GYAN SAGAR

We inform that as per provisions of section 35 of CGST/RGST Act, 2017, GST audit is mandatory for all registered persons having total turnover of the entity during FY 2017-18 of more than Rs. 2 crores (including exempted turnover). The annual return in Form GSTR 9 along with GST audit report in GSTR 9C needs to be filed before 31st Dec 2019 for the year 2017-18. In case of turnover less that Rs 2 crores, the Annual Return is required to be filed on GSTR-9A Formats for annual return (GSTR9/9A) and reconciliation certification/audit reports (GSTR-9C) have already been notified by the Government. The preparation of annual return will require compiling accurate data from various sources (i.e. GSTR 1, GSTR 3B or books of accounts, Tran-1, Tran-2 and GSTR-2A etc). Further, the process of audit of records will involve verification of many aspects including reconciliation, valuation, cross charge, reverse charge, ITC availment & reversal, block credit, application of correct GST

This is to inform you that the GST Council in its 31st meeting has decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, transition plan has been worked out by the Government and informed vide Press release dated 11-06-2019 (copy attached). The details of the indicative transition plan are as follows: - A. For Taxpayers with Turnover > INR 5 crores: 1. Return in Form GSTR-3B is required to be filed till November, 2019. The First New Return in Form GST RET-1 will be filed for the monthly tax period ending in Dec, 2019, which will become due in January, 2020. 2. Return in Form GSTR-1 is required to be filed till September, 2019 and then the same shall be replaced by a New Return GST ANX-1 for the months ending October, 2019 and November, 2019. From December, 2019 onwards, GSTR-3B and GSTR-1 will be combined in New Return GST RET-1 and the taxpayer is only required to file the same. B. For Ta