Two Important tasks (GST Annual Return & E-Invoicing) to be completed in the month of Sept. 2020

There are two tasks which are required to be completed in the month of September, 2020. One is filing of GST Annual Return and the second one is E-invoicing readiness.

GST Annual Return

The due date to file GST Annual Return for the financial year 2018-19 is 30.09.2020. A person registered under GST as a normal taxpayer shall file return in Form GSTR-9. The taxpayer who has opted for composition scheme shall file return in Form GSTR-9A. And, the electronic commerce operator shall file return in Form GSTR-9B.

The taxpayers having aggregate turnover less than Rs.2 Crores were made optional for filing of GST annual return for the financial year 2017-18 and 2018-19. However, the taxpayers having turnover more than Rs.2 Crores shall have to file annual return.

In addition to the annual return, the taxpayers whose aggregate turnover exceeds Rs.5 Crores shall also get his accounts audited from a Chartered Accountant or a Cost Accountant and file GSTR-9C duly certified by the auditor.

It implies that the taxpayers whose turnover is more than Rs.2 Crores but below Rs.5 Crores, need not file the reconciliation statement in Form GSTR-9C.

Following taxpayers are not required to file GST Annual Return:

• Input Service Distributor
• A person paying tax under section 51 or section 52
• A casual taxable person
• A non-residential taxable person

In Form GSTR-9 /9C, most of the fields are made non-mandatory for the financial year 2017-18 and 2018-19. This has been done by Govt. with a view to relief taxpayer in filing of returns in the initial years. For table wise analysis of mandatory, non-mandatory fields in the said return forms, read article–

E-Invoicing

E-invoicing is coming into effect from 01.10.2020. The taxpayers whose turnover is more than Rs.500 Crores are covered under this compliance. Govt. has also enabled the website for the taxpayers to visit and generate IRN & QR Code. IRN is Invoice Reference Number and QR means Quick Response code. It is applicable on all outward supplies of taxable goods or services to a registered customer. Tax Invoice, Credit Note and Debit Note having GST charged on it should have IRN and QR code printed on the face of the respective documents.

Cancellation of e-invoicing has been allowed to be done within 24 hours. Post the period, a credit note should be used to reverse the invoice. The Govt. website which would be generating IRN and QR code is called as Invoice Registration Portal (IRP). IRP would authenticate the invoice details provided by the taxpayer before giving IRN and QR code back to the taxpayer.

E-invoicing is not required for exempted goods, goods sent for job worker, stock transfer within the state, reverse charge transaction.

Since, e-invoicing is mandatory from 01.10.2020 the preparation is essentially required to be completed by the taxpayers in the month of September itself.

Read about E-invoice portal – https://onlinetaxupdate.com/a-brief-info-on-e-invoice-system-portal/

Read about E-invoice revised schema and increased threshold of Rs.500 Crores – https://onlinetaxupdate.com/e-invoice-schema-format-mandatory-fields/

Note: You may send your queries to – taxupdate.otu@gmail.com.