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,

Important Circulars and Notification

Please find below the link to Circulars and Notification No. 15 dated 28.03.2019 issued by GST Council.

Circular No. 94 Dated 28.03.2019 - Clarifications on refund related issues under GST
Circular No. 95 Dated 28.03.2019 - Verification of applications for grant of new registration
Circular No. 96 Dated 28.03.2019 - Clarification in respect of transfer of input tax credit in case of death of sole Proprietor

Notification No. 15 Dated 28.03.2019 - Time limit for furnishing the declaration in FORM GST ITC-02 - JOB WORK

Important Notification

GST Council has made several recommendations related to GST Rate Reduction on Good and Services, Late Return Filing Fees Waiver, Extension of Due date of GST Return Filing, Simplification of Annual GST Return and to provide clarification related to GST on Various Services in its 31st GST Council Meeting held on 22nd December 2018. To give effect to these recommendations CBIC has issued 3 Orders, 6 CGST Circulars and 35 Notification related to CGST, UTGST and IGST. In total CBIC has issued  44 Notification / Circular / Order.

List of  GST Notification / Circular / Order issued on 31.12.2018 to give effect to 31st GST Council Meeting Decisions

S. No.	Title	Notification / Circular / Order No.	Date of Issue
1	Due date of GSTR 8 for October to December 2018 extended to 31.01.2019	Order No. 04/2018-Central Tax	31-12-2018
2	FORM GSTR-9, GSTR-9A & GSTR-9C due date extended to 30.06.2019	Order No. 03/2018-Central Tax	31-12-2018
3	CBIC extends due date for availing ITC of FY 2017-18	Order No. 02/2018-Central Tax	31-12-2018
4	Reg. UTGST on Transport of goods in containers by rail by any person other than Indian Railways	Notification No. 30/2018-Union Territory Tax (Rate) G.S.R.1275(E).	31-12-2018
5	UTGST: New services under Reverse Charge Mechanism wef 1st January 2019	Notification No. 29/2018-Union Territory Tax (Rate) G.S.R.1273(E).	31-12-2018
6	CBIC exempt certain services from UTGST w.e.f. 1st January 2019	Notification No. 28/2018- Union Territory Tax (Rate) G.S.R.1272(E).	31-12-2018
7	Changes in UTGST rates of various services from 1st January 2019	Notification No. 27/2018-Union Territory Tax (Rate) [G.S.R. 1279(E)]	31-12-2018
8	CBIC exempts UTGST on supply of gold by nominated agencies to registered persons	Notification No. 26/2018-Union Territory Tax (Rate) G.S.R.1269(E).	31-12-2018
9	CBIC exempt UTGST on certain goods WEF 1st January, 2019	Notification No. 25/2018-Union Territory Tax (Rate) G.S.R.1268(E).	31-12-2018
10	CBIC notifies Change in UTGST rates on goods wef 01.01.2019	Notification No. 24/2018-Union territory Tax (Rate) G.S.R.1267(E).	31-12-2018
11	CBIC amends territorial jurisdiction of Central Tax Officers	Notification No. 79/2018–Central Tax / G.S.R.1283(E)	31-12-2018
12	Time limit to furnish FORM ITC-04 extended till 31.03.2019	Notification No. 78/2018-Central Tax	31-12-2018
13	Late fees leviable for delayed furnishing of FORM GSTR-4 waived	Notification No. 77/2018–Central Tax	31-12-2018
14	Late fees leviable for delayed furnishing of FORM GSTR-3B waived	Notification No. 76/2018-Central Tax	31-12-2018
15	Late fees leviable for delayed furnishing of FORM GSTR-1 waived	Notification No. 75/2018-Central Tax	31-12-2018
16	GST Annual Return, Reconciliation Statement & Refund Application format amended	Notification No. 74/2018–Central Tax	31-12-2018
17	Supply between Govt Depts & PSUs exempted from GST TDS	Notification No. 73/2018-Central Tax	31-12-2018
18	Notification No. 71/2018-Central Tax: CBIC Extends date to file GSTR-1	Notification No. 72/2018-Central Tax	31-12-2018
19	Notification No. 71/2018-Central Tax: CBIC Extends date to file GSTR-1	Notification No. 71/2018-Central Tax	31-12-2018
20	Notification No. 70/2018-Central Tax: Time to furnish GSTR-3B for newly migrated taxpayers extended	Notification No. 70/2018-Central Tax	31-12-2018
21	Notification No. 69/2018-Central Tax: Time to furnish GSTR-3B for newly migrated taxpayers extended	Notification No. 69/2018-Central Tax	31-12-2018
22	Time limit to furnish FORM GSTR-3B for newly migrated taxpayers extended	Notification No. 68/2018-Central Tax	31-12-2018
23	Time limit to avail special procedure to complete migration to GST extended	Notification No. 67/2018-Central Tax	31-12-2018
24	IGST Rules to determine place of supply in case of inter-State supply	Notification No. 04/2018–Integrated Tax	31-12-2018
25	Reg. IGST on Transport of goods in containers by rail by any person other than Indian Railways	Notification No. 31/2018-Integrated Tax (Rate) [G.S.R. 1278(E)]	31-12-2018
26	IGST: New services under Reverse Charge Mechanism wef 01.01.2019	Notification No. 30/2018-Integrated Tax (Rate)	31-12-2018
27	CBIC exempt certain services from IGST w.e.f. 1st January 2019	Notification No. 29/2018-Integrated Tax (Rate)	31-12-2018
28	Changes in IGST rates on various services from 1st January 2019	Notification No. 28/2018-Integrated Tax (Rate)	31-12-2018
29	CBIC exempts IGST on supply of gold by nominated agencies to registered persons	Notification No. 27/2018-Integrated Tax (Rate) G.S.R.1266(E).	31-12-2018
30	CBIC exempt IGST on certain goods WEF 1st January 2019	Notification No. 26/2018-Integrated Tax (Rate) G.S.R.1265(E).	31-12-2018
31	Changes in IGST rates on goods wef 01.01.2019	Notification No. 25/2018-Integrated Tax (Rate) G.S.R.1264(E).	31-12-2018
32	Reg. GST on Transport of goods in containers by rail by any person other than Indian Railways	Notification No. 30/2018-Central Tax (Rate) [G.S.R. 1277(E)]	31-12-2018
33	New services under Reverse Charge Mechanism wef 1st January 2019	Notification No. 29/2018- Central Tax (Rate) [G.S.R. 1276(E)]	31-12-2018
34	CBIC exempt certain services from CGST w.e.f. 1st January 2019	Notification No. 28/2018- Central Tax (Rate) [G.S.R. 1272(E)]	31-12-2018
35	Changes in CGST rates of various services from 1st January 2019	Notification No. 27/2018-Central Tax (Rate) [G.S.R. 1271(E)]	31-12-2018
36	CBIC exempts CGST on supply of gold by nominated agencies to registered persons	Notification No. 26/2018-Central Tax (Rate) G.S.R.1263(E)	31-12-2018
37	CBIC exempt GST on certain goods WEF 1st January, 2019	Notification No. 25/2018-Central Tax (Rate) G.S.R.1262(E).	31-12-2018
38	CBIC notifies Change in GST rates on goods wef 01.01.2019	Notification No. 24/2018-Central Tax (Rate) G.S.R.1261(E).	31-12-2018
39	GST rate for Sprinkler and Drip irrigation System including laterals	Circular No. 81/55/2018-GST	31-12-2018
40	Clarification regarding GST rates & classification (goods)	Circular No. 80/54/2018-GST	31-12-2018
41	GST Refund- CBIC clarifies on 7 Issues	Circular No. 79/53/2018-GST	31-12-2018
42	GST on Export Services through supplier of services located outside India	Circular No. 78/52/2018-GST	31-12-2018
43	Denial of composition option by tax authorities and effective date thereof	Circular No. 77/51/2018-GST	31-12-2018
44	CBIC clarifies on 6 Important GST Related Issue	Circular No. 76/50/2018-GST	31-12-2018

IMPORTANT HIGHLIGHTS OF GST COUNCIL MEETING DATED 22-12-2018

1.   Facility of Generating E-way bill will be restricted if tax payer failed to file the returns for two consecutive tax periods

Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This provision shall be made effective once GSTN/NIC make available the required functionality.

2.   Late Fee

Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.

3.   Due date for GST ITC-04 extended till 31-03-2019

The due date for submitting FORM GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31.03.2019.

4.   Period for filing Annual Return under GST extended

The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 — 2018 shall be further extended till 30.06.2019.

5.   ITC for the last financial year against invoices can be availed upto 31-03-2019

ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 201 9, subject to specified conditions.

6.   Advance Ruling

In case of conflict on advance ruling, then the decision of Centralized Authority is binding.

7.   Due date for furnishing GSTR-8 by E-commerce operators extended

The due date for furnishing FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019.

8.   Single Cash Ledger for each tax head

There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.

9.   Refund

A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly.

10.  Invoices / Documents can be uploaded through portal

All the supporting documents/invoices in relation to a claim for refund in FORM GST RFD-OIA shall be uploaded electronically on the common portal at the time of filing of the refund application itself, thereby obviating the need for a taxpayer to physically visit a tax office for submission of a refund application. GSTN will enable this functionality on the common portal shortly.

  11.      New return filing system shall be introduced

The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.

The following clarificatory changes, inter-alia, shall be carried out in the formats/instructions according to which the annual return / reconciliation statement is to be submitted by the taxpayers:

·       Amendment of headings in the forms to specify that the return in FORM GSTR-9& FORM GSTR-9A would be in respect of supplies etc. 'made during the year' and not 'as declared in returns filed during the year';

·      All returns in FORM GSTR-I &FORM GSTR-3B have to be filed before filing of FORM GSTR-9 & FORM GSTR-9C;

·        All returns in FORM GSTR-4 have to be filed before filing of FORM GSTR-9A;

·   HSN code may be declared only for those inward supplies whose value independently accounts for 10% or more of the total value of inward supplies;

·       Additional payments, if any, required to be paid can be done through FORM GST DRC-03 only in cash;

·        ITC cannot be availed through FORM GSTR-9 & FORM GSTR-9C;

·   All invoices pertaining to previous FY (irrespective of month in which such invoice is reported in FORM GSTR-I) would be auto-populated in Table 8A of FORM GSTR-9;

·       Value of "non-GST supply" shall also include the value of "no supply" and may be reported in Table SD, 5E and 5F of FORM GSTR-9;

·    Verification by taxpayer who is uploading reconciliation statement would be included in FORM GSTR-9C.

The following types of refunds shall also be made available through FORM GST RFD-OIA:

·        Refund on account of Assessment/Provisional Assessment/Appeal /Any Other Order;

·        Tax paid on an intra-State supply which is subsequently held to be inter-State supply and vice-versa;

·        Excess payment of Tax; and

·        Any other refund.

In case of applications for refund in FORM GST RFD-OIA (except those relating to refund of excess balance in the cash ledger) which are generated on the common portal before the roll out of the functionality described in point (10) above, and which have not been submitted in the jurisdictional tax office within 60 days of the generation of ARN, the claimants shall be sent communications on their registered email ids containing information on where to submit the said refund applications. If the applications are not submitted within 15 days of the date of the email, the said refund applications shall be summarily rejected, and the debited amount, if any, shall be re-credited to the electronic credit ledger of the claimant.

Clarifications on refund matters

Clarifications shall be issued on certain refund related matters like refund of ITC accumulated on account of inverted duty structure, disbursal of refunds within the stipulated time, time allowed for availment of ITC on invoices, refund of accumulated ITC of compensation cess etc.

Changes made by CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 and the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019.

The requisite Notifications/Circulars for implementing the above recommendations of the GST Council shall be issued shortly. (PIB)

Extension of the due date for filing of Annual GST returns to 31st March 2019

Government extends deadline for filing annual GST return by by three months 

Extension of the due date for filing of returns in FORM GSTR-9, 9A and 9C for the part of the Financial Year July 2017 to March 2018 from 31st December 2018 to 31st March 2019.

Press Release in this regard is attached. Notification is awaited.