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New Delhi: The format of the annual reports and the audit should be approved by the GST Board at its July 21 meeting and the industry expects some reconciliation with annual computer reports.
Image file of Parliament from last year when the GST was deployed. PTI
The Goods and Services Tax (GST) was introduced on July 1, 2017 and it is the first year that companies will have to file annual returns (GSTR-9) for the first time. fiscal year 2017-2018 before December 31, 2018. Also, companies with a turnover of more than Rs 2 crore will have to file audit reports with annual returns.
Revenue Officers have prepared a draft annual return form, which will be deliberated by the all-powerful GST Board chaired. by the Minister of Finance of the Union and including the ministers of state finances as members, at its meeting of 21 July. The GST network, which manages the computer backbone of the new indirect tax regime, will then finalize the software to enable companies to file returns.
Tax experts have stated that they expect the annual reporting form to be consistent with that of the past. Added tax system (VAT), with some columns for reconciliation with tax returns and audit report. They hope the forms will be available online by October so that returns can be filed before the December deadline.
MS Mani, partner of Deloitte India, said: "Considering that the key objective of GST base, it is expected that the annual GST return requires information on annual accounts and tax returns, in addition to the details that were to be provided in the previous annual reports on VAT. "
They expect at the time of the VAT, valuations were made on the basis for annual returns and the same process should be followed in the GST system. The experts said companies could make an error in the monthly returns filed and those that could be corrected in the annual returns and so the badessment should be based on the annual returns.
Abhishek Jain, tax partner of EY India said: of the GST, the industry would expect the annual reporting format to be simple and, if possible, only require the reconciliation of PAN data with financial statements and not reconciliation of data with financial statements. Under the VAT system, companies were required to file returns in all states where they are registered and, therefore, to bind their annual returns to those of the same return under TI's statements was not feasible. Rajat Mohan, a partner of AMRG & Associates, said: "Some of the industry's expectations are online forms with fewer manual interventions seeking selected information, clarifying the need for more." annual state financial statements and finally, postponement of GST audits in the first year. 19659005] But since the GST is a PAN-based registration, it would be easier to reconcile sales and purchases with those reported in TI's returns. According to TI's reporting forms provided by the Ministry of Taxation, companies filing ITR-4 (presumptive income from a business and a profession) will have to provide information about the figure of the gross business declared and the GST identification number. In addition, in the ITR-6 that must be filed by companies, companies must specify the GST paid or refunded or the outstanding credit.
More than 1.14 crore businesses are registered under the GST. Of these, about 18 Lakh companies opted for the composition scheme.
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