GST Annual Return, Fear of Excitement?
GST is a growth booster both for business and Government. It has brought unprecedented transparency and combat tax evasion. Government exchequer is flooded with revenue. For the month of April 2019, there was a total collection of Rs.1.13 Lakh Crore. There is sheer scope to follow systematic and targeted approach to spend and disburse revenue in the right direction and at the right time. It is noteworthy that GST is not only Tax reform but a big Business Reform as well. After the advent of GST, businesses have revamped their work culture, informal sectors who were not having the culture of issuing Invoices; too have changed their Business style. They recognised the importance and benefits of issuing Invoices. They are becoming organised and getting an entry in the Formal Sector. System of Payments has been streaml
NOW, the time has come to file First Annual Return under
Let’s understand and know more about GST Annual return
Who is liable to file Annual Return?
Every Registered person except mentioned below:
- Input service Provider
Personpaying tax under section 51 or section 52
- Casual Taxable person
Non residenttaxable Person
Relevant Forms for Filing Annual Return
Due Date to File Annual Return
On or before the thirty-first day of December following the end of such financial year. On or before the thirty-first day of December following the end of such financial year.
Due date to file Annual Return for Financial Year 2017-18 has been extended to 30th June 2019 as per Order No.03/2018-Central Tax dated 31st December 2018
GST Annual Return Structure
Consequences of not filing Annual Return by due date
Any registered person who fails to furnish the return required under section 44 by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of an amount calculated at a quarter per cent. of his turnover in the State or Union territory
Key points to remember
- Details for Period between July 2017 to March 2018 are to be provided in
annualreturn for this time ie Financial Year 2017-18
- It is mandatory to file all GSTR-1 and GSTR-3B for the FY 2017-18 before filing Annual Return
- Regular taxpayer for
partperiod and composition taxpayer for partperiod during the financial year 2017-18 Will file both GSTR 9 and GSTR 9A accordingly
- In case Nil monthly/quarterly returns are filed during FY 2017-18, it is mandatory to file Nil Annual Return
- Pay additional liability for FY 2017-18, not declared in monthly returns, through Form DRC 03,
UnclaimedInput Tax credit cannot be claimed through Annual Return
- Annual return once filed can’t be revised.
Don’t wait and delay, without any fear and with full excitement rush now to file GST Annual Return! Feel proud to be GST Registered person!
Contributed by CS Payal Kataria
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