Indian GST & TAXES

. Drawbacks/ Issues with GSTR 9 form and possible suggestions Formats of GSTR 9 released early this September had a lot of ambiguities. The issues were mostly based on the fact that the annual return form would not auto-populate the information which was already filed in the periodic returns. In order to make the filing of annual return simple for taxpayers, the GSTN updated the form and resolved most of the issues. These are some of the issues still persisting in the annual return form. Issues Suggestions/Solutions 1. HSN of inward supplies is required in the annual return GSTR 9 which was not needed while filing monthly GSTR 3B. This requirement of reporting HSN wise inward supplies should be done away with. However,  ClearTax GST  will fill in table 18 i.e. HSN codes of the inward supplies in the GSTR 9 automatically from the purchase register. 2. The difference in the annual return as per the books of accounts and GST data filed during the financial year. GSTR 9 should pro

4. What is the due date of GSTR-9? GSTR-9 due date is on or before 31st December of the subsequent financial year. For instance, for FY 2017-18, the due date for filing GSTR 9 is 31st December 2018.   5. What is the Penalty for the late filing of GSTR-9 form? Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default. There is no late fee on IGST.

1. What is GSTR-9 annual return? GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGSTand IGST. It consolidates the information furnished in the monthly/quarterly returns during the year. 2. Who should file GSTR 9 annual return? All the registered taxable persons under GST must file GSTR 9 form. However, the following persons are  not  required to file GSTR 9 Casual Taxable Person Input service distributors Non-resident taxable persons Persons paying TDS  under section 51 of GST Act 3. What are different types of return under GSTR-9 form? There are 4 types of return under GSTR 9 : GSTR 9:  GSTR 9 should be filed by the  regular taxpayers  filing GSTR 1, GSTR 2, GSTR 3. GSTR 9A:  GSTR 9A should be filed by the persons registered under  compos