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Presentation (2) (1) - 1
Presentation (2) (1) - 1
GST
INTRODUCTION
GST a value-added tax levied at all points in the supply chain, with credit for taxes paid on goods and services
acquired for use in making the supply.
To ensure the correctness and veracity of the reported information, annual return and GST audit are required.
GST principles embrace information technology and reduce the interaction with the tax administrators.
All entities having GST registration, except few specified categories of persons, are required to file GST annual
return for every financial year respective of their turnover during the return filing period.
ANNUAL RETURN-SEC 44
Every registered person who is required to get his accounts audited in accordance with the provisions of Sec 35(5)
-shall furnish electronically, the annual return
-along with a copy of the audited annual accounts and a reconciliation statement
Sec 35(5)
Every registered person whose turnover during a financial year exceeds Rs. 2 crores shall get
his accounts audited by a chartered accountant or a cost accountant
TYPES OF FORMS
To be filed by y regular taxpayers registered under GST
It consists of details regarding advances, supplies made and received during the FY under different tax heads i.e.
CGST, SGST and IGST –details of outward supplies made during the FY on which tax is not payable.
GSTR 9
Details of ITC availed and reversed, taxes payable and paid, transactions reported in next FY, particulars of
demands and refunds, HSN wise details of outward and inward supplies
It consolidates the information furnished in the monthly or quarterly returns during the year
To Be filed by taxpayers registered under GST’s composition scheme it is a summary of all quarterly returns
GSTR 9A
previously filed by the composition taxpayer
GSTR 9B To Be filed by e-commerce operators who have to collect tax during the PY –It is basically an annual
statement
GSTR 9C Captures the basic details of the Registered Person, and Reconciliation of turnover declared in audited
Annual Financial Statement with turnover declared in Annual Return and reconciling of tax paid, ITC
PRE CONDITION FOR FILING GSTR
Levy of a late fee of Rs. 100/- per day under CGST Act and Rs. 100/- per day under SGST/
UTGST Act subject to a maximum amount of 0.5% of the turnover in the State or Union
Late fee
Territory.
Penalty which may extend to Rs. 75,000 (Rs. 25,000 each under CGST, SGST, GST
Penalty Act)
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