Finally, it is suggested that the annual GST return form will be able to help the revenue department to find out any possible tax leakage and will keep an eye on all the financial transactions of the taxpayers.
The finance ministry has recently notified an annual tax return form for all those businesses which are registered under the GST. The annual form will include all the sales and purchase details with input tax credit benefits of the financial year 2017-18.
It is to be noted that the regular taxpayers will have to file GSTR 9 and composition scheme taxpayers will have to file GSTR 9A till 31st December. The GSTR 9 form will be having 18 parts while the GSTR 9A will be having 17 parts as a whole which will cover extensive details of the taxpayer and its financial transactions covering all the year. The form will ask important details such as input tax credit and revenue transaction of the particular business over the course of time.
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Many of the tax experts have said that the introduction of GSTR 9 annual return form will be a positive remark towards the secure taxation as the department will be having a complete record of the tax liability which will prove easy for them to find any discrepancy.
The annual GSTR 9 form is a consolidated form for a year which will be including all the details of taxes paid in the whole year. According to the details, there will be no chances of claiming additional input tax credit from the department after the filing of such an annual form.
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