Important Points to Remember for Filing GST Returns
A return is a document containing details of income which a
taxpayer is required to file with the tax administrative authorities. This is
used by tax authorities to calculate tax liability.
Under GST,
a registered taxpayer has to file GST returns that include:
·
Purchases
bills
·
Sales
bills
·
Output
GST (On sales)
·
Input
tax credit (GST paid on purchases)
To file GST
returns, GST compliant sales and purchase invoices are required. Here Team
Filing Bazaar helps and guides in GST Registration in Gurgaon
and all over India.
In the GST
regime, any regular business has to file two monthly returns and one
annual return. This amounts to 26 returns in a year.
Key points to keep in mind while filing
your annual GST Return.
1. Taxpayer should note that the return for March 2019 is the last
chance to amend or rectify mistakes done, or things omitted in GSTR-1 or GSTR
3-B return for FY 17-18. So, the taxpayers should reconcile their books of
accounts and returns uploaded and adjust their differences in March GSTR-3B. If
any mistake is made in GSTR-1, like B2C shown as B2B, or wrong GSTIN uploaded,
invoices omitted to be uploaded etc. can be amended.
2. The taxpayer should reconcile their Input tax credit as reflected
in GSTR 2-A with GSTR 3B filed by them and also books of accounts. Taxpayers
should also take supplier follow up for the invoices not uploaded by them, as
ITC cannot be taken by taxpayer if the same is not auto populated in GSTR 2A.
3. Taxpayers should ensure that they have filed ITC-04 for all
quarters from July 17 to December 18, giving details of goods sent to job
worker and goods received from job worker.
4. TDS deductors should file TDS returns from October 18 to February
19, so that the counterparty can receive TDS credit before filing their last
GST 3B of FY 18-19.
5. Taxpayers should accept the TDS credit as reflected on GST portal
on monthly basis so that the amount of TDS deducted can be credited to the cash
ledger.
6. All the exporters who make exports without paying tax under LUT
should apply for LUT for FY 19-20.
7. The taxpayer must also workout whether he wants to convert to
Composition scheme (Limit is Rs. 1.5 Cr. Now) from FY 19-20.
All the taxpayers should complete their pending work before
31st march. The taxpayers, who are liable to make payment, should do
the payment on time. Everyone should follow the correct tax system from this
new financial year. So, pay the tax as per provisions of the Act. Otherwise
taxpayers will have to face consequences in the future.
