BE CAREFUL, CAUTIOUS & RECONCILE THE DATA BEFORE FILING GST RETURNS
VIA Taxation and Corporate Law Forum organised a session on “GST Annual Returns” at VIA, Nagpur.
Key speaker was Suresh Rayalu, Sr Superintendent of Central GST, Central Excise, Nagpur – I said that Rule 80 of CGST Rules, 2017 and its Pre Condition, GSTR-1 and GSTR-3B must have been filed. One can pay short paid taxes with this return but cannot claim unclaimed ITC.
He said Return is to be filled on line and Tax payer should keep the data as per books and accounts ready before filing Annual Return. Tax payers who opted out of Composition in middle of Financial Year will have to file both GSTR 9 and 9A.
Similarly, he further said Tax payers who cancelled their registration in the middle of Financial Year, both the GSTR 9 or 9A for the period their registration was in existence and therefore, both GSTR 9 & 9A shall be filed.
He explained in details about the contents of the Annual Return GSTR 9 : Nil Form GSTR-9 can be filed for the Financial year, if not made any outward supply (commonly known as sale); and not received any goods/services (commonly known as purchase); and no other liability to report; and not claimed any credit; and not claimed any refund; and not received any order creating demand; and There is no late fee to be paid etc.
He said GSTR 9/9A is required to be filed for each GSTIN and Most of the data will be auto populated from GSTR 1 and GSTR 3B, the auto populated data can be edited except. The Total Tax paid as per 3B, Total ITC availed as per 3B and ITC as per 2A. Tax payer can get consolidated details of GSTR 1 and GSTR 3B Services.
He further said Rule 80 of CGST Rules, 2017, Part I _ basic information; Part II- Outward and Inward supplies with tax liabilities; Part III- ITC; Part IV- Tax paid; Part V- Previous year’s transaction, corrected ; Part VI- other information.
GSTR9 (Table 4) : Details of Advances, Inward and Outward Supplies on which tax is payable. GSTN 4A – Supplies made to unregistered person B to C. GSTN 4B – Supplies made to registered person B to B. GSTN 4C – Duty paid Zero rated supply(other than supply to SEZ. GSTN 4D – Duty paid supply to SEZ.
He informed about GSTR 9 in Part III of return deals with Input tax credit. Total input tax credit availed as per GSTR-3B, Auto populated, but it is editable. Other ITC related information in GSTR 9 i.e. Interest, late fee, others.
CA Naresh Jakhotia, Coordinator made an opening remark, appreciated the initiative taken by the GST department for an interactive session and for efforts taken in creating an awareness. Shelendra Manawat, VIA EC Member welcomed Suresh Rayalu with floral bouquet. Omprakash Bagdia, Ex-Vice President of VIA in his welcome address informed the participants about we are holding this program to update our members and entrepreneurs about GST. We are organizing this session with GST Department to guide the industrial fraternity and entrepreneurs about filling of annual returns. He also requested members present, if you are having any query related to this please send it to VIA, as we are compiling members query and send to the Hon’ble Union Finance Minister.
Prominently present were CA Satish Laddhad, CA Arvind Bhansali, CA Jai Poptani, CA Shailendra Jain, CA Kunal Budhraja, and many representatives from industries like Sunflag Iron & Steel Co, Eros Group, Universal Hydaro Structure, Minex Metallurgical, Malu Paper Mills, Tru Form Engineers, Nice Paper Ltd & various other industrialists.
You are requested to kindly email your queries to VIA [email protected] in advance in regards to Filing of Annual Return 9 & 9C, so that it can be covered in the deliberation.