Free ppt on Annual Return and Annual Audit

Free ppt on Annual Return and Annual Audit by CA Venugopal Gella

After the end of the financial year, the two major things are the Annual Return and Annual Audit under GST. So, let us understand the provisions of both with the help of PPT on Annual Return and Annual Audit.

Annual Return and Annual Audit

Annual Return [Section 44(1)]

Regular Registered Person
• Every registered person is required to file the annual return on or before 31st December of succeeding year in form GSTR of succeeding year in form GSTR -9.

Composition Taxable person 
• The person paying tax under composition scheme is required to file the annual return in form GSTR -9A -Rule 80(1).

eCommerce Operator 
• Every electronic commerce operator required to collect tax at source under section 52 shall furnish the annual statement in form GSTR -9B -Rule 80(2).

Nil Annual Return
• As long as the person is registered under GST, even in case of nil GST liability for the year, he will be required to file return.

By
• For F.Y 2017 -18 annual return will be filed on 31st December 2018.

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Annual Audit

Section 35 (5) Every registered person whose turnover during a financial year exceeds the prescribed limit(2crores) shall get his accounts audited by a chartered accountant or cost and shall submit 
• a copy of the audited annual accounts, 
• the reconciliation statement under subsection (2) of 44 and
• such other documents in form and manner as may be prescribed 

Section 44(2) Every registered person who is required to get his accounts audited in accordance with the provisions of subsection (5) of 35  shall furnish, electronically,
• the annual return under subsection (1) along with
• a copy of the audited annual accounts and
• a reconciliation statement, reconciling the value of supplies declared in return furnished
• for the financial year with the audited annual statement, and such other particulars as may be prescribed