The GST returns to be filed for month of September are important because it gives the opportunity to make all the necessary corrections and adjustments pertaining to the previous financial year.

The due date for outward supplies return, i.e. GSTR 1 for Sept 2018 is 31st Oct 2018 and for GSTR 3B, which is a summarised return consisting of ITC details, is 20th Oct 2018.

GSTR 1

Some of the common scenarios which could warrant for corrections or adjustments in outward supplies are

• Reporting details of invoices related to FY2017-18 which are missed out while filing GSTR 1 for the months from July 2017 – Mar 2018. It is important to note that interest on late payment of GST for such invoices may apply.
• Making corrections to the invoices filed in earlier returns. If for any invoices, the GSTIN of customer has been wrongly filed, it can be rectified by providing the correct details in amendment section.
• Likewise, if B2B transactions have been reported as B2C or vice-versa, the amendments can be included in GSTR 1 of Sept 2018

GSTR 3B

In addition to giving the effect of amendments on outward supply details, in GSTR 3B, the corrections and adjustments for ITC are to be reported.

• If for any of the purchase invoices, ITC was not claimed from July 2017 – Mar 2018, it can be claimed in Sept 2018
• If any excess ITC has been claimed, accordingly the amount of ITC claimed needs to be corrected.
• Reconciling the invoice details uploaded by supplier and as per your records so that the differences if any are adjusted.

Some of these corrections and adjustments, such as ITC on missing invoices, also need to be reported in the Annual Return GSTR 9. As the Annual Return is yet to be implemented, Sept 2018 is the last chance for amendments of FY 2017-2018.

Annual return is a statement of return which is required to be filed annually by each registered person (except few specified categories of persons) under GST giving summarized details of outward supply and taxes paid thereon , input tax credits claimed, taxes paid and refund claimed in the financial year in respect of which such annual return is filed.

The due date for Annual Return of FY 2017-2018, hence is 31st Dec 2018.

Notification dated Sept 4th, 2018 specifies the new format for filing annual returns. The Annual Return consists of various forms applicable to different type of taxpayers

Additionally, taxpayers having turnover more than ? 2 cr. during the financial year need to file a reconciliation statement in the form GSTR 9C.

In the Annual return, the taxpayers need to report summary of outward supplies, inward supplies, ITC claimed, tax liability discharges, HSN summary of supplies etc.

Most of the details required in the Annual return should be summation of details filed in GSTR-1 and GSTR-3B for the period July 2017 to Mar 2018.

Here is quick overview of the key additional sections and details which the taxpayers will need to prepare and report in GSTR 9

• Taxpayers have to disclose total Input tax credit claimed on capital goods and input services in table 6 of GSTR-9.
• Taxpayers need to report the reconciliation between the credit claimed in GSTR-3B and as per GSTR-2A
• Taxpayers now have to report HSN wise details of inward supplies
• Taxpayers now also have to disclose details of any transaction between Apr 2018 to September 2018, which pertains to FY 2017-2018, in part 5 of GSTR-9.
• Inward supplies from composition dealers, deemed supply from job workers etc. are required to be reported separately.
• Taxpayers now have to separately disclose the Input Tax Credit reclaimed in FY 2017-2018, which is to be reported in table 6H of GSTR-9.
• Details of GST demands and refunds
• Taxpayers will also need to separately report the impact of amendments on tax liability and ITC claimed.

The implementation of GSTR 9 in GST system is in progress and once available for taxpayers and GSPs, we’ll endeavor to make the filing of GSTR 9 hassle-free for you.

At IRIS, we have always thrived to ensure that our clients have a comfortable experience whenever using any of our offerings. We endeavor to enhance the user experience and focus on providing solutions that make the life of our clients more comfortable. Keeping this in mind, we are launching new reconciliation reports and insights in reconciliation that will make your reconciliation job efficient and enjoyable.

Indicative availability of ITC

It gives a summary of invoices, after you have reviewed it and you get a view of the tax amount after you have accepted and rejected invoices, which makes it easier for you to claim your ITC

ITC of invoices reported in next FY

A report of all invoices where the F.Y is different from the F.Y in which it is uploaded

Reports on missing invoices

For an entity having more than 1 GSTINs, it is crucial to get a view of all the invoices to identify scenarios where the vendors have raised invoices to a different GSTIN using your PAN

Consolidated view on missing invoices (supplier only & purchaser only) for the F.Y

Comparable invoices from the missing invoices category across F.Y

Our Smart Reconciliation comes handy for managing the reconciliation tasks in a timely, efficient, and easy manner. The Smart Reconciliation runs on the invoices uploaded by you and the auto-drafted details of GSTR 2A and categorises the results as per the next actions required.

In IRIS GST, reconciliation is auto-triggered. Thus, whenever GSTR 2A is downloaded from GSTN or GSTR 2 data is uploaded in IRIS application, the invoices are compared and the results of the comparison are displayed.

Key features of Reconciliation in IRIS Sapphire

• Bulk upload of your invoices for all your GSTINs
• Bulk fetch of GSTR 2A for all your GSTINs
• Auto-triggered reconciliation process
• Vendor-wise summary and Overall status dashboard gets updated on real-time basis
• Smart search to pair and match comparable invoices
• Spectrum of filters to drill down deep into invoice level details
• Send emails to your vendors