The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST.
It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.
GSTR-9C is reconciliation statement which is every registered person whose turnover during a financial year exceeds the prescribed limit of rupees two crores shall get his accounts audited by a chartered accountant or a cost accountant. GSTR-9C is a statement of reconciliation between the Annual Returns in file GSTR-9 for an FY and the figures as per the audited annual Financial Statements of the taxpayer.
It can be considered to be similar to that of a tax audit report furnished under the Income-tax act. It will consist of gross and taxable turnover as per the Books reconciled with the respective figures as per the consolidation of all the GST returns for an FY. Hence, any differences arising from this reconciliation exercise will be reported here along with the reasons for the same.
The late fees for not filing the annual return on the due date are Rs. 200 per day. This implies that the person has to pay Rs. 100 under the CGST Act and Rs. 100 under the SGST Act as a penalty in case of delay. The penalty is subjected to a minimum of 0.25% of the taxpayer’s turnover in the relevant state. There are no fees on IGST yet. The due date to file GST annual for the Assessment Year 2018-19 is 31st March 2020.
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In Table 8 of GSTR 9, there is no such column were to give the details of ITC of 2017-2018 which was availed in the GSTR 3B of 2018-2019. because a difference is coming from the ITC populated in 2A. suppose I have the ITC of Rs.10000/- for the year 2018-19, and 2000/- ITC of 17-18, which was availed in the year 18-19, than the total ITC is 12000/- , but in 2A it is showing 10000/- The difference of 2000/- ITC of 17-18 is coming. and there is no such column for bifurcation.
WHAT IS THE USE OF ENABLING OF INCOMPLETE FORM FOR GSTR 9 & 9C FOR THE FINANCIAL YEAR 2018-19 TILL DATE 4.03.2020 WHEN THE TAX PAYER IS NOT ABLE TO FILL AS CERTAIN DETAILS ARE NOT AUTO POPULATING IN TABLE 8 A AND MANY OTHER FEATURES FOR WHICH THE FORM IS NOT COMPLETE
HOPE OUR GST DEPARTMENT WILL SOON COME WITH NEW AMENDED FORM AND EXTEND THE DUE DATE OF FILING FROM 31.03.2020 TO SOME OTHER DATE LIKE 30.04.2020
gstr9 Filing FY2018-19 is below 2 corers is applicable are not
Still summary reports (GSTR3B, GSTR1 and GSTR9) for FY2018-19 are not getting generated …. waiting…