The Taxation and Corporate Law Forum of Vidarbha Industries Association (VIA) organised a session on “GST Annual Returns” on Friday at VIA Hall located in Udyog Bhawan in Civil Lines. Suresh Rayalu, Senior Superintendent of Central GST, Central Excise, Nagpur – I, was the key speaker on the occasion. He said that Rule 80 of CGST Rules, 2017 and its Pre Condition, GSTR-1 and GSTR-3B must be filed. One can pay short paid taxes with this return but cannot claim unclaimed ITC.
He said return is to be filled on line and tax payer should keep the data as per books and accounts ready before filing annual return. Tax payers who opted out of composition in middle of financial year will have to file both GSTR 9 and 9A. Similarly, he further said tax payers who cancelled their registration in the middle of financial year, both the GSTR 9 or 9A for the period their registration was in existence and therefore, both GSTR 9 and 9A shall be filed. He explained in details about the contents of the Annual Return GSTR 9: Nil Form GSTR-9 can be filed for the financial year, if not made any outward supply (commonly known as sale); and not received any goods / services (commonly known as purchase); and no other liability to report; and not claimed any credit; and not claimed any refund; and not received any order creating demand and there is no late fee to be paid etc.
He said GSTR 9/9A is required to be filed for each GSTIN and most of the data will be auto populated from GSTR 1 and GSTR 3B. The auto populated data can be edited. The total tax paid as per 3B, total ITC availed as per 3B and ITC as per 2A. Tax payer can get consolidated details of GSTR 1 and GSTR 3B Services. He also spoke about GSTR 9 in Part III of return deals with Input tax credit. At the outset, CA Naresh Jakhotia, Coordinator made an opening remark and appreciated the initiative taken by the GST Department for an interactive session and for efforts taken in creating awareness.
Shelendra Manawat, VIA EC Member, welcomed Suresh Rayalu with floral bouquet. Omprakash Bagdia, Ex-Vice President of VIA in his welcome address spoke on the objective of the programme which is to update the members and entrepreneurs about GST. “We are organizing this session with GST Department to guide the industrial fraternity and entrepreneurs about filling of annual returns,” he said. Prominently present on the occasion were CA Satish Laddhad, CA Arvind Bhansali, CA Jai Poptani, CA Shailendra Jain, CA Kunal Budhraja, and many representatives from industries like Sunflag Iron & Steel Co, Eros Group, Universal Hydaro Structure, Minex Metallurgical, Malu Paper Mills, Tru Form Engineers, Nice Paper Ltd, representatives of various other units and industrialists.