GST Updates – Important points to consider while filing GST Annual Return

GST Updates – Important points to consider while filing GST Annual Return

Facility to file GST Annual Return for Regular Tax Payers for the FY 2017-18 on GSTN Portal:

The GSTN Portal has opened the facility to file GST Annual Return for Regular Tax Payers in form GSTR 9 from today i.e. 6^th of March 2019.

While the facility to file Annual Return (GSTR 9) is  made available online, offline facility is also proposed to be made available along with an offline utility.

1.) Following path may be chosen to file Annual Return (GSTR 9) –

 Login to the Portal     >    Return Dashboard      >    Annual Return  (GSTR 9)     >       Prepare Online    

2.) Important Points to Note –

– Last date to file Annual Return for FY 2017-18 is 30^th June 2019.

– Annual Return once filed cannot be revised. Hence, check the details before filing Annual return

– Reconcile your ITC with Auto-populated details through GSTR 2A. The current Annual return template captures ITC for GSTR 1 filed by suppliers upto 29.01.2019. next auto updating will be made on 01.03.2019. For any missing credits contact your vendors to file their GSTR 1 and also wait for next updation. System shall restrict ITC to lower of the following – ITC claimed as per 3B or auto populated as per GSTR 2A.

– Check all particulars before filing Annual return

3.) How to Prepare the Annual return in Online mode –

– Click on ‘Prepare Online’

– Select from the questionnaire page, whether you wish to file NIL Annual return;

– You may download the draft system generated GSTR-9, summary of GSTR-1 and summary of GSTR-3B from GSTR-9 dashboard for your reference;

– If number of records/lines are less than or equal to 500 records per table (Table 17 and Table 18), then you may use this facility;

– Fill in the details in different tables and click on ‘Compute Liabilities’; and

– Click on ‘Proceed to file’ and ‘File GSTR-9’ with DSC/EVC.

– Additional liability, if any declared in this return can be paid through Form GST DRC-03 by selecting ‘Annual Return’ from the dropdown in the said form. Such liability can be paid only through cash.

File Offline if number of records/lines either in Table-17 (HSN wise summary of Outward Supplies) or Table-18 (HSN wise summary of Inward Supplies) are more than 500 records per table, then you can prepare your return by using the offline utility only and the same can be subsequently uploaded on Common Portal.

4.) How to file it Offline –

You can download the GSTR-9 offline tool from the ‘Downloads’ section in the pre-login page on the portal and installed it on your computer.

– Click on ‘Prepare Offline’;

– Click on ‘Download’ to download auto-drafted GSTR-9 details, if any;

– Follow instructions in ‘GSTR-9 offline tool’ to add details and generate JSON file for upload; and

– Click on ‘Upload’ to upload JSON file and file the return with help of instruction available on GSTR-9 dashboard.

5.) When do we file “NIL” Annual Return (GSTR 9) –

If you have, during the financial year (July 2017 to March 2018)

– Not made any outward supply (commonly known as sale); and

– Not received any inward supplies (commonly known as purchase) of goods/services; and

– No liability of any kind; and

– Not claimed any Credit during the Financial Year; and

– Not received any order creating demand; and

– Not claimed any refund.

6.) Steps to prepare GSTR 9 return online –

– Download the draft system computed GSTR-9, summary of Form GSTR-1 and GSTR-3B for the financial year by clicking on relevant buttons. This is only for reference for filling the return, and will facilitate in providing details in actual tables.

– Click on tables (Box) selected and fill in the required details;

– Summary of added details would be available on the relevant box;

– Click on ‘Preview’ button to view summary in PDF or Excel format; and

– After adding and confirming the details, follow filing process as indicated at the bottom of this page.

7.) Steps to file Annual Return –

– Click on ‘Compute Liabilities’; for computation of Late fee, if any;

– ‘Proceed to File’ button would be enabled once late fee is calculated by system;

– Click on “Proceed to File” to pay liabilities and file the return ;

– Additional details can be added even after clicking on ‘Compute Liabilities’ or ‘Proceed to file’ button. However, in that case, you would be required to follow steps 1 to 3 again to file the return ;

– Click on ‘Download Filed GSTR-9 (pdf)’ button to view summary of filed details in PDF format; and

– You can also download all filed details as an excel file by clicking on ‘Download GSTR-9 details (Excel)’.

8.)Some precautions to be taken while filing Annual Return –

In the following fields, where the system computed values would be modified by more/less than 20%, shall be highlighted in ‘Red’ for reference and attention:

Table 4 – Details of advances, inward and outward supplies made during the financial year on which tax is payable

Table 5 – Details of Outward supplies made during the financial year on which tax is not payable

Table 6 – Details of ITC availed during the financial year

TaxMarvel Comments – The Annual Return template made available on GSTN portal is a welcome move. Auto population of details shall save time and minimize errors as well. Tax Payers are to exercise caution while preparing and filing Annual Return.

Note – This is for information only. For exact details of changes, the notification/Circular may please be referred to, as and when they are issued.

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