Tax officials and businesses are preparing for filing GSTs first annual return and have expressed their nervousness about the change in the current format and if it is not done then the entire year’s records have to be re-created. According to the inspection it has been acknowledged that the tax details were not asked before in any of the monthly return forms either.
December 31 is the last date for filing annual returns but till now its utility has not come on the Common Portal online. However, GSTN has launched their tabs which gives hopes that the filing facility will be started soon.
In the India International Trade Fair, many inquiries are made about the annual returns in the CBEC’s GST pavilion. Most of the dealers are disturbed as there are many tables in the format of annual returns which can increase their problems. For example, with the HSN Wise Inward Supply in Table-18 of the annual returns, the details of the tax rate, CGST, quantity, value, SGST, IGST, and cess are to be given.
As per taxpayers, till now such tables have neither been filed by GSTR-3B nor any other form. Likewise, inward supply under table-6 is divided into four parts – Normal Supply, Registered Person Reverse Charge Unregistered Person Reverse Charge, and Import. Then all of them are divided into further three categories of inputs, input services, and capital goods as three-three categories.
The similar returns with all data of total returns of all the return are necessary, but because of these extra provisions, big hurdles can rise said GST Consultant Rakesh Gupta. Records of 2017-2018 will have to be recreated if they are followed which is not possible as there is no time for this and even the load of the cost may also increase. The annual return can also be suspended as GSTR-2 if they are not removed.
The tabs of the annual returns have been enabled on the Common Portal and filing will start as soon as possible said GSTN officials. However, it must be noted that any upper-level changes or modification in the form will only be discussed in the GST council meeting or ministry.
