OPTIONAL GSTR-9 – CBIC view

Businesses with turnover less than 2 crores have been exempted from Filing GSTR9 via notification No. 47/2019-Central Tax dated 9th October, 2019.

 As per New Circular dated 18th November 2019 CBIC addresses that –

 Assesses who have opted for Composition scheme can still file their GSTR-9A by the due date. i.e. for GSTR-9A for FY 2017-18 is 31st December 2019 and for FY 2018-19 is 31st March 2019. Even though optional or exempted there is a provision to accept returns by due date, post which these returns will not be accepted on the GSTIN PORTAL

Same stand is taken for other assesses with turnover less than 2 cr. i.e. those not covered under composition scheme &

  • Not an Input Service Distributor
  • Person u/s 51 & u/s 52
  • Casual taxable assessee
  • NRI

May again file GSTR9 by above mentioned due dates..

Taxes are sought and paid now. Any recon on account of notice or otherwise due to inadmissible tax credits will be paid via FORM DRC 03. Responsibility to pay tax on account of assesses is the primary goal for all the business. Option to file or not can be  availed as per the individual choice.

Income tax will soon be processing in one day; Integrated e-filing system needs to develop by Infosys

The administration on Wednesday said IT major Infosys will build up the cutting edge pay charge recording framework for Rs 4,241.97 crore which will chop down the handling time for comes back to one day from 63 days and speed up discounts.

The Cabinet, led by Prime Minister Narendra Modi, gave its “endorsement to consumption authorize of Rs 4,241.97 crore for Integrated E-recording and Centralized Processing Center 2.0 Project of the Income Tax Department”, Union clergyman Piyush Goyal said

Preparation media about the choice, he said the handling time at present for Income Tax Reurn (ITR) is 63 days and it will boil down to one day after execution of the task.

Goyal said the venture is relied upon to be finished in year and a half and will be propelled following three months of testing.

Infosys, he stated, has been chosen to execute the task after the offering procedure.

The present framework, he stated, has been a triumph and new undertaking will be more assessment amicable.

The e-recording and Centralized Processing Center (CPC) ventures have empowered start to finish mechanization of all procedures inside the Income Tax Department utilizing different inventive strategies to give citizen administrations and to advance deliberate consistence.
The Cabinet likewise authorized a merged expense of Rs 1,482.44 crore for the current CPC-ITR 1.0 undertaking up to 2018-19.

Goyal additionally educated that expense discounts worth Rs 1.83 lakh crore have been issued so far in the current monetary.

The choice will guarantee straightforwardness and responsibility other than quicker handling of profits and issue of discounts to the citizens’ ledger specifically with no interface with the Income Tax Department.

The expansive’s target of the reconciliation venture incorporates quicker and exact results for citizen, upgrading client involvement with all stages, enhancing mindfulness and training through persistent commitment, as per an official discharge.

Furthermore, it will likewise be advancing deliberate expense consistence and overseeing extraordinary interest.

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Reverse Charge Mechanism (RCM) Under GSTR 9 Annual Return Filing

Who needs to unveil exchange identifying with Reverse Charge in Annual Return – Supplier or Recipient?

The exchange secured under switch charge should be announced both by the provider and furthermore by the beneficiary. The provider of administration, enrolled under GST, needs to uncover the turnover on which beneficiary is subject to make good on government obligation in table 5C of the Annual Return. What’s more, the beneficiary needs to reveal the equivalent in table 4G of the Annual Return

Is the detailing in Annual Return required if, credit has been taken in April 2018 for the GST paid under RCM for March 2018?

The Annual Return accommodates revealing of credits which have been profited in the GST returns petitioned for FY 2017-18. Henceforth, just those credits which have been profited in the equivalent money related year ought to be considered as a major aspect of info charge credit in the Table 6C and 6D.

Be that as it may, as the RCM credit has been benefited after culmination of FY, it might be uncovered in the Table 13 of Part V.

 

Regardless of whether interest for e-path bill for Financial Year 2017-18, brought up in FY 2018-19 should be uncovered in yearly return.

No, as a similar interest is issued by the settling specialist in the monetary year of 2018-19. It require not to be uncovered in point no. 15E of shape GSTR 9.

Does a citizen needs to make some divulgence identified with E-route Bills in the Annual Return?

E-way charge framework was not in vogue in FY 2017-18. As on date there is no explicit announcing necessity of E-way Bill subtleties in the Annual Return. Subsequently, nothing should be accounted for in such manner.

Notwithstanding, there could be probability in the change in the organization of Annual Return for FY 2018-19 wherein it is normal that e-way bill related data could likewise be requested.

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