Session on “GST Annual Audit & Annual Return”

On 15 October, 2018 from 4.30 pm to 7:30 pm at VIA Auditorium

Forum: Taxation & Corporate Law Forum

Speaker: Grant Thornton : CA Sonal Jain, Director (Indirect Tax) & CA Sonal Kawdia, Manager (Indirect Tax)

VIA Taxation Forum holds Session on “GST Annual Audit and Annual return”

The GST Annual Audit and Annual Return forms are prescribed and the due date for filling of the relevant form is also fixed at 31st December 2018, VIA Taxation and Corporate Law Forum organised a Session on “GST Annual Audit and Annual return” to provide information in this regard. The session also touched upon the points for filing of GSTR 3 B for the month of September 2018, which is the last month to claim input tax credit for 2017-18, failing which the unclaimed Input Tax Credit will be lapsed.

CA Ashok Chandak, Chairman of VIA Taxation and Corporate Law Forum, in his opening remarks said that the GST law has given away with 100% assessment. To make life simple Government has introduced GST annual returns and GST Audit by Chartered Accountants or Cost Accountants, with whom the trade and industry can discuss issues elaborately. The introduction of the annual return and GST audit will help both trade and industry to properly disclose their liability and on other hand the department will get the correct tax figures.

Mr Suresh Rathi, Vice President VIA in his welcome address insisted the trade and industry to be ready for the GST Audit so that timely compliance will be done and last minute technical hiccups better be avoided.

CA Sonal Jain, Director (Indirect Tax) from Grant Thornton, With respect to Annual return mentioned few areas where compilation of information should begin right now. There are some additional information’s to be given in annual returns like HSN wise summary of inward supplies is sought which would be an exercise to be undertaken by all entities, input supplies from Composition dealers are required to be produced (such data does not specifically form part of GSTR 3B). CA Sonal Jain also said that the details of credit flowing from GSTR 2A will be auto-populated by the system and the ITC lapsed amount needs to be arrived at after making adjustments. Hence GSTR2A should be checked and a periodical reconciliation should be undertaken.

With respect to GST Audit, CA Sonal Jain recommended that companies maintain detailed reconciliation of the turnover, both taxable and non-taxable turnover, reflected in GST returns with the Financial Statements and  reconciliation of ITC pertaining to each expenditure head (as per trial balance) with that of ITC flowing in the GST returns, is required to be disclosed.

CA Sonal Kawdia, Manager (Indirect Tax) from Grant Thornton  has given detailed presentation on the GST annual return form 9 and the areas which should be taken care off. She also recommended that all amendments with respect to outward supplies, output tax, inward supplies and input tax for the period July 2017 to March 2018 is undertaken by September 2018 and captured appropriately while filing monthly return GSTR 3B for the month of September 2018.

Earlier, Mr Suresh Rathi, Vice President VIA welcomed CA Sonal Jain and CA Omprakash Bagdia, Ex-Vice President – VIA welcomed CA Sonal Kawdia with floral bouquets. CA Sachin Jajodia, Convener – VIA Taxation & Corporate Law Forum conducted the program and also proposed a formal vote of thanks.

Prominently present were representatives from industries ITC, WCL, Keltech Energy Ltd., Indo Rama Synthetics; Universal Hydro Structure, Topworth Urja Ltd, Candico, Eros Group, Vicco Lab as well as professionals Shailendra Jain, Omprakash Bagdia, Ritesh Metha, Hemant Rajendekar, Kirti Agrawal.

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