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.

 

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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 – 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.

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.

GST ITC Impact on financial year closing

The input tax credit availed in GST is under provisional basis…the reason is matching is not done…….so what are the financial implications? Do i need to state it as contingent item or make  a provision for the same in the financials? – point to ponder before close of financial statement for the FY 2017 – 18?

GST TIP – 447

As per Circular No. 05/2018-Customs, Exporters have to file GSTR 3B with taxable value for
export and IGST paid against exports indicated in appropriate fields before filing of the
application for the refunds by the taxpayer under GST.

GST TIP – 444

As per Circular No 34 dated 1 st March 2018, the services provided by DISCOMS such as
application fee for releasing connection of electricity, rental charges on meters, testing fee on
meters, capacitors or transformers, labor charges, charges collected for issue of duplicate bill are
considered as taxable supplies and GST is to be levied on those charges.