FAQ’s for the annual return of FY 2018-19

Important update regarding the annual return of 2018-19

A press release has been issued to clarify the main issues related to the annual return of 2018-19. The data in 2018-19 don’t need to include the previous data. Only the data related to the year shall be disclosed in return. Also, any adverse action won’t be taken against the taxpayers who already filed their annual return for this period.

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FAQ’s for the annual return of FY 2018-19

The annual return of FY 2018-19 is due for filing. Professionals are gearing up to file them. Many new cases will emerge in this annual return in comparison to 2017-18. We have compiled those issues.

Whether I should declare the turnover as per GSTR 1 or GSTR 3b or some other figure?

In GST annual return you need to declare the actual figures. They may differ from GSTR 1 or GSTR 3b or Both.

What is the treatment of variance in data in financials and GST returns?

Two scenarios are possible in this case-

New liability is there due to difference-

The taxpayer should pay this liability. Form DRC 03 is the form for intimating the payment. Interest at the prescribed rate is also required.

e.g.- Turnover of Rs. 5,00,000 was missing in GSTR 3b. But in GSTR 1 it was correct. Here the payment is missed. We make payment via GSTR 3b.

Turnover in table 4 will include this Rs. 5 lac. Payment of tax and interest on this amount shall be deposited with DRC 03.

No liability arises due to difference-

In this case, correct data is required in the annual return. Thus there is no need to make any payment.

How to show the turnover of B2B nature shown in B2C in GSTR 1 in the annual return of FY 2017-18?

The annual return is a mechanism to show the actual supplies. It is not there for corrections of errors. You need to show the actual supply in the annual return. If possible amend the relevant return. But if the date to amend lapses, no way out.

How to report the advances in annual return?

Advance.                                                          xxxxx

Less…

Adjustment during the year                             xxxxxx

Refund vouchers issues during the year.          xxxxxx

Balance is the figure for Table 4F.