Guidance Note on Annual Return of GST

Guidance Note On Annual Return Of GST by Institute of Cost Accountants of India Containing Overview of Annual GST Returns, Prerequisites / Check List for filing of Annual GST Returns, Detailed Analysis of Annual GST Return Format GSTR-9, Suggested Reconciliation Formats, Due Dates of GST Return Filing, Notified Formats of Annual Return- (GSTR 9 – Annual Return, GSTR 9A – Annual Return For Composition Taxpayer and GSTR 9C – Reconciliation Statement).

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country. GST has mainly removed the Cascading effect on the sale of goods and services. Removal of cascading effect has directly impacted the cost of goods. Since tax on tax is eliminated in this regime, the cost of goods decreases. Also, GST is also mainly technologically driven. All activities like registration return filing, application for refund and response to notice needs to be done online on the GST Portal. This will speed up the processes.

The Government has notified a new return form for goods and services tax (GST) that will have to file for the full year. The normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18. Taxpayers were from the beginning required to file an annual return besides the monthly and quarterly returns, but the annual format was not notified following compliance and IT issues. The annual return form for normal taxpayers has been divided into six parts with 19 tables which includes detailed information related 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.

Release of the “Guidance Note on GST Annual Return” at this juncture would definitely be useful for the targeted readers. This Guidance Note contains all the details of GST Annual Return in a lucid language with illustrations and FAQs which would help the readers to clear their doubts from the basics. It is unusual in simplicity with which the various aspects of GST Annual Return have been dealt with. At the same time, the treatment of the subject is both comprehensive and easy to follow.

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