ICMAI releases Guidance Note on GST Annual Return

CBIC - Annual Return - due date - Taxscan

The Institute of Cost Accountants of India (ICMAI) has released a guidance note on GST Annual Return.

Last month, the Government has notified a new return form for goods and services tax (GST) that will have to file for the full year. The normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18.

Taxpayers were from the beginning required to file an annual return besides the monthly and quarterly returns, but the annual format was not notified following compliance and IT issues.

The annual return form for normal taxpayers has been divided into six parts with 19 tables which includes detailed information related to outward supplies, inward supplies, ITC availed, ITC reversed, ineligible ITC, particulars of demand and refund, HSN summary of outward supplies and HSN summary of inward supplies of the transactions declared in returns filed during the financial year ending March.

“Release of the “Guidance Note on GST Annual Return” at this juncture would definitely be useful for the targeted readers. This Guidance Note contains all the details of GST Annual Return in a lucid language with illustrations and FAQs which would help the readers to clear their doubts from the basics. It is unusual in simplicity with which the various aspects of GST Annual Return have been dealt with. At the same time, the treatment of the subject is both comprehensive and easy to follow,” the Institute said in a statement.

“GST Annual return has to be filed by every taxpayer as per provisions of Section 44 of the CGST Act 2017. This guidance note on Annual return is especially significant since, the return is being filed for the first time after the rollout of GST last year. The taxpayers may revise or correct all such information as filed during the year, in the Annual Return and file correct information. The Government wants to ensure that there is no or very minimal revenue leakage in the whole process / system. A Guidance Note on this would surely come handy,” the ICMAI Chief CMA Amit A Apte said.

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