Taxmann's GST Annual Return & Reconciliation

Page 1

Authors’ Talk …….

Case Study on Inward Supply in GSTR 9 20

List of Governing Provisions 1

CHAPTER 2

PAGE I-29 Contents

CHAPTER 6

CHAPTER 5

Legal consequences of wrong filing/non-filing of GSTR-9 and GSTR-9C 6

Key considerations while performing the working for annual return and reconciliations [FY 2021-22]

CHAPTER 3

CHAPTER 4

Case Study on Outward Supply in GSTR 9 13

Annual Return and Reconciliation Statement: Fortune Maker of Registered Person

KnowForewordYour Authors

Opportunities for Professionals in compliance of Annual Return, Reconciliation and other areas of Indirect Taxes 24

CHAPTER 1

Locator of various topics in this Book

Professional Fee: Annual Return and Reconciliation (Jaraa Yaad Karo Kurbaani!!) 32

Applicability of Annual Return and GSTR 9C (Year wise comparison)

Annual Accounts vs. Annual Return vs. Reconciliation Statement 41

CHAPTER 13

CHAPTER 15

Advanced FAQs on Annual Return 121

PAGE I-30 CONTENTS

CHAPTER 9

Journal Entries under GST Environment 62

CHAPTER 17

CHAPTER 12

CHAPTER 8

CHAPTER 11

CHAPTER 19

Walkthrough for professionals to perform GSTR 9/9A/9C 36

Your Steps for preparing GSTR 9

Looking at Financial Statements for GST Annual Return and Reconciliation Statement

CHAPTER 18

CHAPTER 16

Segments of Annual Return - GSTR 9 (Regular Scheme) 101

CHAPTER 10

CHAPTER 7

Issues in Accounting w.r.t. GST 86

Turnover: A Ticklish Sound in GST Regime

Eligibility issues for professionals 26

CHAPTER 14

Summon to professionals and duty in GST Laws 30

CHAPTER 21

Part IV (Form 9) : Details of tax paid as declared in returns filed during the financial year 223

Part I of GSTR-9A: Basic Details

CHAPTER 28

Part II of Form 9A: Details of outward and inward supplies declared in returns filed during the financial year

PAGE CONTENTS I-31

CHAPTER 29

Basics of Annual Return with Practical Issues 126

Part II of GSTR 9: Details of outward and inward supplies declared during the financial year 133

Part VI : Other Information 234

CHAPTER 23

CHAPTER 24

CHAPTER 30

CHAPTER 31

Part III of GSTR 9: Details of ITC for the financial year

Segments of Annual Return (Composition Scheme) 243

CHAPTER 25

Part III: Details of tax paid as declared in returns filed during the financial year 260

Part I of GSTR 9: Basic Details 131

CHAPTER 26

Part V : Particulars of the transactions for the financial year declared in returns of the next financial year till the specified period 226

GSTR-9A: Is it really applicable and basics of annual return (Composition) with practical issues

CHAPTER 20

CHAPTER 22

CHAPTER 27

CHAPTER 37

Segments of Form GSTR-9C

Part V: Other Information

CHAPTER 41

Part II of Reconciliation Statement: Reconciliation of turnover declared in audited Annual Financial Statement with turnover declared in Annual Return (GSTR-9) 280

CHAPTER 39

Basics of Reconciliation Statement with practical issues

Part III: Reconciliation of tax paid 311

Part V: Additional liability due to non-reconciliation 324

CHAPTER 42

Accounts and Records 326

Compliance of Anti-Profiteering Clause

Part IV: Input Tax Credit (ITC) 314

Your steps for preparing GSTR-9C

PAGE I-32 CONTENTS

CHAPTER 35

CHAPTER 40

CHAPTER 43

CHAPTER 32

CHAPTER 34

CHAPTER 38

CHAPTER 36

Part I of Reconciliation Statement: Basic Details

CHAPTER 33

Part IV: Particulars of the transactions for the previous FY declared in returns of April to September of current FY or upto date of filing of annual return of previous FY whichever is earlier 261

9GSTRINSUPPLYINWARDONSTUDYCASE CHAPTER5 claimed2021-22FYofITC(i.e.casesForwardtheanaylsetoispart1stparts.2inchapterthispreparedhaveWe (casesbackwardtheanalysetoispart2ndand2022)Sept.of3BGSTRofdateduethebeforeoron2022-23FYof3BGSTRin i.e. thoughEven2022).Sept.of3BGSTRofdateduethebeforeoron2022-23FYof3BGSTRinclaimed2021-22FYofITCofdetails treatmenttheunderstandtoorderinFY’sconsecutivethreetheallconsidershouldreadersindependently,preparedarecasesthe 2021-22.FYofGSTR-9in CASESFORWARDA:PART Comment DescriptionNo. GSTR 1 GSTR3BGSTR 1 3BGSTR 3BGSTRin6B13 901809018090270180 4545454545270180180180 180(Reverse days) 450Reverse=Reverse =900 Reverse= 450 7A=inReverse 450 180(Reverse days) 450Reverse=Reverse =1800 Reverse= 450 reversedNot =900 7A=inReverse 450+900 paidbeto900 DRC-03through wrongly(ITC taken) 2021=July ITC1500, inreversed 2021-22=1000 150ITC reversed 2022-in 23=200 reversedNot =150 15001500Reversein 7H=1000+150 paidbeto150200 DRC-03through

Correctly availed IGST=100 50+50 (C+S) 100 (IGST) 50+50 (C+S)

Transitional 100ofCredit (TRAN-availed creditpartbut1) tillreversed 2022September, Table=20Reversal 1006K= inReverse 7F=20

inavailedITC butHeadwrong withreversed ReturnAnnual

Transitional and100ofCredit INR(say,partly inreversed20) 2022September

Reverse=20

Reversed Sepin 202022= Table 6K=100

180100,ITC reversaldays Netis(90=10 intakenandITC of4(A)(i)table 3B:GSTR 100-4(A)(i)= 10=90 ITC=100, Reversal =10

100payTo DRC-03,through couldIGSTand theastakenbenot 16(4)oflimittime expires.

7A=inReverse100 10

CASE STUDY ON INWARD SUPPLY IN GSTR 9 21 Comment DescriptionNo. GSTR 1 GSTR3BGSTR 1 3BGSTR 3BGSTRin6B13

treatmentRight 100puttowas 4(A)(i)tablein reversalas10and of4(B)tablein 3BGSTR

TakenWrongly intra-Stateas insupply 2021:July C+S=50+50 50+50 (C+S)

inavailedITC butheadwrong reversedthen reclaimedand Septembertill 2022

TakenWrongly Stateintra-as insupply 2021:July C+S=50+50, Reversedthen 2021:Aug.in 50+50C+S

inReverse 7H=100

inDRC-03throughpaidbeto90110 dueafterclaimedITCtoregards 2021-22Sept.of3BGSTRofdate

3BGSTR (FY110+2020-21)(FY[9020011090 2021-22)]

GSTR-ofdateduetillclaimed(90 Authors’2021)September,of3B 1Note 110 (FY110+2020-21)(FY[9020011090 2021-22)]

GSTR-ofdateduetillreversed(200 Authors’2021)September,of3B

dateduetheafterreversed(200 2022)September,ofGSTR-3Bof 2NoteAuthors’

inDRC-03throughpaidbeto200 dueafterreversedITCtoregards 2021-22.Sept.of3BGSTRofdate GSTR-3Binreversed200Further, 37(4)Ruleperasreclaimedbecan 2017Rules,CGSTof

22 CASE STUDY ON INWARD SUPPLY IN GSTR 9 CASESBACKWARDB:PART

GSTR-ofdatedueafterclaimed(90 Authors’September,2022)of3B 2Note

(FY200-2021-22)(FY[500300500200 2020-21)]

1Note 500 (FY200-2021-22)(FY[500300200 2020-21)]

It would be an incorrect declaration because as per section 39(9), rectification of any omission or incorrect particulars in GSTR 3B shall not be allowed after the due date for furnishing of return for the month of September or second quarter following the end of the financial year to which such details pertain, or the actual date of furnishing of relevant annual return, whichever is earlier. Only such rectification are required to be declared in Table 12 and Table 13.

Time and again taxpayers have been requesting as to what should be the primary source of data for filing of the annual return and the reconciliation statement. There has been some confusion over using FORM GSTR-1, FORM GSTR-3B or books of account as the primary source of information. It is important to note that both FORM GSTR-1 and FORM GSTR-3B serve different purposes. While, FORM GSTR-1 is an account of details of outward supplies, FORM GSTR-3B is where the summaries of all transactions are declared and payments are made. Ideally, information in FORM GSTR-1, FORM GSTR-3B and books of account should be synchronous and the values should match across different forms and the books of account. If the same does not match, there can be broadly two scenarios, either tax was not paid to the Government or tax was paid in excess. In the first case, the same shall be declared in the annual return and tax should be paid and in the latter all information may be declared in the annual return and refund (if eligible) may be applied through FORM GST RFD-01A. Further, no input tax credit can be reversed or availed through the annual return. If taxpayers find themselves liable for reversing any input tax credit, they may do the same through FORM GST DRC-03 separately.

These cases are prepared on the notion that Input tax credit of FY 2020-21 was partly claimed in GSTR-3B of FY 2021-22 by the due date mentioned u/s 39(9).

It is to be driven by GSTR 3B. PRESS RELEASE, dated 4-6-2019 also clarifies that it may be noted that irrespective of when the supply was declared in FORM GSTR-1, the principle of declaring a supply in Pt. II or Pt. V is essentially driven by when was tax paid through FORM GSTR-3B in respect of such supplies. If the tax on such supply was paid through FORM GSTR-3B between July 2017 to March 2018 then such supply shall be declared in Pt. II and if the tax was paid through FORM GSTR-3B between April 2018 to March 2019 then such supply shall be declared in Pt. V of FORM GSTR-9. Kindly note that driven by GSTR 3B does not mean the ignorance of actual data of outward supplies and eligible ITC. To have the more clarity, one may read Para 2 of Press Release, dated 3rd July 2019. It is reproduced as below:

CASE STUDY ON INWARD SUPPLY

IN GSTR 9 23

This book covers a comprehensive analysis of GSTR 9, 9A & 9C in the form of the following: etc.

The Present Publication is the 5th Edition and is updated till 2nd September 2022. It also incorporates the amendments made in the forms as updated by Notification No. 14/2022-CT (dated 5th July 2022), Press Releases, and Clarifications.

This book is authored by Vivek Laddha, Dr. Shailendra Saxena & Pooja Patwari with the following noteworthy features:

GST Annual Return & Reconciliation

Rs. : 1295 AUTHOR : Vivek Laddha , Shailendra Saxena , Pooja Patwari PUBLISHER : TAXMANN DATE OF PUBLICATION : September 2022 EDITION : 5th Edition BINDING TYPE : PAPERBACK

It also deals with issues relating to Anti-profiteering & policy mismatch in GST & Accounting Standards.

Case Step-by-stepAdvancedStudiesFAQsGuides,

This book will be helpful for GST Professionals' engagement in advisory, compliance, and litigation services.

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Description

[40+ Case Studies] on GSTR 9 [50+ Advanced FAQs & Practical Issues] for GSTR 9 and 9C [Ready Steps for Preparing GSTR 9 & 9C] [Walkthrough for Professionals] for GSTR 9 & 9C [Check List] for Outward & Inward Supply [Item-wise Cross Examination] of Financial Statements [Eligibility Issues] in Compilation Engagement for Professionals [Maintenance of Accounts & Records] [Compliance of Anti-Profiteering Clause] [Formats] for the following, in line with SA-4410 issued by the ICAI along with the applicable clauses of the Code of Ethics Acceptance Letter & Management Responsibility for Compilation Engagement Appointment Letter for Compilation Engagement and Compilation Report [Linking AS & Ind AS] with GST Provisions

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