we are pvt ltd co based in mumbai. We have turnover of Rs.16000000 in F.Y.2017-18. Will annual return applicable to us? What is the criterai for annual return? Does we need to file Annual return? As per my knowledge aanual return applicable for turnover over Rs. 2cr. please confim the same.
8 Replies
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 19 November 2018
GST audit is applicable to those whose Aggregate Turnover exceeds Two Crore.
Aggregate turnover includes:Taxable turnover, Exempt turnover, Export turnover, Not - taxable turnover
Aggregate turnover does not include:Turnover which is not a supply, GST tax component in Invoice, Puchases on RCM basis
Turnover from July, 2017 for 2017-18 computed for one PAN on all INDIA basis (in one state no turnover but in other state turnover > 2Cr., Audit will be required in both the states)
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 November 2018
Yes...
Annual Return applicable to All the Dealers under GST. The Annual return required irrespective of Turn Over limit.
Only difference based on Taxpayers Registration related as Regular (GSTR 9), Composition (GSTR 9A).
The 2cr Turn Over limit is for GST Audit who is under regular scheme in GST.
If Your turn over exceeding above 2cr then GST Audit applicable.
Annual Return applicable to All the Dealers under GST. The Annual return required irrespective of Turn Over limit.
Only difference based on Taxpayers Registration related as Regular (GSTR 9), Composition (GSTR 9A).
The 2cr Turn Over limit is for GST Audit who is under regular scheme in GST.
If Your turn over exceeding above 2cr then GST Audit applicable.
Ritika Kumari
(Executive)
(22 Points)
Replied 19 November 2018
GST Returns comprises of two types of return -
Periodic and Annual Returns.
Periodic returns are monthly or quarterly returns for reporting transactions during the month or quarter,
while annual return is for reporting the summary of the periodic returns filed during a financial year. As the annual return is last return of the year thus, it assumes special significance
Who is required to file an annual return
Generally, all taxpayers are required to file the return with certain exceptions such as taxpayers who have obtained registration as:
- 'Casual Taxable Persons' or 'Non-resident taxable persons' like exhibitors
- 'Input service distributors' to distribute the input tax credit of services that are invoiced in one location however, are to be used in different States (for instance- distribution of input tax credit.
Shivam RC
(Student)
(23683 Points)
Replied 19 November 2018
As per the Provision of Section 44[1] of the CGST Act 2017 :
Every registered person, other than an Input Service Distributor, a person paying tax under Section 51 or Section 52, a casual taxable person and a non-resident taxable person, shall furnish an ANNUAL RETURN for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year.
Hence, every registered person is required to file Annual Return irrespective of Turnover limit.
The Rs. 2 Crore Turnover limit is applicable for AUDIT.
Refer Section 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017....
Every registered person, other than an Input Service Distributor, a person paying tax under Section 51 or Section 52, a casual taxable person and a non-resident taxable person, shall furnish an ANNUAL RETURN for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year.
Hence, every registered person is required to file Annual Return irrespective of Turnover limit.
The Rs. 2 Crore Turnover limit is applicable for AUDIT.
Refer Section 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017....
CA J.Jayaprakash
(Senior Officer (Finance))
(273 Points)
Replied 20 November 2018
1. GST Annual Return is to be filed once in a year by the registered taxpayers including those who registered under composition levy. It consists of details regarding the supplies made and received during the year (i.e. IGST, CGST and SGST). It consolidates the information furnished in the monthly / quarterly returns during the year.
All the registered taxable persons under GST must file GST Annual Return. However, the following persons are not required to file:
Non-resident taxable persons
Casual (occasional) taxable persons
Input service distributors
Persons paying Tax (TDS) under Section 51
The brief details about GST Annual Return is available in this file https://www.caclubindia.com/files05121/730294_20181112142819_gst_annual_return.pdf
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