Description
Tax Publishers Annual Return And Audits Under Gst 2019 by Dr Avadhesh Ojha and FCA Satyadev Purohit
Under the GST regime, all the registered taxable persons (other than an input service distributor, a person required to deduct or collect tax at source, a casual taxable person and a non-resident taxable person) are required to file annual return. A regular taxable person is required to file annual return in Form GSTR-9 and a composition taxable person is required to file annual return in Form GSTR-9A. An Electronic Commerce Operator, who is required to collect tax at source under section 52 of the Central Goods and Services Tax Act, 2017, is required to file annual return in Form GSTR-9B. In addition, every registered person whose turnover exceeds Rs. two crore, is required to get his accounts audited by a Chartered Accountant or a Cost Accountant and furnish a copy of audited annual accounts and a reconciliation statement in FORM GSTR-9C.
For the financial year 2017-18, annual return was originally required to be furnished on or before the 31st day of December, 2018. However, by virtue of the Central Goods and Services Tax (Removal of Difficulties) Order, 2018, Order No. 1/2018-Central Tax, dt. 11-12-2018, the due date of furnishing annual return for the period from the 1-7-2017 to 31-3-2018 was extended to 31st March, 2019. Later, by virtue of the Central Goods and Services Tax (Third Removal of Difficulties) Order, 2018, Order No. 03/2018-Central Tax, dt. 31-12-2018, the due date of furnishing annual return has been extended till 30th June, 2019.
Since annual return in From GSTR-9 was made available on the GST portal in the month of March, 2019, there is every possibility that the due date of furnishing annual return would be extended till 30th September, 2019.
The present Book is devised to provide a handy approach for preparing and furnishing of annual returns in Form GSTR-9 and Form GSTR-9A and reconciliation statement in Form GSTR-9C for the financial year 2017-18.
The Book is divided into following five parts, namely;
Part I : Annual Return by a Regular Taxable Person
Part II : Annual Return by a Composition Taxable Person
Part III : Annual Audit under GST
Part IV : Departmental Audit and Special Audit under GST
Part V : Appendixes
Part I of the Book is divided into fourteen chapters which are devoted at providing an overview of the provisions in respect of furnishing of annual return by a regular taxable person. The step-by-step procedure and clause wise guide for preparing annual return in Form GSTR-9 has also been provided in different chapters.
Part II of the Book aims at providing an overview of the provisions relating to furnishing of annual return by a composition taxable person. This part also contains step-by-step procedure and clause wise guide for preparing annual return in Form GSTR-9A, in different chapters.
In Part III of the Book, an analytical study of the provisions in respect of annual audit as contemplated under section 35(5) of the CGST Act is attempted to be made. It also provides para wise analysis of various clauses and a audit programme for preparing of reconciliation statement in Form GSTR-Form GSTR-9C.
Part IV of the Book provides an analytical study of the law and procedure in respect of Departmental Audit as envisaged under section 65 and Special Audit under section 66 of the CGST Act.
In Part V of the Book, full text of Form GSTR-1, Form GSTR-2A, Form GSTR-3B, Form GSTR-4, Form GSTR-4A, Form GSTR-9, Form GSTR-9A and reconciliation statement in Form GSTR-9C is provided for ease of reference for preparing annual return as well as reconciliation statement.
Each and every paragraph of Form GSTR-9, Form GSTR-9A and Form GSTR-9C has been discussed in detail in the light of extant Statutory Provisions, Rules, Departmental Clarifications, Orders and FAQs. The step-by-step procedure for online as well as offline preparing and filing of annual returns and reconciliation statement has been discussed in the respective chapters. Guidance has also been taken from 'FAQs on Form GSTR-9' and 'FAQs on Form GSTR-9C' issued by the Indirect Tax Committee of The Institute of Chartered Accountants of India.
The Book provides a handy approach in preparing and filing of annual returns as well as reconciliation statements and would prove to be very useful for the taxpayers, indirect taxes executives in industry and the tax consultants who are going to file annual returns and reconciliation statements of their clients for the financial year 2017-18.
Notwithstanding the best of care, likelihood of certain short-comings creeping into cannot be ruled out. We solicit creative feedback from our learned readers bringing to our notice any mistakes, errors, omissions or discrepancies, as and when noticed.