LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

GST annual returns forms: Experts expect reconciliation with Income Tax Returns

Goods and Services Tax (GST) was rolled out on July 1, 2017, and this is the first year when businesses will have to file annual returns (GSTR-9) for 2017-18 fiscal by December 31, 2018. Also those businesses with turnover of more than Rs 2 crore will have to file audit reports along with the annual returns.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
GST annual returns forms: Experts expect reconciliation with Income Tax Returns
Tax experts said they expect the annual returns form to be in line with that in the erstwhile Value Added Tax (VAT) regime. Image source: Pixabay
Written By: PTI
Updated: Sun, Jul 08, 2018
03:33 pm
New Delhi, PTI
RELATED NEWS
Budget Expectations 2019: Anand Mahindra says lowering GST on automobiles would help economy, employment Budget Expectations 2019: Anand Mahindra says lowering GST on automobiles would help economy, employment
Looking to buy a house? Wait! GST on residential properties likely to be slashed Looking to buy a house? Wait! GST on residential properties likely to be slashed
Realtors give up on Budget 2019 saying FM will woo voters, not industry Realtors give up on Budget 2019 saying FM will woo voters, not industry
GST Council forms GoM on real estate tax rate GST Council forms GoM on real estate tax rate
Telugu star Mahesh Babu's Axis Bank, ICICI Bank accounts frozen after GST dept crackdown Telugu star Mahesh Babu's Axis Bank, ICICI Bank accounts frozen after GST dept crackdown

The format for annual returns and audit is likely to be approved by the GST Council in its meeting on July 21 and industry expects that there could be some reconciliation with annual IT returns as the government aims to check tax evasion.

Goods and Services Tax (GST) was rolled out on July 1, 2017, and this is the first year when businesses will have to file annual returns (GSTR-9) for 2017-18 fiscal by December 31, 2018. Also those businesses with turnover of more than Rs 2 crore will have to file audit reports along with the annual returns.

The revenue officers have prepared a draft of the annual returns form, which will be deliberated by the all powerful GST Council chaired by Union Finance Minister and comprising state finance ministers as members, in its meeting on July 21. The GST Network, which manages the IT backbone for the new indirect tax regime will thereafter finalise the software to enable businesses to file the returns.

Tax experts said they expect the annual returns form to be in line with that in the erstwhile Value Added Tax (VAT) regime, with some columns for reconciliation with Income Tax returns and audit report. They expect the forms to be made available online by October, so that the returns could be filed within the December due date.

Deloitte India Partner M S Mani said: "Considering the fact that the key objective of GST is to expand the tax base, it is expected that the GST annual return would require some information related to annual accounts and income tax returns, in addition to the details which were required to be submitted in the erstwhile VAT annual returns".

They expect that in the VAT era, assessments were made on the basis of annual returns and the same process should be followed in the GST regime as well.

Experts said the businesses might commit some error in the monthly returns filed and those could get corrected in the annual returns and hence assessment should be on the basis of annual returns.

EY India Tax Partner Abhishek Jain said: "Given the first year of GST, the industry would expect the Annual Return format to be simple and if possible only require PAN based data reconciliation with the financials and not state wise or GSTIN wise data reconciliation with financials. The said demand essentially being on account of most company IT systems not being configured to extract state wise financials".

Under the VAT regime, businesses were required to file returns in every state where they are registered and hence linking their annual returns with that of the same filed under IT returns was not feasible. 

AMRG & Associates Partner Rajat Mohan said: "Some of the Industry expectations are online forms with least manual intervention seeking selected information, clarity on the need for annual state-wise financial statements and finally, deferment of GST audits in the first year".

But, with GST being PAN based registration, it would be easier to reconcile the sales and purchases with that reported in IT returns.

WATCH THIS ZEE BUISINSS VIDEO HERE:

As per the IT return forms notified by the income tax department, businesses filing ITR-4 (Presumptive Income From Business & Profession) will have to give information regarding turnover/gross receipt reported for GST as well as GST Identification Number (GSTIN). Besides, in ITR-6 which is to be filed by companies, businesses have to specify GST paid or refunded or credit outstanding.

Over 1.14 crore businesses are registered under the GST regime. Of these, about 18 lakh businesses have opted for composition scheme.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Goods and Services Tax (GST)Income Tax Returns
RELATED NEWS
Budget Expectations 2019: Anand Mahindra says lowering GST on automobiles would help economy, employment Budget Expectations 2019: Anand Mahindra says lowering GST on automobiles would help economy, employment
Looking to buy a house? Wait! GST on residential properties likely to be slashed Looking to buy a house? Wait! GST on residential properties likely to be slashed
Realtors give up on Budget 2019 saying FM will woo voters, not industry Realtors give up on Budget 2019 saying FM will woo voters, not industry
GST Council forms GoM on real estate tax rate GST Council forms GoM on real estate tax rate
Telugu star Mahesh Babu's Axis Bank, ICICI Bank accounts frozen after GST dept crackdown Telugu star Mahesh Babu's Axis Bank, ICICI Bank accounts frozen after GST dept crackdown

LATEST NEWS

Trinamool candidate list West Bengal Election 2021: TMC chief Mamata Banerjee announces candidates for 291 seats, to contest from Nandigram; See FULL LIST

JEE Main 2021: RUSH! March registration ends today—Here is how you can apply

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

Solid Fuel Ducted Ramjet successful flight test : How it gives technological edge to DRDO and boosts its long range air-to-air missiles capabilities—EXPLAINED

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

Stamp duty cut led to demand recovery in real estate sector: Gautam Singhania, Raymond

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

Pope Francis arrives in Baghdad for risky, historic Iraq tour

TMC Candidates List 2021 - Names of 291 candidates announced for West Bengal Elections; See Complete List Here

Call of Duty Mobile vs Garena Free Fire comparison: Here's all you need to know about these battle royale games

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved