In a bid to contribute in the drafting of simple, transparent, & fair GST laws in India, the Institute of Chartered Accountants of India (ICAI) has submitted their suggestions to the Government on the newly released GST Annual return Format.
Earlier this month, the Central Board of Indirect Taxes and Customs ( CBIC ) had notified the Form GSTR-9 of Annual Return and Form GSTR-9A of Annual Return for composition taxpayers.
The return has been drafted in a way to help the government with invoice matching thus aiding in cross-checking returns to avoid tax evasion.
The ICAI suggested that the data in GSTR 9 be auto-populated since the Annual return in Form 9, must be the compilation of returns filed earlier and it should be auto-populated with an editable functionality but it requires the manual furnishing of information.
It was suggested that since there is no difference in treatment of ITC on Goods & services and such details were not asked in earlier period returns, therefore, the bifurcation of the same in the Annual return leads to recapturing of accounting entries as assessee has not recorded the same in the notified formats, therefore such requirement be omitted.
The ICAI also opined that the option for selection of period for which taxpayer is filing Annual return be provided in the return.
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