Checklist for GST Annual Return: Ever since GST came into prominence with effect from 1stJuly, 2017, there were several anticipations for the GST audit and its reconciliation with the annual return, including linkage of the same with the erstwhile VAT regime or the Income Tax Return/Tax Audit Report. The much awaited Annual return (GSTR-9) was notified by CBIC vide Notification No. 39/2018 – Central Tax dated 04th September 2018. Now know more for Checklist for GST Annual Return from below…
Important Update 2024
- Extension in Due Date for F.Y 2018-19 – Extended from 31st March 2024 to 30th June 2024
- Relaxation to MSMEs- The taxpayers having aggregate turnover below Rs. 5 crores need not require to file GSTR 9C for F.Y 2018-19{i.e. they are exempted from filing of GST Audit}
- Waiver of Late fee- Late fee has been waived for delay in filling of GST Annual Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores
Checklist for GST Annual Return
- List of tax invoices issued during the period and reconciliation of the same with books of accounts, this also should be reconciled with the turnover declared in the audited financial statements. This should be made each GSTIN state wise by the company.
- List of debit/credit notes issued during the period and reconciliation of the same with books of accounts.
- In case company has the different units/branch all over India, then the stock transfer between -units/ branches also to be reconciled with the books.
- Reconciliation of advances received and GST paid for goods & services during 1July 1 to 15th November 2017 and advances received for services and GST paid for that from 15th November 2017 to 31st March 2018.
- Reconciliation of E-Way bill data with the tax invoices issued during the period GSTIN statewise
- Reconciliation of HSN wise summary with the issued tax invoices
- Reconciliation discount given to the customer with purpose and recheck if the same under GST act allowed or not.
- List of Purchase & other service bills accounted during the period & Input credit taken on the same and further reconciliation with the books and returns.
- Ensure all the input credit taken bills are uploaded by the suppliers and it is reflecting in the GSTR 2A.
- Reconciliation of input credit availed and also ensure all the availed credits are eligible as per the act and the ineligible credits, common credits are reversed & accounted properly. • Details of input credit taken on the fixed assets and
- Reconciliation of Reverse charge GST (RCM) payable till the applicable date on all the applicable expenses and paid the same.
- Reconciliation of monthly GST returns with the books of accounts and all the taxable, exempted & non GST turn over declared in the returns if any differences, reason for the same.
- Check and ensure input credit taken supplier invoices paid within 180 days, if not the same input to be reversed.
- All the credit taken on TRAN-1 credit reflecting in the GST portal and there is no issue on that.
- In case any refund application filed with the department and eligibility & status of the same.
