The Central Board of Indirect Taxes and Customs ( CBIC ) has explained that Taxpayers are needed to report only the values relating to Financial Year 2018-19, 2017-18 in the GST Annual Return. Vide warning No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. The CBIC said that certain portrayals have been received expressing that the auto-populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6, and 7) likewise incorporate the information for FY 2017-18. In any case, this data for FY 2017-18 has just been furnished by the citizens in the annual return (GSTR9) filed for FY 2017-18 and there is no mechanism to show the split of two years (2017-18 and 2018-19) in FORM GSTR-9 for 2018-19.
The CBIC explained that the citizens are required to report just the values relating to Financial Year 2018-19 and the values relating to Financial Year 2017-18 which may have just been reported or adjusted are to be ignored. No antagonistic view would be taken in situations where there are variations in returns for taxpayers who have just filed their GSTR-9 of Financial Year 2018-19 by including the subtleties of provisions and ITC relating to Financial Year 2017-18 in the Annual return for FY 2018-19.
The CBIC additionally said that citizens are requested to avail of the advantage of the extended due date and file their Annual Return (FORM GSTR-9) at the soonest to avoid the last-minute rush. It might be noticed that furnishing of the Annual Return in FORM GSTR-9 is required uniquely for citizens with total annual turnover above Rs. 2 crores while the reconciliation statement in FORM GSTR-9C is to be furnished distinctly by the enrolled people having total turnover above Rs. 5 crores.
For more information, visit the website of All India ITR
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