FAQ – 18

In From GSTR – 9C, what is “Adjustments in turnover due to foreign exchange fluctuations” and in which cases do i need to fill it?

It has to be filled by all taxpayers who have outward supplies in foreign currency and where they issue a tax invoice as well as a commercial invoice. It can be in case of exporters or supplies to SEZ’s where they issue a tax invoice with payment of duty i.e as per the GST at the time of removal of goods and for the foreign customer, a commercial invoice is issued on a subsequent date. The different dates can some time result in different exchange rates being used. This could cause a difference reported in the financial statements and in the GST Returns, for this reason, it has to be mentioned in the Form GSTR – 9C.

For previous FAQ’s click here

 

Advertisements

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 – 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 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

GST Tip – 135

Summary details for the differences between the Annual Return and as per the Published Financial Statements for the outward supplies for Tax Liabilities on Interstate supplies, Intrastate Supplies, Exports, Sales returns, and Supplies liable for Reverse Charge along with remarks in Annex 3 of GSTR – 9B.

GST Tip – 131

In Annexe 1 of GSTR – 9B, the effective turnover per state has to be furnished and it is derived like this
Total Turnover as per Financial Statements
Less : Turnover of other states
Add : Inward Stock Transfer
This is to be computed for each GSTIN and filed along with the annual return GSTR – 9.