Arjuna (Fictional Character): Krishna, What is the form GSTR 9A in GST?
Krishna (Fictional Character): Arjuna, The GSTR-9A is the annual return to be filed once in a year by taxpayers who have opted for the Composition Scheme under GST for the period July 17 to March 2018 . It includes all the information furnished in the quarterly returns filed by the composition taxpayers during that financial year.
Arjuna: Krishna, Who should file GSTR 9A and what is the due date for filing GSTR 9A?
Krishna: Arjuna, All taxpayers registered under the composition levy scheme under GST should file GSTR-9A. GSTR-9A has to be filed on or before 31st December following the close of financial year. For example, if the composition taxpayer is filing GSTR-9A for the FY 2017-18, the taxpayer should file it, on or before 31st December, 2018.
Arjuna: Krishna, What details the taxpayer needs to provide in GSTR 9A?
Krishna: Arjuna, In GSTR 9A, there are 5 parts. Following are the details which the taxpayer needs to provide in GSTR 9A:
Part I – Basic Details such as GSTIN, Legal Name, Trade Name of the taxpayer that is auto-populated
Part II – Details of outward and inward supplies declared in GSTR-4 filed during the financial year. This input consists of summary from all quarterly returns filed during the FY.
Part III – Details of tax paid as declared in returns filed during the financial year. Tax paid under different heads such as IGST, CGST, SGST, Cess, Interest, Late Fee, Penalty has to be mentioned here.
Part IV – Particulars of the transactions for the previous FY declared in returns of April to September of current FY or upto date of filing of annual return whichever is earlier. This section consists of summary of amendments or corrections relating to entries of previous FY. It may be additions or omissions.
Part V – Other Information such as the following:
1. Particulars of Demands and Refunds. Here, details of any demands for tax from the tax department, tax paid on the demand raised, any balance to be paid shall be mentioned. Also, details of Refund claimed, refund received out of the claim, pending refund shall be mentioned.
2. Details of credit reversed or availed – If a taxpayer switches from regular to composition scheme or vice versa, ITC shall be reversed or added respectively. Such details pertaining to ITC shall be entered here.
3. Late fee payable and paid – Late fee on account of late payment of tax or late filing of returns shall be mentioned in this section.
Arjuna: Krishna, Is there any penalty or late fees for late filing of GSTR 9A?
Krishna: Arjuna, Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default. There is no late fee on IGST.
Arjuna: What one should learn from this?
Krishna: Arjuna, Revisions in GST returns are not possible, also maximum information in the annual returns would be auto populated. There is big question what would happen if there are differences in the quarterly returns filed and the actuals as per the book.
From this it seems that Honesty is yet again being punished as the taxpayers who have filed returns in time are at stake, as being the new law there may be mistakes in the return . But those taxpayers who have not filed their returns in time, are filing their returns making all the required adjustments.