Chartered Accountant
Bookmark and Share
click here to subscribe our newsletter
 
 
Corporate News *   CBIC issues draft rules for Customs valuation *  Top Headlines: Threshold for Benami deals, green bond investors, and more *  Govt aims 1-hour clearance for goods at all ports *  Exporters Allowed To Use RoDTEP, RoSCTL Scrips To Pay Customs Duty, Transfer Them; Rules Amended *  Millions of labourers to be affected by brick producers’ strike over hike in GST, coal rates *  Inauguration of ‘kendriya GST parisar’ *  Transporter can seek Release of Conveyance alone, not Goods under GST Act: Madras HC *  GST: Quoting of DIN Mandatory for Responding to Notice, Govt Modifies Portal *  Firms can soon file claims for GST credits of ?400 cr *  CBIC issues modalities for filing transitional credit under GST. *  Mumbai: Man creates 36 fake GST firms, arrested for input tax credit fraud of Rs 23 cr *  Report to restructure Commerce Ministry under study; idea is to set up trade promotion body: Goyal *  Firms can soon file claims for GST credits of ?400 cr *  Gambling Alert! Govt May Levy Up To 28% GST; UP, Bengal Back Move *  EPFO backs raising retirement age to ease pressure on pension funds *  India Moving Up Power Scale, Set to Become Third Largest Economy By 2030 *  Airfares Get Expensive: What Changes for Flyers From Today? *  IRCTC Latest News: Passengers to Pay More For Cancelling Confirmed Rail Tickets Soon. *  IBC prevails over Customs Act, says Supreme Court. *  As GST enters sixth year, a time for evaluation and reassessment *  There’s GST on daily essentials as Centre needs money to buy MLAs: Arvind Kejriwal *  Now, GST on cancellation of confirmed train tickets, hotel bookings *  GST kitty for top States could rise 20% in FY23, says Crisil *  French customs officials seize another cargo vessel over Russia sanctions *  TradeLens builds on Asia momentum with Pakistan Customs deal *  Hike tax on tobacco, reduce affordability & increase revenue: Civil society organizations to GST council *  Bihar: ?10 crore tax evasion on tobacco products detected in raids *  Centre failed on GST, COVID; would it be anti-national? Rajan on Infosys row *  Service Tax not Chargeable on Income Tax TDS portion paid by recipient: CESTAT grants relief to TVS *  Foreign portfolio investors make net investment of Rs 7575cr in Sep so far
Subject News *  Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr *   GST (Tax) E-invoice Must For Businesses With Over Rs 5 Crore Annual Turnover *   Both Central GST and excise duty can be imposed on tobacco, rules Karnataka high court *   CBIC Issues Clarification On Extended Timelines For GST Compliance *   CBIC Issues Clarification On Extended Timelines For GST Compliance *  Budget 2023- 9.6 crore gas connections *  GST: Tamil Nadu Issues Instructions for Assessment and Adjudication Proceedings *  GST: CBIC Extends Last Date for filing of ITC *  GST collection in September surpasses Rs 1.4 lakh crore for straight seventh time *  Dollar smuggling case: Customs chargesheet names M Sivasankar as key conspirator. *  Hike in GST rates fuels inflation *  Assam: CBI arrests GST commissioner in Guwahati *  GST fraud worth ?824cr by 15 insurance Cos detected *  India proposes 15% customs duties on 22 items imported from UK *  Decriminalising certain offences under GST on cards *  Surge in GST collections more due to higher inflation: India Ratings *  MNRE Notifies BCD and Hike in GST Rates as ‘Change in Law’ Events But With a Condition | Mercom India *   Solar projects awarded before customs duty change allowed cost pass-through *  Rajasthan High Court Dismisses Writ Petitions Challenging Levy Of GST On Royalty *   GST revenue in September likely at Rs 1.45 lakh crore *  Govt working on decriminalising certain offences under GST, lower compounding charge *  Building an institution like GST Council takes time, trashing is easy: Sitharaman *  GST collections in Sept may touch ?1.5 lakh crore *  KTR asks Centre to withdraw GST on handlooms *  After Gameskraft, More Online Gaming Startups To Receive GST Tax Claims *  Madras HC: AAR Application Filed Under VAT Does Not Survive After GST Enactment *  Threshold for criminal offences under GST law may be raised *  Bengaluru: Gaming company faces biggest GST notice of Rs 21,000 crore *  CBIC clarifies Classification of Cranes for GST, Customs Duty *  Customs seize gold hidden in bicycle in Kerala airport  

Comments

Print   |    |  Comment

GST UPDATE ON ANNUAL RETURN COMPLIANCE-PART-2

GST UPDATE ON ANNUAL RETURN COMPLIANCE-PART-2
GST UPDATE ON ANNUAL RETURN COMPLIANCE-PART-2
 
In earlier update, we discussed about the details to be filled in serial no. 4A of Part-II of the Annual Return requiring the details of advance, inward and outward supplies on which tax is payable as declared in returns filed during the financial year. In the present update, we seek to discuss on the details to be filled in serial no. 4B “Supplies made to registered persons (B2B)”.
 
The assessee is required to report the details of all supplies (intra-state and inter-state both) made to registered persons during the financial year 2017-18 but the outward supplies on which tax is payable on reverse charge basis by the recipient would not be taken for reporting under this serial.  If we compare the details required to be furnished under this serial no. as against serial no. 4A-supplies made to un-registered persons (B2C), we find lot of difference. The supplies declared under serial no. 4A are to be shown net of debit/credit notes and amendments made during the financial year but while reporting supplies under serial no. 4B pertaining to B2B, the adjustments on account of debit/credit notes is to be separately reflected under serial no. 4J/4I of the Part-II of the annual return. Likewise, amendments made in B2B supplies during the financial year 2017-18 are to be separately reported under serial no. 4K/4L of the Part-II of the annual return. However, if the amendments pertaining to financial year 2017-18 are being carried out in the returns filed during the financial year 2018-19, such amendments made in financial year 2018-19 are to be reported in serial no. 10/11 of Part V of the annual return. This can be explained with the help of following examples:-
Example 1:-
B2B Supplies made in FY 2017-18 = Rs. 10,00,000/-
Supplies made in the month of December, 2017 were Rs. 2,50,000/- but were wrongly reported in GSTR-3B as 2,00,000/-. The amendment for the same was carried out in the GSTR-3B for the month of February, 2018.
In this case, the amount to be reported in serial no. 4B will be Rs. 9,50,000/- and amount of Rs. 50,000/- will be reported in serial no. 4K of the annual return.   
Example 2:-
B2B Supplies made in FY 2017-18 = Rs. 10,00,000/-
Supplies made in the month of December, 2017 were Rs. 2,50,000/- but were wrongly reported in GSTR-3B as 2,00,000/-. The amendment for the same was carried out in the GSTR-3B for the month of May, 2018.
In this case, the amount to be reported in serial no. 4B will be Rs. 9,50,000/- and amount of Rs. 50,000/- will be reported in serial no. 10 of Part V of the annual return.
 
Now, the question that arises in the minds of assessee is that whether amendments carried out even after filing the return for the month of September, 2018 are to be considered in Part V while filing annual return for financial year 2017-18 in light of the Removal of Difficulty Order No. 02/2018-Central Tax dated 31.12.2018 issued by the government?  If we study the Removal of Difficulty Order, it is found that the amendment in GSTR-1 (pertaining to invoice/debit note/credit note) is permitted after September, 2018 till the due date of furnishing GSTR-1 for the month of March, 2019 only with the objective to enable the recipient assessee to claim input tax credit unavailed due to non-reflection of input tax credit in GSTR-2A of the recipient. The Removal of Difficulty Order does not permit any amendment in GSTR-3B return through which assessee pays tax. Consequently, credit notes/debit notes pertaining to financial year 2017-18 included in GSTR-1 but not reflected in GSTR-3B upto due date of furnishing GSTR-3B for the month of September, 2018 will not be considered while filing details in serial no. 10/11 of Part V of the annual return.   
 
The points as regards other aspects in filing annual return will be discussed in our next update. GST UPDATE ON ANNUAL RETURN COMPLIANCE-PART-2
 
In earlier update, we discussed about the details to be filled in serial no. 4A of Part-II of the Annual Return requiring the details of advance, inward and outward supplies on which tax is payable as declared in returns filed during the financial year. In the present update, we seek to discuss on the details to be filled in serial no. 4B “Supplies made to registered persons (B2B)”.
 
The assessee is required to report the details of all supplies (intra-state and inter-state both) made to registered persons during the financial year 2017-18 but the outward supplies on which tax is payable on reverse charge basis by the recipient would not be taken for reporting under this serial.  If we compare the details required to be furnished under this serial no. as against serial no. 4A-supplies made to un-registered persons (B2C), we find lot of difference. The supplies declared under serial no. 4A are to be shown net of debit/credit notes and amendments made during the financial year but while reporting supplies under serial no. 4B pertaining to B2B, the adjustments on account of debit/credit notes is to be separately reflected under serial no. 4J/4I of the Part-II of the annual return. Likewise, amendments made in B2B supplies during the financial year 2017-18 are to be separately reported under serial no. 4K/4L of the Part-II of the annual return. However, if the amendments pertaining to financial year 2017-18 are being carried out in the returns filed during the financial year 2018-19, such amendments made in financial year 2018-19 are to be reported in serial no. 10/11 of Part V of the annual return. This can be explained with the help of following examples:-
Example 1:-
B2B Supplies made in FY 2017-18 = Rs. 10,00,000/-
Supplies made in the month of December, 2017 were Rs. 2,50,000/- but were wrongly reported in GSTR-3B as 2,00,000/-. The amendment for the same was carried out in the GSTR-3B for the month of February, 2018.
In this case, the amount to be reported in serial no. 4B will be Rs. 9,50,000/- and amount of Rs. 50,000/- will be reported in serial no. 4K of the annual return.   
Example 2:-
B2B Supplies made in FY 2017-18 = Rs. 10,00,000/-
Supplies made in the month of December, 2017 were Rs. 2,50,000/- but were wrongly reported in GSTR-3B as 2,00,000/-. The amendment for the same was carried out in the GSTR-3B for the month of May, 2018.
In this case, the amount to be reported in serial no. 4B will be Rs. 9,50,000/- and amount of Rs. 50,000/- will be reported in serial no. 10 of Part V of the annual return.
 
Now, the question that arises in the minds of assessee is that whether amendments carried out even after filing the return for the month of September, 2018 are to be considered in Part V while filing annual return for financial year 2017-18 in light of the Removal of Difficulty Order No. 02/2018-Central Tax dated 31.12.2018 issued by the government?  If we study the Removal of Difficulty Order, it is found that the amendment in GSTR-1 (pertaining to invoice/debit note/credit note) is permitted after September, 2018 till the due date of furnishing GSTR-1 for the month of March, 2019 only with the objective to enable the recipient assessee to claim input tax credit unavailed due to non-reflection of input tax credit in GSTR-2A of the recipient. The Removal of Difficulty Order does not permit any amendment in GSTR-3B return through which assessee pays tax. Consequently, credit notes/debit notes pertaining to financial year 2017-18 included in GSTR-1 but not reflected in GSTR-3B upto due date of furnishing GSTR-3B for the month of September, 2018 will not be considered while filing details in serial no. 10/11 of Part V of the annual return.   
 
The points as regards other aspects in filing annual return will be discussed in our next update. 
Department News


Query

 
PRADEEP JAIN, F.C.A.

Head Office : -

Address :
"SUGYAN", H - 29, SHASTRI NAGAR, JODHPUR (RAJ.) - 342003

Phone No. :
0291 - 2439496, 0291 - 3258496

Mobile No. :
09314722236

Fax No. :0291 - 2439496


Branch Office : -

Address:
1008, 10th FLOOR, SUKH SAGAR COMPLEX,
NEAR FORTUNE LANDMARK HOTEL, USMANPURA,
ASHRAM ROAD, AHMEDABAD-380013

Phone No. :
079-32999496, 27560043

Mobile No. :
093777659496, 09377649496

E-mail :pradeep@capradeepjain.com