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Annual return.

Ketan Lathia (CA Practice ) (125 Points)

13 June 2016

Hi Reader, Request you to please share the information pertaining to annual return ie its applicability,Form to be filed, exempted assesses and other such related information. Looking forward for your reply. Thank you.

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8 Replies

CA Anant Tyagi (CA) (283 Points)
Replied 13 June 2016

As per Notification No. 19/2016-

Every assessee shall submit an annual return for the financial year to which the return relates, in such form and manner as may be specified in the notification in the Official Gazette by the Central Board of Excise and Customs, by the 30th day of November of the succeeding financial year;
The Central Government may, subject to such conditions or limitations, specify by notification an assessee or class of assesses who may not be required to submit the annual return.
An assessee who has filed the annual return by the due date may submit a revised return within a period of one month from the date of submission of the said annual return.’’
Where the annual return is filed by the assessee after the due date, the assessee shall pay to the credit of the Central Government, an amount calculated at the rate of one hundred rupees per day for the period of delay in filing of such return, subject to a maximum of twenty thousand rupees.

Exemption from Annual Return filing is to be notified by Department.

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karan jit singh (Consultant) (1299 Points)
Replied 13 June 2016

Every assessee shall file an annual return in prescribed form.Assessee, who has paid duty of excise < RS. 1CR during the financial year is exempted from filing the said statement in Form ER-4 that is required to be filed latest by 30th November of the succeeding year. Accordingly, it may be hoped that similar exemption is provided to service tax assessees based on the quantum of service tax paid in a financial year. However, as the small scale exemption limit in excise is much higher than that prevalent in service tax, there is possibility that the limit of service tax payment may be specified on lower side. The last date for filing of annual return is 30th November of the succeeding financial year with the option to revise the return within one month from the date of filing of original return.

Regards

Karanjit Singh | +91-7503588224

CA Anant Tyagi (CA) (283 Points)
Replied 13 June 2016

Dear Karanjit

I think you are talking about excise annual return.

karan jit singh (Consultant) (1299 Points)
Replied 13 June 2016

I am talking about both.read carefully

Regards

Karanjit Singh | +91-7503588224

CA Anant Tyagi (CA) (283 Points)
Replied 13 June 2016

ok dear.

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Ketan Lathia (CA Practice ) (125 Points)
Replied 13 June 2016

Thank you for the reply

The 1st annual return will be for the period from 1st april 2016 to 31st March 2017 and the due date will be 30th Nov 2017 ??

Request you to Correct me if am wrong.

Thanks.

karan jit singh (Consultant) (1299 Points)
Replied 13 June 2016

Originally posted by : Ketan Lathia
	Thank you for the reply The 1st annual return will be for the period from 1st april 2016 to 31st March 2017 and the due date will be 30th Nov 2017 ?? Request you to Correct me if am wrong. Thanks.

Rules came into force on the 1st day of April, 2016.

CA Anant Tyagi (CA) (283 Points)
Replied 13 June 2016

This notification is applicable from 1st April 2016. Hence assessee has to file the annual return for the financial year 2015-2016 also. So Due date is 30th Nov 2016

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