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.
As per the latest GST Returns, In Table 11 A of GSTR – 1, advances received from the customers have to be shown rate wise for the interstate and intrastate grouped by the tax rate. Taxes on these will be added to be output tax liability.
As per Draft Input Tax Credit Rules, the taxpayer who has registered for GST as regular taxpayer now opts for Composition Scheme, then the input tax credit has to paid in FORM GST ITC-03 as output tax liability for the inputs lying in stock, and inputs contained in semi-finished and finished goods lying in stock, the input tax credit shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such input.
Under the Revised GST Return Rules, FORM GST MIS – 4 will be generated by the common portal to show the reduction of the output liability on account of rematching of records of the recipient.
Input tax credit for cess being levied under Goods and Services Tax (Compensation to States) Act, 2017, is eligible only for the making the output tax liability of the Cess under the same act and not for payment of any other taxes output liability under GST.
Input tax credit availed has to be reversed as output tax liability if the supplier of goods or services is not paid within 180 days from the date of issue of the tax invoice.
Tax Deducted at Source under GST will be shown in Table 10 of GSTR – 2, basis of the return filed by the deductor in the return GSTR – 7. The amount of TDS deducted under TDS_CGST, TDS_SGST and TDS_IGST will be eligible for ITC and can be utilized for payment of output tax liability.