Photo Credit: News 18

 

The government has notified new annual GST return forms, which are required to be filed by businesses registered under the Goods and Services Tax regime by June 30, 2019. In the annual return forms, businesses have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during the 2017-18 fiscal. The Central Board of Indirect Taxes and Customs (CBIC) on December 31, 2018, notified form GSTR-9, GSTR-9A and GSTR-9C. GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is for composition taxpayers, while GSTR-9C is a reconciliation statement.

Trade and industry bodies had raised several objections on the GST annual return filing forms, which were earlier notified in September last year. Following this, the CBIC has notified the new forms. 

Primary demand of industry was to do away with the requirement of segregating Inputs, input service, and capital goods, which has been outrightly rejected”. Mohan said the CBIC has limited the preparation of HSN code wise inward summary details only for those supplies which independently account for 10 per cent or more of the total supplies.

Although this can be counted as a step towards relied, yet, the modifications suggested are at a very minor level. 

 

 

 

Source: Financial Express

 

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