The Audit Report is principally reconciliation of annual financial statement of taxable person (balance sheet and Profit and Loss Account/Income and Expenditure Account) with GSTR-9 i.e. Annual Return of the taxable person. The contents are as follows: Part A – Reconciliation Statement This part consists of following sub-parts Part I – Basic Details – Financial … Read more
The Institute of Chartered Accountants of India has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit (under Income Tax Act, 1961) will also be applicable to GST Audit (under the Central Goods and Service Act, 2017). Accordingly, … Read more
The form of annual return does not require reconciliation with Annual Financial Statement (Balance Sheet and Profit and Loss Account) of taxable person for 2017-18. However, taxable persons whose aggregate turnover exceeds Rs. two crores in a financial year have to submit Audit Report in form GSTR-9C. This form is basically reconciliation statement which is … Read more
The GSTR-9A return is simpler compared to GSTR-9 return as details regarding Input Tax Credit are not to be given. The GSTR-9A Annual Return consists of following parts: Part I – Basic Details – Financial Year, GSTIN, Legal Name and Trade Name (if any), Period of composition scheme during the year (From —- To —-) … Read more
The Annual Return in form GSTR-9 is basically a summary of GSTR-1 and GSTR-3B returns for the period July 2017 to March 2018. However, if there are any amendments made during April 2018 to September 2018 returns, these have to be included in the Annual Return for 2017-18. The return is in following parts: Part … Read more
INTRODUCTION GST Act makes provisions for Annual Return and Annual Audit Report. These reports are required to be filed for each financial year (April-March) by 31st December after close of financial year. Each taxable person (other than taxable person paying GST under composition scheme) is required to file monthly return in Form GSTR-3B. In addition, … Read more
Office of the Commissioner of State Tax, (GST), 8th floor, GST Shanan, Mazgaon, Mumbai-400010. To, No. JC/HQ-I/ GST/Refund/Trade Cir./01/2017-18 Mumbai Date :- 15/11/2018 Trade Cir. No. 9 4 T of 2018 Subject :- Clarification on certain issues related to refund Ref. Trade Circular No. 49 of 2017 dated 28th 2017. Internal Circular No. 24A of … Read more
FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk Mantralaya, Mumbai 400 032, dated the 26th October 2018 NOTIFICATION Notification No. 58/2018–State Tax No. GST. 1018/C. R. 117/ Taxation-1.— In exercise of the powers conferred by section 148 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereafter in this notification referred … Read more
Circular No. 69/43/2018-GST CBEC/20/16/04/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, Dated the 26th October, 2018 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ Commissioners of Central Tax (All) The Principal Directors General/Directors General (All) Madam/Sir, Subject: Processing of Applications for Cancellation … Read more
Circular No. 68/42/2018-GST F. No. 354/360/2018-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** Room No. 146G, North Block, New Delhi, 5th October 2018 To, The Principal Chief Commissioners/Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Notifications issued under … Read more