From company representatives to young accountants, several individuals still have doubts about GSTR 9 Annual Return Filing. Munimji's seminar conducted on February 10 intended to help clarify the same.
Munimji has built an impeccable reputation with their Accounting and Taxation Courses in Ahmedabad. The speaker for the event was CA Jigar Shah (ACA, M.COM, and LL.B.) who has considerable experience in practicing accountancy and taxation.
The discussion started with the basic structure of GST Annual Return, including details that need to match with information submitted in CGST, SGST, and IGST.
“The last date for GSTR-9 form filling is June 30, 2019. Late submission of GSTR-9 would make the companies liable to a penalty of Rs. 200 (Rs. 100 for CGST and another 100 for SGST). Late submissions face verification from officials. Plus, they would also be asked to pay interest on cash component as well as on the input tax credit, “said Shah.
The speaker highlighted the point that annual GST return filing is a kind of aggregation of information or exhaustive reporting that needs to be accurate.
Most of the attendees were eager to know about the standard errors that companies make while reporting inward and outward supplies for the year. Topics like the new GST Input Tax Credit rules, Input Service Distributor in GST and GST on advance receipt managed to keep the crowd busy. The chartered accountant’s role and functions were also the areas of focus during the event.
Shah also discussed some points out of the recent GST notifications issued by the Central Board of Indirect Taxes and Customs. He highlighted how important these notifications are for CAs and ignoring them can cost a fortune.
There was a lot of curiosity to know more about consignments that require e-way bill document while transporting. From June most of the states will roll out the e-way bill system. Thus, more tax officials are expected to be deployed for inspecting trucks and checking the GST e-way bill.
Overall, the discussion also highlighted the multiple compliance issues that traders, companies, and small suppliers come across. If you wish to study the various aspects of GST, you should surely consider attending GST Training in Ahmedabad and start from the basic.