sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
GST - Goods and Services Tax »
 GST compliance: Govt plans to go easy on businesses till polls
 Government faces shortfall in GST collection
 Proposal to encourage taxmen to file GST profiteering complaints
 GST at an inflection point, effortsmust be made to fine-tune structure
 GoM on revenue shortfall to study GST collection on services by states
 GST: These 10 judgments should offer clarity on ambiguous rules
 Here's what will become cheaper for you GST Council meet
 Government notifies new annual GST return forms
 Goods And Service Tax (GST) Concept & Status As On 1st January, 2019
 GST net: Spotting tax evasion easier under new regime
 9 Facts You Must Know about the New GST Limit of Rs40 lakh

India Inc seeks more time for filing GST annual returns, audit reports
December, 05th 2018

Says filing utility still not available on GST portal, more clarity on provisions needed
MUMBAI, DECEMBER 4

With less than a month left for the deadline to file the annual GST returns and audit reports, businesses are still awaiting the online utility on the GST portal as well as more clarity on various provisions and are hoping to get an extension in the due date.

Almost all registered taxpayers under the GST are required to file annual returns by December 31 in GSTR-9. Further, businesses with an annual turnover of over ?2 crore pan India also need to file an audit report under GSTR-9C by the end of this month.

Trade and industry is seeking an extension till March 31, 2019, hoping that apart from the online utility, the government will also clarify on various requirements in the forms.

HSN-wise information
One of the biggest challenges in the GSTR-9 annual returns is the requirement for HSN-wise information of the goods supplied and purchased. However, experts say that the HSN code for inward supplies was not captured for GSTR-3B returns and now businesses will have to review all their past purchases and monthly returns to file this.

Another problem is the bifurcation of input tax credit availed such as inputs, input service and capital goods, which again did not have to be done in the GSTR-3B returns. Experts say that for small businesses, the lack of clarity and requirement to review all past purchases would require more time.

“Industry requires clarity on a number of issues including HSN code for inward supplies, availing of input tax credit and rectification of mistakes. Further, the utility for filing these forms is also not available on the GST portal till now. In such a situation, the government should consider clarifying these issues and also extending the due date to March 31, 2019,” said Bimal Jain, Executive Director, A2Z Taxcorp.

Similarly, the GST audit report will require virtually a reconciliation of the entire financials such as balance sheet and P&L with the GST return on a State-wide basis.

“For large companies, with registration across the country or even in say 30 States and UTs would be a mammoth task,” said a tax expert, who did not wish to be named, adding that the forms were notified as late as September, giving little time to taxpayers to understand the requirements.

Industry chamber CII has also urged the Central Board of Indirect Taxes and Customs to extend the deadline to March 31, 2019. “Amendments and changes in compliance, though welcome and trade friendly, have made the trade split the data of the financial year into different periods for different compliances,” it said, noting that the due dates of filing of GSTR 3B was also extended for different months, making it more difficult to ensure compliance with regard to payment of interest and late fee.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions