Ever since the GST law has been implemented
on 1st July 2017 and business owners have
faced difficulties while filing GST returns.
GST has brought a huge transformation where
all the indirect taxes were blended into one single law. At first, a few hiccups were expected. Going by
all the problems that businesses were having to put
up with, the government keep pushing the due dates further or keeps on
So keeping in mind all the problems
businesses were facing, the government keeps extending the due dates or keeps
on holding onto some of the return filling (FORM GSTR-2 and 3).
The Finance Ministry on Tuesday
conceptualized the format for filing annual Goods and Services Tax (GST)
returns. Thankfully, this stops the uncertainty over filing the return and now assessees will have to hurry up
and file the first GST annual return dueby December 31.
You’ll find that
there are two sets of forms, one fit for normal assessees and other one
is for composition scheme assessees (that is one with an annual turnover with more than ₹1 crore).
In the aforementioned notification, the
Government has changed things to make things simpler, unlike the draft which
was way bulkier and complicated. It has
also formed all-new formulae for calculating
the turnover that is similar to the former regime. Tax officials had a feeling
that the new forms are practical and concise. At the same time, this will also help in conducting
business.
GST annual returns actually comprise two types of return one areperiodic and the other is annual returns.
Periodic returns are based on the monthly or quarterly returns for reporting
transactions at the time of month or quarter, while the annual return is primarily for reporting the summary of the
periodic returns that is filed during a financial year. As the annual return is
primarilythe last return of the year, it
forms a very special significance.
Who are all the people who should file GSTR-9?
The answer is simple, all the registered
taxable persons falling under the GST must file GSTR 9 even if they have not
filed returns during the course of the year. However, there are people who are
not required to file GSTR 9, they are the following,
Non-resident taxable persons
Input service distributors
Casual Taxable Person
Persons who are paying TDS falling under
the section 51 of GST Act.
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