FAQ – 7

Under which provision of the GST Act, the audit is required?

GST Audit is required as per provisions of Sub-section 5, Section 35 of the CGST Act 2018.

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FAQ – 6

What is Form GSTR – 9C?

Form GSTR – 9C is a reconciliation certificate to be filed by the taxpayers whose aggregate turnover in a financial year crosses two crores have to get their books audited by a Certified Cost Accountant or Charted Accountant.

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.

Notifications released on 20th Sep 2018

Two notifications have been issued on 20th September 2018, one for the tax rate for TCS and another for adding an explanation for Serial No 41 of  Notification No 12/2017-Central Tax (Rate), dt. 28-06-2017

Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for intra-State taxable supplies  52/2018-Central Tax ,dt. 20-09-2018

Seeks to insert an explanation in an entry in notification No. 12/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017 –                                23/2018-Central Tax (Rate) ,dt. 20-09-2018

Checklist to be followed before filing GST Returns for the month of September 2018

One of the main features of Goods and Service Tax is the availability of the Input Tax Credit across the supply chain cycle. This statement provides very soothing sound to the trade and industry but it has certain conditions to be fulfilled to take advantage of this statement. As there is no matching for the time being as the Government has differed it, now it has become more critical to ensure that all the conditions
mentioned in the Act and Rules are fulfilled and for this, the filing of the GSTR – 3B return for the month of September 2018 is very vital.

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