Vide  notification  No. 69/2020 –Central  Tax,dated30.09.2020,  the  due  date  for furnishing of the Annual return for the FY 2018-19 was extended till31.10.2020.

On recommendation of the GST Council, the due date for filing annual return FORM GSTR 9/GSTR 9A and Reconciliation Statement FORM GSTR 9C has been extended from 31.10.2020 to 31.12.2020, according to press release by CBIC.

It is also to be noted that filing of Annual Return (Form GSTR 9/GSTR 9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. Also filing of Reconciliation Statement In FORM GSTR 9C for FY 2018-19 is optional for the taxpayers having aggregate turnover upto Rs 5 crore.

Notification to give effect to this decision would follow.

Also Read : Income Tax Extension For FY 19-20

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CBIC has issued various notifications on 05.05.2020.Due date for GSTR9 and GSTR9C for FY 2018-19 has been extended. 

Read Also : RBI relief measures 

Eway bill expiry has been extended till 31.05.2020.

Full Details here : 

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(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an ANNUAL RETURN (GSTR-9) for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year.

(2) Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the AUDITED ANNUAL ACCOUNTS and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed

Also Read:

1) GST Audit Limit and Due Date for filing Audit Report
2) Reverse Charge Mechanism and Its Accounting Treatment at Year End.

Rules Regarding Filing of Annual Return

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a nonresident taxable person, shall furnish an annual return as specified under sub-section (1) of section 44 electronically in FORM GSTR-9 through the common portal either directly or through a Facilitation Centre notified by the Commissioner: 

Provided that a person paying tax under section 10 shall furnish the annual return in FORM GSTR-9A. 

(2) Every electronic commerce operator required to collect tax at source under section 52 shall furnish annual statement referred to in sub-section (5) of the said section in FORM GSTR -9B. 

(3) Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.

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• Production or manufacture of goods;
• Inward and outward supply of goods or services or both;
• Stock of goods;
• Input tax credit availed;
• Output tax payable and paid; and
• Such other particulars as may be prescribed.”

Accordingly, a registered person under GST is require to maintain the records as mentioned in section 35 of the CGST Act, 2017.  However, a person may maintain additional records for decision making or for other useful information, such as: Read Also : GST AUDIT LIMIT

• Import/export of goods/services, if any;
• Supplies attracting Reverse charge (from unregistered person or specified services/goods);
• Advances received/paid and adjustments made;
• Records for receipt of goods and services from registered person;
• Details for Import of goods including bill of entry and other related documents;
• Returns, payment challans, debit note and credit notes;
• Financial statements;
• Electronic records of tax liability , cash , credit ledger 
• Bank statements and pay-in slips;
• Records for manner of computation of GST liability;
• Records for availment and utilisation of credit;
• GST reconciliation statement;
• Electronic records of:-
• Tax liability
• Credit
• Cash;
• Agreements;
• Job work register;
• Security Deposit Register.

Important Points to be Noted :

• Where more than one place of business is specified in the certificate of registration then the accounts relating to each place of business shall be kept at such places of business;

• The registered person may keep and maintain such accounts and other particulars in electronic form in prescribed manner;

• Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter (irrespective of whether he is a registered person or not) shall maintain records of the consigner, consignee and other relevant details of the goods in the prescribed manner;

• Every registered person whose turnover during a financial year exceeds the two crore rupees [Rule 80(3) of the CGST Rules, 2017] shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement and such other documents in prescribed form and manner;

• Every registered person, other than a person paying tax under section 10, i.e., composition scheme, shall maintain the accounts of stock in respect of goods received and supplied by him, and such accounts shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the balance of stock including raw materials, finished goods, scrap and wastage thereof;

• Every registered person is required to keep the particulars of the each and every supplier , recipient and the warehouses;

• In case where goods found stored without any legal documents, then in this case proper office may determine the tax on such goods considering that the goods have been supplied by the registered person;

• Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and thereafter the correct entry shall be recorded and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained;

• Every registered person manufacturing goods shall maintain monthly production accounts showing quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof

• Every registered person supplying services shall maintain the accounts showing quantitative details of goods used in the provision of services, details of input services utilised and the services supplied;

• Every registered person executing works contract shall keep separate accounts for works contract showing – (a) the names and addresses of the persons on whose behalf the works contract is executed; (b) description, value and quantity (wherever applicable) of goods or services received for the execution of works contract; (c) description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract; (d) the details of payment received in respect of each works contract; and (e) the names and addresses of suppliers from whom he received goods or services.

Recording of goods lost or stolen etc. A person is required to record the details of goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples properly in its books of accounts. In case where the registered person fails to account for the goods or services or both then the proper officer shall determine the amount of tax payable on the goods or services or both that are not accounted for, as if such goods or services or both had been supplied by such person and the provisions of section 73 (Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any willful misstatement or suppression of facts) or section 74 (Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any willful misstatement or suppression of facts), as the case may be, shall, mutatis mutandis, apply for determination of such tax. Period of Retention of Accounts [Section 36 of the CGST Act, 2017] Under GST, every registered person required to keep and maintain/retain books of account or other records until the expiry of 72 months from the due date of furnishing of annual return, i.e., 31st December for the year pertaining to such accounts and records.  It may be noted that a registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of 1 year after final disposal of such appeal or revision or proceedings or investigation, or for the period specified above, whichever is later. 

Ledger Accounts to be maintained Under GST

  The CGST and SGST will be charged on intra-state supplies whereas the IGST will be charged on all inter-state supplies. Therefore separate ledger account is required to be maintained related to CGST, SGST/UTGST, IGST and Compensation Cess. Read Also : NEW PROVISIONS IN GST

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Every registered person , other than a person registered under Section 10 (Composition Taxpayer) ,  whose aggregate turnover during a financial year exceeds Two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified by a Chartered Accountant or Cost Accountant , in FORM GSTR-9C along with the annual return in Form GSTR 9 electronically through the common portal either directly or through a Facilitation Center notified by the Commissioner.

For the FY 2017-18 due date to file GSTR9 and GSTR9C has been extended till 31.01.2020 by the GST Council in the recent meeting. For FY 2018-19 the due date is 31.03.2020.

Read Also GST COUNCIL Decisions

For the purpose of calculating aggregate turnover to determine the eligibility for GST Audit , period from July 2017 to March 2018 may be taken as per the GST Press Release. 

As per the Guidance note of ICAI , Turnover for the full year April 2017 to March 2018 shall be taken to avoid any kind of disputes later on. 

Read Also : Which books must be kept in GST?

Where to keep GST books ?

Every registered person in GST shall maintain and keep such books and records as per the provisions of GST Act at the principal place of business from where the business is usually carried on by him.

 Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business:Provided further that the registered person may keep and maintain such accounts and other particulars in electronic form in such manner as may be prescribed. 

• Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter, irrespective of whether he is a registered person or not, shall maintain records of the consignor, consignee and other relevant details of the goods in such manner as may be prescribed.

• The Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.

• Where the Commissioner considers that any class of taxable person is not in a position to keep and maintain accounts in accordance with the provisions of this section, he may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed.

Read Also : GST ITC FORMS IN GST PORTAL

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