We have come a long way, but still, tax payers dread for the preparation of GST annual returns because the declaration in the annual returns may have multiple implications. Here, in this article, we have mentioned things that you need to keep in mind before filing your GST annual return.

GST Audit

GST Audit coupled with the return needs to be submitted. The audit is a window that showcases the true financial detail of the individual. Like return, the audit needs to be compiled for every GST registration.

The tax payers can appoint a chartered accountant who can help them to produce a certified reconciliation statement in GSTR 9C.

Don’t mention any incorrect information

Though the deadline of filing the GST Annual returns has been extended to June 30, 2019 but it is pertinent to note that GST Annual Returns in GSTR     9 cannot be edited once filed. Moreover, any incorrect information will attract penalties and will leave a room for long term litigation. Hence, it is the duty of every tax payer to make an accurate and precise declaration of the transactions.

HSN Wise summary

The individual may find it difficult to report for HSN wise summary purchases in the GSTR form, when it is not maintained in the account books while raising an invoice. In such a case, you can take the help of the tool that can help you to filter, identify and summarize the details. Technology has come to rescue for the tax payers who want to file the returns efficiently.

GST Transition credit

If the income tax payer wishes to avail GST transaction credit, he needs to make sure all the entries are mentioned in the financial records. In case of closing balance of service tax credit carried forward, CGST ledger should be debited.

Reconciliation

the assessee needs to ensure that the consolidated turnover for the mentioned period should match with GSTR 3B and GSTR 1. In case of any difference or instance where turnover was not disclosed, the same should be mentioned.  Further, the GST liability mentioned in the books should match with the GST liability to be paid or paid. The liability of IGST, CGST, SGST should be reconciled individually and  any breakup should be mentioned separately in financial books.

No e-way bill

In case, you failed in the generation of GST returns for consecutive 6 months, the government will bar you from generating e-way bills required for the movement of the goods.

Touted as anti-tax evasion measure, GST was rolled in a phased manner to curb the evil in the bud and to improve the revenue of the government. By filing the returns properly, the tax assessee can reap the benefits of it.

Published On : 19-04-2019

Source : Finance Minutes