CA Mohamed Asharaf FCA, DISA(ICA)

GST ANNUAL RETURN Every Registered Taxpayer including those opted for composition levy scheme are required to file Annual GST return in form GSTR 9. It’s a consolidated information of monthly & Quarterly Returns. It contains all details regarding Expenditure and Income during the assessment year under different tax heads i.e. CGST, SGST and IGST. APPLICABILITY Filing of Annual Return is applicable to all Taxable Persons other than: 1. Casual Taxable person: It means a person who gets registered under GST for Temporary period i.e. less than 90 days or period as may be prescribed by proper officer. 2. Input Service Distributor 3. Non-resident Taxable Person 4. Person paying TDS U/s 51. DUE DATE GSTR 9 shall be filed on or before 31 st  December of the subsequent financial year. A taxpayer has to file GSTR 1 & GSTR 2 and GSTR 3 will be auto populated with summary of above return in addition to some payment information. LATE FEE Any R

 PROFESSIONAL  CALENDAR   FOR JULY 2018 7th July, 2018 ·        Deposit of tax deducted/collected at source for June 2018 (TDS & TCS) 10th July,2018 ·        Return of outward supplies of taxable goods and/or services for the Month of June 2018 (for Assesses having turnover exceeding 1.5 Cr.) i.e. GSTR-1 15th July, 2018 ·        PF Payment for June 2018. ·        ESIC Payment for June 2018 ·        Issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property ) & under 194-IB (TDS on Certain Rent payment) in the month of May, 2018. ·        Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) for quarter ending June, 2018 i.e. Form No. 15CC ·        Quarterly statement of TCS deposited for the quarter ending 30 June, 2018 ·        Due date for furnishing of Form by an office of Government where TDS for June 2018 has been paid without the production of a chalan i.e. Form 24G ·  

IT'S ONE YEAR !!!!!! On the night of 30 th  June 2017 , India has rolled out one of the significant reforms, tax reform to be specific for rationalization of taxes known as “Goods and Service Tax” by subsuming about 40 plus different taxes (including various cess) into a single tax. Though it is dubbed to tax reform, in reality, it is a business process reform, and for the trade and industry, it was more or less like a knee-jerk reaction as they were not sure of the rollout of the same as it is being discussed for decades. Those who have braced for the implementation of GST were transacting without any hassles and others were running to figure out the things and how to fix them. The rollout of GST has also brought a new dimension in the Indian Politics known as cooperative federalism as there was census among the states in all the 27 GST council meetings. Our country has diversified requirements, and in this process, the states have given up something and gained something. Sa