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The GST Council should approve the format of the annual reports and the audit at its July 21 meeting. The industry expects that there will be a reconciliation with the annual IT returns. The Goods and Services Tax (GST) was introduced on July 1, 2017 and is the first year that companies will be required to file annual returns (GST-9) for the 2017 fiscal year. -2018 by December 31, 2018.
Companies whose turnover is greater than Rs 2 crore will have to produce audit reports at the same time as the annual reports.
Revenue Officers have prepared a draft annual tax return form that will be reviewed by the all-powerful GST Council chaired by At its July 21 meeting, the Minister of Finance of the Union and Ministers Member States' finances, the GST network, which manages the computer backbone of the new indirect tax regime, will finalize the software to enable companies to file the returns.
the experts stated that they expected the annual declaration form to be consistent with that of the value-added tax (VAT) system, with columns for reconciliation with tax returns and the audit report.
b October 1965, India's Deloitte partner MS Mani said: "Considering the fact that the key goal of the GST is to broaden the tax base, it is expected that the GST annual return would require information on the annual accounts and tax returns, in addition to the information that had to be provided in the old annual VAT returns. "
They expect that at the Time of VAT, valuations are done Experts have stated that companies could make an error in the monthly returns filed and that these could be corrected in the annual returns and, therefore, the valuation should be based on annual declarations. Abhishek Jain, EY India's tax partner, said, "Given the first year of the GST, the industry expects the annual reporting format to be simple and, if possible, only requires NAP data reconciliation This request is primarily due to the fact that most enterprise computer systems are not configured to retrieve sound financial statements. "
Rajasthan Mohan, a partner of AMRG & Associates, said:" Some of the industry's expectations are online forms
. The least manual interventions requesting selected information , the clarity about the need for annual financial statements and finally, the postponement of GST audits in the first year. "
But, since the GST is a PAN-based record, it would be easier to reconcile sales and purchases with those declared in IT declarations.
According to IT return forms notified by the income tax department, companies filing ITR-4 (presumptive income from companies & Profession ) will have to provide information regarding the turnover / gross receipts declared for the GST as well as the GST identification number (GSTIN) .In addition, in the ITR-6 which shall to be filed by companies, companies Its must specify the GST paid or refunded or the outstanding credit.
More than 1.14 crores are registered under the GST. Of these, about 18 lakh companies opted for a composition system.
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