Synopsis of Notifications Issued on 30th July 2021

Synopsis of Notifications Issued on 30^th July 2021

Notification No. 29/2021 – Central Tax

As part of ease of doing business, in the Finance Bill 2021, the GST Audit has been scrapped and Annul Returns are being simplified with self-certification of the taxpayer only.

The same has been made effective from 1^st August 2021.

Notification No. 30/2021 – Central Tax

As per the Finance Bill 2021, changes have been announced for the formats of GSTR – 9 and 9C.

With this notification GSTR -9C is now self-certified but the format will remain the same except for few changes.

Annul Return i.e., GSTR – 9 has to be filed on or before 31st December, which means the due date for filing of Annual Return for the FY 2020- 2021 is 31st Dec 2021.

Sr. No	Form Type	Tax Payer Category	Due Date
1	Form GSTR – 9	Regular Tax payers	31st Dec 2021
2	Form GSTR – 9A	Composition Tax payers
3	Form GSTR – 9B	e-commerce operators	31st Dec 2021
4	Form GSTR – 9C (Reconciliation Statement) (Applicable to taxpayers whose turnover is above ₹ 5 crores	Regular Tax payers	31st Dec 2021

Following are the changes made to Form GSTR – 9

The return is not made applicable to FY 2020-21.

Following are the changes made to Form GSTR – 9C

Certification will be self-certified by the taxpayer and does not require certification of a practicing Cost or a Charted Accountant.

Others Column has been added to the following tables

Table 9 – Reconciliation of rate wise liability and amount payable thereon

Table 11 – Additional amount payable but not paid (due to re

Part V – Additional Liability due to non-reconciliation

Certification Section – Part B has been dropped

Notification No. 31/2021 – Central Tax

 Taxpayers having aggregate turnover below ₹ 2 crores are not exempted from filing of Annual Return i.e., Form GSTR – 9.

The effective date of the Notification is 1st August 2021.

Disclaimer

Any views or opinions represented above are personal and belong solely to the author and do not represent those of people, institutions, or organizations that the author may or may not be associated with in professional or personal capacity unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.

FAQ – 16

Is it Mandatory to fill all the columns in Table 4 (Outward Supplies) ? How do I show data in Table 4 of the GSTR – 9 (Annual Return)?

Yes, it is mandatory to fill all the columns of Table 4 if the same is reported in the monthly returns. The break up can be derived from the Ledger Accounts / Chart of accounts if implemented or can be derived from the monthly returns filed from July 2017 to March 2018.

 

FAQ – 14

As a taxpayer, if I do not file the Annual return by the due date or on the due date, is there any late fee i need to file if i am filing it after the due date?

Yes, a late fee is applicable and the provisions for the same are given in Section 47(2) of the CGST Act. Late is Rs 100 per day or maximum up to 0.25% of the turn over in a state.

FAQ-13

Do I need to prepare the Annual Return before starting my GST Audit and filling of Form GSTR – 9C?

Yes, the Annual Return has filled /to be taken as a base for preparing the reconciliation statement as it will give the final input tax credit availed, output tax liability for the period July 2017 to March 2018.

FAQ – 12

FAQ -12: My turnover during the period July 2017 to March 2018 is Rs 71.25 Lacs and basis of the Notification No 12/2017-Central Tax dated 28th June 2017, i have not shown HSN Codes on the Tax Invoice. In the Annual Return do i need to show the HSN Summary?

The said notification is only for the purpose of display on the tax invoice and not for the Returns, so you have to show the HSN Summary in the Annual Return, We need to wait and see if it is Mandatory or Optional when it is made available.

FAQ – 11

FAQ 11 : As a registered taxpayer which Annual Returns i have to file if i have migrated from Composition Scheme to Regular Scheme due to the increase in my turnover? Do i need to file Annual Return as Regular Tax Payer or Composition Tax Payer or both?

Annual Returns for the Regular Scheme and Composition Scheme are to be filed by the taxpayer for the relevant periods.

• Annual Return during the period as Regular Taxpayer Form GSTR – 9

• Annual Return during the period as Composition Taxpayer Form GSTR – 9A

FAQ – 9

Can a taxpayer take input tax credit after the due date of September month return or filing of Annual Return?

No, you cannot take credit of the previous fiscal year after the due date of the September month return or filing of annual return whichever basis on the provisions of Sub-Section 4, Section 16 of the CGST Act.

FAQ 5

Is there any specific form for filing of GST annual return? If yes what are the form names and which taxpayer has to file which form for GST annual return?

• All taxpayers have to file the Form GSTR – 9
• Taxpayers registered under composition scheme have to file Form GSTR – 9A
• Taxpayers registered as Electronic Commerce operator have to File form GSTR 9B

FAQ – 4

Can the taxpayer make corrections while filing the Annual Returns for the missing entries in the monthly returns?

No, he cannot make any corrections in the Annual Returns but he can enter the missing entries in the September month’s return.

 

 

 

GST Annual Return

Every registered taxpayer under GST has to file Annual Return by 31st December 2018 for the period July 2017 to March 2018. The same is notified wide Notification No. 39/2018 – Central Tax dated 4th September 2018 

It is a summary return to be filed for the transactions which have taken during the above said period and in a different return with a lot of classifications and breakup. The Institute of Cost Accountants of India has released a Guidance Note on the same I am privileged to be the author of the same.