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23

Mar

On account of the new year, CBIC declares new annual GST return forms

Jan 04, 2019 Business
On the edge of 2018 & 2019, the government has put forth the new annual GST return forms. All the businesses registered under the GST regime are required to fill & comply with this new annual GST return forms by 30th June 2019

On December 31, 2018, The Central Board of Indirect Taxes and Customs (CBIC) introduced three significant segments of these forms, which are GSTR-9, GSTR-9A, and GSTR-9C. GSTR-9 is the annual return form for common taxpayers, GSTR-9A is for composition taxpayers, and GSTR-9C is a reconciliation statement. It's crucial to see how the Trade & Industry Body would react to this significant notification, as they've already raised objections on the GST annual return filing forms announcement which was made earlier in September of the last year. According to the statement of AMRG & Associates Partner Rajat Mohan, the government only made minor modifications in these forms, whereas all the other demands have been conveniently rejected. The primary demand of industry was to do away fulfill the requirement of segregating inputs, input service, and capital goods.

Mohan also stated the CBIC has limited preparation of HSN code wise inward summary details only for those supplies which independently consider for 10% or more of the total supplies. "This would be of some relief to taxpayers," he added. Initially, the due date for filing the annual return form was 31st December 2018. But to keep in mind the view of industry concerns, the government then extended the date till 31st March 2019. The GST Council in its recent meeting on December 22, 2018, has decided to extend the due date further to 3oth June 2019.

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