every registered person, other than an Input Service Distributor, a person paying tax under section 51 of CGST Act 2017 or section 52 of CGST Act 2017, 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 – section 44(1) of CGST Act.
What are the Formats of filing GST Annual Return ?
GSTR 9 of Annual Return format Notified : Download /Print
GSTR 9A of Annual Return format for Composition taxpayer Notified : Download /Print
GSTR-9C Notified on 13.09.2018 : Download for Audit Report and Reconciliation Statement under GST :
Checklist for filing GST Annual Return
Before finalizing the books of accounts for the Financial year ensure that the following process is completed
Accounting in Books of Accounts
- Verify all the tax invoices issued for the supply of goods or services or both and the same are accounted in the financial statements and reported in the GST Returns.
- Verify that all the tax invoices issued for the inter branch transfer are accounted
- Verify if the invoices uploaded by the supplier of goods or services or both have accounted with the same values and there are no differences.
Inter Branch Transfer
Verify that all the stock transfer between the branches in the same state are issued under a cover of Delivery challan and if applicable e-waybill based on the provisions of each state from time to time.
Issue of Tax Invoices for Payments
Verify that all the payments received in the banking system are backed with reference of the tax invoice if not ensure that receipt voucher is issued for the same.
Advance Receipts
- In case of supply of good and services ensure that the advance receipt vouchers are issued for the services after the Notification No 66 /2017– Central Tax Dated 15/11/2017
- In case if the amount received is for the supply of the goods and services, then the provisions of the composition supply will be applicable and basis on that if it qualifies for the advance receipt then ensure that the same has been issued
- Verify and ensure that in case of advance receipts, the tax rates is followed correctly in cases if the place of supply is not known at the time of receipt of advance or if the outward supply is more than one tax rate, the provisions given in Rule 50 of the CGGST Rules 2017 are followed.
Reconciliation of Debtors Balances and Banks
Cross check the banking statements with the debtors / aging reports to verify all the advances receipts are issued and taxes are paid if the supply of the goods and services has not taken place in the same month.
Valuation
Verify for all the tax invoices the valuation process is followed and the taxes are computed correctly.
Matching with Eway bill
Verify and ensure that the e-waybill data filed matches with the tax invoice data where ever it is applicable.
Goods sent for Job Work
Verify and ensure that the goods sent out for the job work are returned back within one year in case of inputs and if not issue a tax invoice before the filing of the annual return.
HSN Codes
- Verify and ensure that the HSN codes used on the outward supplies documents are correct and if there is any deviation issue an amendment document and inform the customers accordingly.
- Ensure that the HSN codes along with the unit of measure is followed as per the Customs Tariff Act.
- Ensure that the number of digits of the HSN code is followed correctly across all the tax invoices.
Mixed Supply
Verify and ensure that the provisions of the mixed supply are followed correctly and also the highest tax rate is charged on the tax invoice
Discounts
Verify the discounts given to supplies post supply of goods and services and if the discounts are not mentioned in the sale agreement the then the taxes should not be applicable on such documents.
Anti profiteering provisions
Verify on the pricing of the goods and services the provisions of Section 171 of the CGST Act 2017 i.e. Anti profiteering provisions are followed accordingly and benefit of the additional input tax credit is passed as well as the benefit of the tax reduction is also passed on.
Refund to Customer
Verify if the refund voucher is issued in case of amount returned to customers partially or fully if the supply of goods or services or both is not delivered or services executed as per the provisions of the Act.
GST Returns
Verify if the suppliers of goods or services or both have filed the GST Returns up to 31st March 2018
Fixed Assets Capitalization
Verify if the date on which the capitalization of fixed assets and the date of input tax credit claimed in same else ensure the taxpayer pays the interest on such if the input tax credit is taken first and then capitalization is done at a later date.
Input Tax Credit
Verify if the input tax credit is taken correctly as per the provisions of Section 16 and section 17 of the CGST Act 2017.
Debit Notes
Verify and ensure that there are no debit notes issued to supplier of goods or services or both in case of deficiency of services by such supplier or difference in prices or for shortages or breakages or for any other reason
Reverse Charge
Verify if the provisions of time of supply is followed in correctly in case of reverse charge on supply of goods falling under provisions of Sub-section 4,of section 9 the CGST Act 2017.
Place of Supply
Verify if the provisions of place of supply are followed correctly else rectify them accordingly as per the provisions applicable.
GST Refund
- Verify if the refund is availed on all eligible transactions and refund applications are filed accordingly.
- Verify and record the status of the refund status of the refund applications
Non Compliance
If there are any compliance issues for the same ensure that the interest is paid on such transactions and taxes are paid.