Last 10 days to file GST Annual Return and to start complying E-Invoicing.

GST Annual Return:

Last ten days are remaining for filing of GST Annual Return for F.Y.2018-19. The extended due date is 30.09.2020. The taxpayers having turnover up to Rs.2 Crores are having an option to file the annual return. And, those taxpayer having turnover more than Rs.2 Crore but below Rs.5 Crores are require to file their annual return but filing of a reconciliation statement in GSTR-9C is an optional for them. And those taxpayers having turnover more than Rs. 5 Crores are mandatorily required to file both the annual return and a reconciliation statement duly audited by a Chartered Accountant or a Cost Accountant on or before the said due date.

Following persons are exempted from filing of annual return:

• Input Service Distributor (ISD)
• A person paying tax u/s 51 or u/s 52
• A casual taxable person
• A non-residential taxable person

The taxpayers eligible to file Annual return must file all their GSTR-3B and GSTR-1 before they file their annual return.

In the Annual return Forms GSTR-9 and reconciliation statement Form GSTR-9C there are certain tables which are optional for the taxpayers to furnish the details. The tables which were either made optional or simplified was effected vide Notification no.56/2019-CT dated 14.11.2019. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-56-central-tax-english-2019.pdf;jsessionid=B996898A0B9F650E593C6A3D4ADD185A

Read Click to read the listing of all the tables that are either optional or simplified for filing of the annual return for the period FY 2018-19.

E-Invoicing

E-invoicing is mandatorily coming into effect from 01.10.2020 for taxpayers having aggregate turnover more that Rs.500 Crores. The term “aggregate turnover in a financial year”, covers financial years since the advent of GST, i.e. from 2017-18 (July 2017 to March 2018) onwards. Hence, as a facilitation measure, all the taxpayers who were having aggregate turnover of Rs. 500 Cr. and above during the said financial year (based on GSTR-3B data) were enabled by default on e-invoice portal www.einvoice1.gst.gov.in by the Govt.

If the turnover of a taxpayer is exceeding Rs. 500 Crores and his GSTIN is not enabled in the e-invoice portal, then that taxpayer can register himself for e-invoice compliance by clicking on Registration->e-Invoice Enablement.

The taxpayer whose turnover is below Rs 500 Crores but the e-invoice portal has enabled that taxpayer for e-invoicing, then that taxpayer can opt out of the e-invoicing compliance by sending an email to support.einv.api@gov.in.

A taxpayer can check the status of enablement of their GSTIN on e-invoice portal by visiting https://einvoice1.gst.gov.in/> Search > e-invoice status of taxpayer.

Following documents are covered under e-invoicing:

• Invoices
• Credit Notes
• Debit Notes

Modes of generation of e-invoices:

• API based (integration with Taxpayer’s system directly)
• API based (integration with Taxpayer’s system through GSP/ASP)
• Free Offline Utility (‘Bulk Generation Tool’, downloadable from IRP)
• Web-based/ mobile app-based modes of generation of e-invoices will also be provided in future.

IRP- Invoice Registration Portal will authenticate the invoice details that are sent to it by a registered taxpayer through one of the above mode. IRP will then validate the details and then provide IRN and QR code back to the taxpayer. IRN stands for Invoice Reference Number. IRN is a unique 64 character hash. QR code stands for Quick Response Code. Printing of QR code is mandatory, however printing of IRN on the face of the invoice, credit notes and debit notes are optional.

“Verify QR Code” mobile app is available in www.einvoice1.gst.gov.in > Help > Tools > Verify QR Code App. With this app one can verify the authenticity or correctness of e-invoice.

The taxpayer can continue to generate sales invoice as per their current practice from their current accounting software. The only additional task is that to generate an IRN and a QR code for the invoice, credit notes and debit notes from IRP and then to print it in the said documents.

For the purpose of printing IRN and QR code, every taxpayer will have to modify their tax invoice, credit notes and debit notes to create space for incorporating IRN and QR code. This becomes essential because a tax invoice, credit notes and debit notes without IRN and more specifically QR codes will not be considered as a valid document w.e.f. 01.10.2020.

A taxpayer can provide feedback and suggestions on e-invoice at www.e-invoice@gstn.org.in.
Correction /Feedback on this write-up is welcome @ taxupdate.otu@gmail.com.