The government has notified annual tax return forms for businesses registered under the GST, accepting the long pending demand of the industry. Now details such as sales, purchases and input tax credit (ITC) benefits given to them in FY18 have to be provided in a consolidated manner, which would make it easier for the tax authorities to match invoices, a facility that is not available in the current GSTR 3B and GSTR-1 forms.
The decision would help taxpayers in speeding up the annual GST return filing process, the last date for which is December 31. The move would also enable the government in detecting tax evasion and fraudulent claims under the GST as both GSTR 9 and GSTR 9C annual returns forms are considered to be crucial in tackling corruption.
Notifying the annual return form for normal taxpayers (GSTR-9) and composition taxpayers (GSTR-9A), the government has divided the return form into six parts, which include inward and outward supplies, ITC claimed and ITC refunded, and break up of other taxes paid.
Also, information with regard to transactions related to the financial year ending March 31, 2018, declared in return of April to September is to be declared in the annual return. "Today government has accepted the long pending demand of industry and has notified annual return form for normal taxpayers(GSTR 9) an annual return form for composition taxpayers(GSTR 9A) in which detailed information has to be provided by businesses," AMRG & Associates Partner Rajat Mohan said.
The industry is also expecting the government to consolidate details like reconciliation with financials, attestation by an auditor, etc, in the format for GSTR-9C. The Goods and Services Tax (GST), which subsumed 17 different indirect taxes, was rolled out on July 1, 2017.
With PTI inputs
(Edited by Manoj Sharma)