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GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
The GTSR-9A is an annual return form that has to be mandatorily filed by composition scheme taxpayers under GST. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given Financial Year.
GSTR-2A, the GST return form which was introduced by the government in order to get the tax return simplified for all the purchase inwards of a business for matching purpose with the supplier.
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.
As evident from the current amendment in GST and its implementation, also the simplification made in GST credit input return, it seems as if the Government and the Tax department are working in collaboration to sort out all the discrepancies and fallouts of the process in order to make the system apparent and transparent.
GST authorities are reportedly working on methods to ensure better tax compliance, including timely return filing and tax payments, from micro, small and medium enterprises (MSME) of the country.
In a meeting with probationers of 68th batch of Indian Revenue Service (Custom and Central Excise), the President Ram Nath Kovind has appreciated for making goods and services tax a success across the country.
The recent data formulated by the Income Tax (I-T) department indicates a 40 percent increase in e-filing of I-T returns. The current count of e-return filing stands at 4.37 crore as opposed to the 3.10 crore returns for the financial year 17-18 (Assessment Year 16-17).
The Orissa High Court has instructed tax authorities not to take any substantial action against importers on the issue of advance authorization licenses for GST.
