New Calculation system in respect of utilization of Input Tax Credit under GST Act was clarified vide circular no 98/17/2019 as earlier Section 49 was amended in the month of February which resulted in blockage of huge funds.

The new offset Calculation Chart is enclosed as under:

Click here to download the Circular No. 98/17/2019 dated 23.04.2019

NOTE ON ANNUAL RETURN UNDER THE GST ACT, 2017

As we all are aware that every registered dealer other than input service distributor, casual dealer and non-resident taxable person shall furnish an annual return under section 44 of the GST Act, 2017 for every financial year infact the date for filing the annual return was 31^st of December following the end of such financial year which was extended for the financial year 2017-18 to 30.06.2019. Every registered dealer is under an obligation to file the annual return in the prescribed Form GSTR 9 and every Composition Dealer is to submit annual return in Form GSTR 9A.

Audit

If the turnover of the registered dealer is more than Rs. 2 Crore then form-9 is required to be filed under the GST Act and audited report is also to be filed in Form GSTR 9C.

Cancelled Dealer

Even if the registration certificate is cancelled during the financial year even then dealer is under an obligation to file the annual return.

Nil Returns

Even if the dealer has filed the Nil returns during the financial year then also he has to file the Nil annual return for the year.

Due Date for the F.Y. 2017-18

The due date to file the annual return for the period 01.07.2017 to 31.03.2018 is 30.06.2019.

Part Regular Dealer and part Composition Dealer

If during the financial year the dealer has opted composition scheme and for some time of the year as regular dealer then the dealer has to file both GSTR 9 and GSTR 9A form and these forms has to be filed for the same time as the time they have been the composition dealer and regular dealer.

Compulsory filing of GSTR 1 and GSTR 3B

That before filing the annual return the dealer has to file all the GSTR 1 and GSTR 3B for the financial year for which he is filing the annual return. If any return is pending for the F.Y. 2017-18 then the same is required to be filed before filing the annual return.

Consolidated summary of all filed Form GSTR 1 and GSTR 3B for the relevant financial year is available for download in PDF format.

Navigate to services > Returns > Annual Return > Form GSTR 9 (Prepare online) > Download GSTR 3B Summary (PDF) option

Navigate to services > Returns > Annual Return > Form GSTR 9 (Prepare online) > Download GSTR 1 Summary (PDF) option

GSTR-1, GSTR-3B and GSTR-2A Comparison Chart in Excel format is also available after logging in the GST.GOV.IN portal:

Services > Returns > Return Dashboard > Select Financial Year & month > Click on Search > Click on View under Comparison of liability declared and ITC claimed

 More than one GSTIN

That if a dealer has more than 1 GSTIN then he is under obligation to file different annual return for each GSTIN.

Auto Populated Data

That in GSTR 9 few detail will be automatically filled which is called “Auto Populated Data”, the same can be edited at own discretion.

Additional Liability

That additional liability not reported earlier at the time of filing Form GSTR 3B can be declared in Form GSTR 9. The additional liability so declared is required to be paid through Form GST DRC-03.

Unclaimed ITC

No unclaimed ITC can be claimed in the Annual return.

Preview Draft

That the dealer should view the Preview draft before uploading the GSTR 9 as there is no facility to revise the Annual return GSTR 9.

Late Fees for late filing of annual return

Late fees of Rs. 200 per day for late filing of the annual return which can be maximum upto 0.25% of the turnover of the dealer.

Conclusion

Annual return is a return for the entire financial year and same is required to be filed electronically through the portal. Unfortunately the unclaimed ITC cannot be claimed although one has to make the payment of additional liability if any arises while filing the annual return which clearly reflects that one has to clear his liability if any tax is due but cannot claim input tax credit if not claimed earlier.

Download the forms from below links:

GSTR-9A, GSTR-9C,