Checklist for GST Annual return
GST annual return Form-9 format has been issued by the Government, the tax payer is going to file very first annual return under GST act after implementation on 1st July 2017. This time we need to file the annual return for the period July 1, 2017 to March 31, 2018. Since the implementation of new GST system lot of changes & amendments in the act and rules in GST act & rate changes. Finally we are in the stage of filling annual return.
Govt is introduced three types of annual return forms as below
- GSTR-9 : Annual return for the regular tax payer
- GSTR-9A: If you have opted for the GST composition scheme, you become liable for filing the annual return form GSTR-9A, instead of GSTR-9.
- GSTR-9B: Similarly, if you are an e-commerce operator who had filed GSTR-8during the FY, you need to file GSTR-9B as your annual return.
- GSTR-9C: If your annual turnover exceeds Rs 2 crores, you should file GSTR-9C along with your annual return. In this case, you also need to get your accounts audited.
Before going to file the GSTR-9 annual return, we should have several data ready with us to provide in the annual return.
Those details are listed below as checklist:
- List of tax invoiced issued during the period and reconciliation of the same with books of accounts, this also should be reconciled with the turnover declared in the audited financial statements. This should be made each GSTIN statewise by the company.
- List of debit/credit notes issued during the period and reconciliation of the same with books of accounts.
- In case company has the different units/branch all over India, then the stock transfer between units/branches also to be reconciled with the books.
- Reconciliation of advances received and GST paid for goods & services during July 1 to 15th November 2017 and advances received for services and GST paid for that from 15th November 2017 to 31ST March 2018.
- Reconciliation of E-Way bill data with the tax invoices issued during the period GSTIN statewise
- Reconciliation of HSN wise summary with the issued tax invoices
- Reconciliation discount given to the customer with purpose and recheck if the same under GST act allowed or not.
- List of Purchase & other service bills accounted during the period & Input credit taken on the same and further reconciliation with the books and returns.
- Ensure all the input credit taken bills are uploaded by the suppliers and it is reflecting in the GSTR-2A.
- Reconciliation of input credit availed and also ensure all the availed credits are eligible as per the act and the ineligible credits, common credits are reversed & accounted properly.
- Details of input credit taken on the fixed assets and
- Reconciliation of Reverse charge GST (RCM) payable till the applicable date on all the applicable expenses and paid the same.
- Reconciliation of monthly GST returns with the books of accounts and all the taxable, exempted & non GST turn over declared in the returns if any differences, reason for the same.
- Check and ensure input credit taken supplier invoices paid within 180 days, if not the same input to be reversed.
- All the credit taken on TRAN-1 credit reflecting in the GST portal and there is no issue on that.
- In case any refund application filed with the department and eligibility & status of the same.
(Author CMA Ramesh Krishnan can be reached at email@example.com)