The date for filing annual returns and GST audit for 2017-18 has again been stretched– this time by a quarter of a year from 31 August to 30 November – because of technical glitches and issues faced in reconciliation.
As indicated by tax specialists, Excel Utility which is utilized to send and upload returns, was not up and prepared till two days prior. Others said they were thinking that its hard to file GSTR-9C, the reconciliation articulation to be filed by taxpayers who are required to submit GST audit.
“The issue is that when you upload the form, the system requests approval. For approval you need to create XML, which you will be unable to generate. In case that the XML file is created, the system will indicate errors,” says Rajat Mohan, accomplice, AMRG and Associates. He, also, says the issue is majorly because most taxpayers use duplicate software. “In case if you have original software in your system, you may not confront these issues,” he says including that taxpayers can utilize the services of ASPs and GSPs to effortlessly file returns.
While technical issue is one reason, the greater issue it appears is reconciliation of returns with financial summary, which is the thing that the GSTR-9C is about.
In 2017-18 taxpayers kept on filing returns in spite of changes in laws and tax rates. So there were errors and contrasts with financial summaries. As a part of GST annual return and GST audit, taxpayers need to accommodate those returns with financial statements and when they reconcile, there are contrasts. So reconciliations are taking a long time of time as taxpayers dread on the off chance that they report contrasts, and there would be inquiries from the tax office.
A few specialists additionally mourn the fact that the government is asking so many information in GST annual returns. The target, it appears, is to research all taxpayers, say a few experts.
Pune-based chartered accountant Pritam Mahure said that filing both the annual return and GST audit is a long procedure. “Both GSTR 9 and GSTR 9C have 10 pages each. GST annual return form has 19 tables and 350 boxes to punch. They are requesting HSN level details of all purchases in the returns,” says Mahure while clarifying the troubles faced by taxpayers.
As a major aspect of GST Annual Return and GST Audit, two forms GSTR 9 and GSTR 9C are to be filed. GSTR 9 is union of all returns filed while GSTR 9C is reconciliation of financial statements with the returns filed.
While 2017-18 annual returns and audit reports would now be filed only by 30 November, the due date for filing of annual returns and GST audits for 2018-19 is on 31 December 2019. There are different due dates to be met and different things to be finished. The new return system would be rolled out from October, e-invoicing to begin from January 2020, and audit by GST officials is also due.