GST annual return required for only FY 18-19 by Oct 2020

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The finance ministry said that taxpayers are required to report in the annual GST return of FY 2018-19, only the values of transactions pertaining to that financial year.As ministry said that certain representations have been received stating that certain tables in the auto populated GSTR-9 for the year FY 2018-19 also include the data for the financial year 2017-18, However, this information for 2017-18 has already been furnished by the taxpayers in the annual return (GSTR-9) filed for FY 2017-18 and there is no mechanism to show the split of two years (FY 2017-18 and FY 2018-19) in Form GSTR-9 for FY 2018-19.

It is clarified that the taxpayers are required to report only the values pertaining to the financial year 2018-19 and the values pertaining to the financial year 2017-18 which may have already been reported or adjusted are to be ignored. It added that no adverse view would be taken in cases where there are variations in returns for taxpayers who have already filed their GSTR-9 of FY 2018-19 by including the details of supplies and input tax credit (ITC) pertaining to FY 2017-18 in the annual return for FY 2018-19.

GSTR-9 is an annual return to be filed yearly by taxpayers registered under the goods and services tax (GST). It consists of details regarding the outward and inward supplies made or received under various tax heads whereas GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.

Furnishing of the annual return is mandatory only for taxpayers with an aggregate annual turnover above ₹2 crore, while reconciliation statement is to be furnished only by the registered persons having an aggregate turnover above ₹5 crore.Earlier this month, the government extended the deadline for filing GST annual return and audit report for the financial year 2018-19 by a month till 31st October 2020. This is a big relief to taxpayer during this pandemic situation. 

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