Importance of GST Return Form
A return may be a document containing details of income which a taxpayer is required to file with the tax administrative authorities. this is employed by tax authorities to calculate liabilities . Under GST, a registered dealer has got to file GST returns that include:
- Output GST (On sales)
- Input decrease (GST paid on purchases)
To file GST returns, GST compliant sales and buy invoices are required. you’ll generate GST compliant invoices for free of charge on ClearTax BillBook.
Who should file GST Returns?
In the GST regime, any regular business has got to file two monthly returns and one annual return. This amounts to 26 returns during a year.
The beauty of the system is that one has got to manually enter details of 1 monthly return – GSTR-1. the other return GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
If a person has entered into a transaction of supply of goods, then there must be someone who would be the recipient of the supply of products . Supplier of the products would be originating point of the transaction and he would specify, in his return, details of the availability along with the recipient to whom supply has been effected. The return for the inward supplies of the recipient of the availability would get auto-populated with the small print provided by the supplier in his return for the outward supplies. Thus, GSTR-1 becomes the bottom document upon which the whole compliance structure in GST would be based.
GSTR 1 is one among the most important forms. this is because the knowledge you file under GSTR 1 is employed as a base for all other forms to be auto-populated. so as to understand this better and suits GST norms, read on for more information on GSTR 1.
Form GSTR 3B is a simple one that summarises your returns on a monthly basis. this means as a taxpayer you’re supposed to fill within the details and submit this form on a monthly basis right along the nine-month period ranging from July 2019. you’ll need to collate and list the entire values of sales and purchases for your business in this form. For these, invoice details aren’t required as this type justifies your monthly transactions and keeps a record of them for later use.
So, after GSTR 3B filing, once you submit GSTR-1, GSTR-2, and GSTR-3 forms for the corresponding months, the tax department will tally your claims as per your monthly transaction reports. just in case they are doing not find the invoice details matching with the preliminary details you submitted, you’ll encounter trouble. So, take care with your GSTR 3B filing and read through the small print before clicking the submit button.
The GSTR 9 may be a document or statement that possesses to be filed once a year by a registered taxpayer. This document will contain the tiny print of all supplies made and received under various tax heads (CGST, SGST and IGST) during the entire year along with turnover and audit details for an equivalent .
The government has introduced a GSTR 9C audit form, which is to be filed annually by taxpayers who have a turnover of quite Rs.2 crores. it’s basically a reconciliation
statement between the annual returns filed in GSTR 9, and therefore the audited annual financial statements of the taxpayer.
As per the 37th GST Council Meeting, GSTR-9 for the fiscal year 2018-2019, must be filed by November 30, 2019. The Judgment Day for filing this return is before the 31st
December of the following year. (For example: If you’re filing the GSTR-9 for 2019 then, you have to file it before the 31st of December 2020.)
The government has introduced a GSTR 9C audit form, which is to be filed annually by taxpayers who have a turnover of more than Rs.2 crores. It is basically a reconciliation statement between the annual returns filed in GSTR 9, and the audited annual financial statements of the taxpayer.
As per the 37th GST Council Meeting, GSTR-9 for the financial year 2018-2019, must be filed by November 30, 2019. The last day for filing this return is before the 31st December of the following year. (For example: If you are filing the GSTR-9 for 2019 then, you have to file it before the 31st of December 2020.)
The GSTR-9A is that the annual return to be filed once during a year by taxpayers who have opted for the Composition Scheme under GST for a specific fiscal year . It includes all the information furnished within the quarterly returns filed by the composition taxpayers during that fiscal year .
GSTR-9A has got to be filed on or before 31st December* following the close of monetary year. as an example , if the composition taxpayer is filing his annual return for the FY 2017-18, the taxpayer should file it, on or before 31st December 2018*.
GSTR-9C may be a reconciliation statement between the annual GST return in Form GSTR-9 and therefore the audited financial statements of a taxpayer. it’s prepared by a Chartered Accountant/Cost Accountant and later filed by the taxpayer. The reconciliation statement is to form sure the proper self-assessment of tax by a taxpayer. Every registered person
whose turnover during a fiscal year exceeds the prescribed limit of rupees two crores shall get his accounts audited by a accountant or a price accountant.
GSTR-9C may be a statement of reconciliation between: the Annual Returns in GSTR-9 filed for a FY, and the figures as per the audited annual Financial Statements of the taxpayer.
It are often considered to be almost like that of a tax audit report furnished under the Income-tax act. it’ll contains 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 are getting to be reported here in conjunction with the reasons for the same .
The certified statement shall be issued for each GSTIN. Hence, for a PAN there are often several GSTR-9C forms to be filed. A accountant or accountant must prepare this GST Reconciliation statement. Any differences between the tiny print reported altogether the GST returns and thus the Audited Accounts must be reported by the CA therein with the explanations for the differences. This statement acts as a base for the GST authorities to verify the correctness of the GST returns filed by the taxpayers. this is often actually because the CA possesses to certify any additional liability arising out of the reconciliation exercise and GST audit in GSTR-9C.