ICAI releases FAQ on GST Annual Return [Read FAQs]

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The Indirect Tax Committee of the Institute of Chartered Accountants of India ( ICAI ) has released  Frequently Asked Questions ( FAQ ) on GST Annual Return, GSTR-9. These FAQ’s have been drafted by CA. Hiren Pathak and reviewed by CA Subham Khaitan.

According to the document, an Input Service Distributor, a person paying tax under section 51 (TDS) or section 52 (TCS), a casual taxable person and a non-resident taxable person are not required to file GSTR-9. However, it said that person paying tax under section 52 (TCS) is required to file GSTR-9B but since, provision of section 52 is applicable from 01st October 2018 only, they are not required to file GSTR-9B for the year 2017-18.

Differentiating the terms Legal Name and Trade name, the FAQ said that Legal name is a name given by statue which is generally found in PAN. Trade name is a name from which entity is known generally brand name. Legal name and trade name will be auto populated from GST Registration, it said.

The FAQ said that GSTR-9 is prepared based on earlier process of filling GSTR-1, GSTR-2 and GSTR-3. In GSTR-2, there was a requirement to report details of HSN wise summary of inward supplies. However, as GSTR-2 was not required to be filed till now, one will have to carry out an additional exercise to identify and report HSN wise summary from the books of accounts.

According to the FAQ, Late fee for belated filing of GSTR-9 is Rs.100 per day subject to maximum of 0.25% of turnover in a state/UT as per section 47(2) of CGST Act,. Similar provision is there in SGST Act also. Hence, in total there will be late fee of Rs.200 per day subject to 0.50% of turnover in a state on late filing of GSTR-9.

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