Circular No. 90/09/2019-GST

This was the point i am discussing with my friends and during my sessions of GST Audit that if the provisions of Rule 46 are not followed then penal provisions can be levied under Section 122 and Section 125. Rule 46 clearly states that on a tax invoice, the bare minimum details have to be shown and if any of the same are missing then 1st proviso of Section 122 can be enforced on the taxpayer which clearly states that penalty of Rs 10,000 per invoice. Refer to Section 122(1) (ii) talks about per invoice, so imagine if the department wants to issue notice for levy of penalty they can issue it per document which is not meeting the said provisions.

Now the same is officially clarified in the Circular #90/09/2019-GST

GST Audit report being prepared should cover this point also, so you can imagine the complexity, quantum of work involved and also the depth of knowledge required to execute it.

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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 – 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.