Businesses with Turnover over 2 Crore to file GST for FY-18

All the companies with turnover more than Rs. 2 Crore needs to file the audit report for the financial years 2017-2018 according to the format available on the GST portal by 30th June.

Goods and Service Tax is a unified tax system which is levied on different goods and services and all the companies who have a turnover of more than Rs 20 Lakh needs to register for GST.

The GST Council extended the time period of filing the return by 3 months last year in December and also notified the forms to be filed i.e. GSTR-9, GSTR-9A, and GSTR-9C. 

An official release stated ‘It is being informed to the trade and industry that the form is available on the common portal for filling and taxpayers are requested to file their returns at the earliest’.

GSTR-9 is an annual return form for all the taxpayers registered under GST while GSTR-9A is for composition taxpayers. GSTN has also made available GSTR-9C form (reconciliation statement which is to be signed by a CA) offline which can also be uploaded online by the taxpayer. 

GSTR-9C is to be filed along with the annual return form by all the business entities that have their annual turnover of more than Rs. 2 Crore.

The government has also implemented the doubling of GST exemption limit to Rs 40 Lakh on 1st April 2019 which will benefit all the small and medium enterprises.

Abhishek Jain, EY Tax partner, believes that the business industry was waiting for the availability of offline forms and the option of filling GSTR-9C online.

For all this, one would require the Digital Signatures of the auditor, balance sheet; profit and loss statement needs to be attached. This will help businesses in proper execution of the compliances.

Rajat Mohan, AMRG & Associates Partner, said that the timely availability of filing the GST annual audit report will be a great assistance for all the taxpayers. 

They have more than 75 days to file the GST audit report which means that in case they start early no extensions will be required.