What are the transactions i need to show in the Point F of Part II of FORM GSTR – 9C, “Trade Discounts accounted for in the audited Annual Financial Statement but are not permissible under GST” ?
There could be some business cases where the discount being offered is not know at the time of supply or the discount could not be established to particular invoices or input tax credit is not reversed on the trade discount offered or it is not mentioned on the tax invoice. In all the above cases, the trade discount will be part of the financial statements but not part of the GST Returns.
What are the various reasons where the GST Liability as per financial statements and GST Returns could be different?
There could a difference due to the following reasons commonly
a) Revenue Recognition
b) Stock Transfer outside the states
c) Advance Receipt from customers
d) GST on paid on job work if not returned in stipulated time
e) Reverse charge on certain goods on outward supplies
f) Reverse charge on inward supplies paid
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.
Do I need to do Reconciliationreconciliation between the Financial Statements and GST Returns for the turnover / outward supplies while preparing the GST Audit Reconciliation Statement?
Yes, as per Ind AS – 18, revenue will be recognized only when the risks and rewards are transferred whereas in GST, at the time of Supply (section 13,14 & 15 of the CGST Act 2017) GST Liability has to be accounted.
Example: Goods shipped on 29th March from Delhi to Chennai and they are delivered on 3rd April at Chennai. As per GST, liability has to be accounted and paid in the March months return and as per Ind AS -18, it will not be booked as revenue if the Risk & Reward is not transferred.
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.
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: 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.