Submit GST annual return forms by December 31, notifies Centre

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GSTUnion ministry of Finance has notified annual return form for normal taxpayers (GSTR-9) and for composition taxpayers (GSTR-9A).

It also informed that the last date for filing the annual return forms is December 31.

The ministry gave details for annual tax return forms for businesses registered under the Goods Services and Tax (GST).

It also carries the details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal in a consolidated manner.

The GST was rolled out on July 1, 2017, comprising of 17 different indirect taxes. As per the sources, the annual return form for GST has been divided into 6 parts with 19 tables.

These include detailed information pertaining to outward supplies, inward supplies, ITC availed, ITC reversed, ineligible ITC, particulars of demand and refund, HSN summary of outward supplies and HSN summary of inward supplies of the transactions declared in returns filed during the financial year ending March 2018.

“CBEC specifies the recovery process of arrears in case of wrongly availed CENVAT credit under the existing law and CENVAT credit wrongly carried forward as transitional credit in the GST regime; CBEC had earlier clarified that recovery of arrears arising under the existing law shall be made as central tax liability to be paid through the utilisation of the amount available in the electronic credit ledger or electronic cash ledger of the registered person; Noting that the functionality to record this liability in the electronic liability register is not available on the common portal, CBEC clarifies that “as an alternative method, taxpayers may reverse the wrongly availed CENVAT credit under the existing law and inadmissible transitional credit through Table 4(B)(2) of Form GSTR-3B”; Also clarifies that “The applicable interest and penalty shall apply on all such reversals which shall be paid through entry in column 9 of Table 6.1 of Form GSTR-3B”: CBIC,” said Taranpreet Singh, Partner at TASS Advisors.

 

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