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Published on:
March 21, 2023
By
Harshini

Clause by clause analysis of other disclosures in Annual GST Returns

An annual GST (Goods and Services Tax) return in India is a compilation of monthly or quarterly GST returns filed during the financial year. In addition to the regular GST return information, the annual GST return also requires additional disclosures. Here is a clause-by-clause analysis of the other disclosures required in the annual GST return:

Details of transactions declared in returns filed during the financial year: This clause requires the disclosure of all transactions reported in the monthly or quarterly GST returns filed during the financial year. The details required include the taxable value, tax rate, tax amount, and any amendments made during the financial year.

Details of transactions not declared in returns filed during the financial year: This clause requires the disclosure of all transactions that were not reported in the monthly or quarterly GST returns filed during the financial year. The details required include the taxable value, tax rate, tax amount, and reason for not reporting the transactions.

Details of advances, inward and outward supplies made during the financial year on which tax has been paid but invoices have not been issued: This clause requires the disclosure of all advances, inward and outward supplies made during the financial year on which tax has been paid but invoices have not been issued. The details required include the taxable value, tax rate, tax amount, and reason for not issuing the invoices.

Details of transactions for the previous financial year declared in the current financial year: This clause requires the disclosure of all transactions that were reported in the previous financial year but were declared in the current financial year. The details required include the taxable value, tax rate, tax amount, and reason for the delay in reporting the transactions.

Details of credit or debit notes issued and reported during the financial year: This clause requires the disclosure of all credit or debit notes issued and reported during the financial year. The details required include the taxable value, tax rate, tax amount, and reason for issuing the credit or debit notes.

Details of supplies received from composition taxpayers, deemed supply under section 143, and goods sent on approval basis returned during the financial year: This clause requires the disclosure of all supplies received from composition taxpayers, deemed supply under section 143, and goods sent on approval basis returned during the financial year. The details required include the taxable value, tax rate, tax amount, and reason for the supplies received or returned.

HSN-wise summary of outward supplies: This clause requires the disclosure of the summary of outward supplies made during the financial year, categorized by HSN (Harmonized System of Nomenclature) code. The details required include the taxable value, tax rate, tax amount, and HSN code.

HSN-wise summary of inward supplies: This clause requires the disclosure of the summary of inward supplies received during the financial year, categorized by HSN code. The details required include the taxable value, tax rate, tax amount, and HSN code.

Late fees payable and paid: This clause requires the disclosure of the late fees payable and paid for late filing of GST returns during the financial year.

In summary, the annual GST return in India requires the disclosure of additional information beyond the regular GST return information. Businesses need to ensure that all the required information is properly disclosed in the annual GST return to comply with the GST laws.

Table 14 provides for disclosing details of differential tax paid on account of declaration in table 10 & 11 above

In India, under the GST (Goods and Services Tax) regime, the annual GST return requires taxpayers to provide details of differential tax paid on account of declaration in Table 10 and Table 11 in Table 14 of the return. Here is a brief explanation of these tables and the details required to be disclosed in Table 14:

Table 10: This table requires taxpayers to provide details of advances received and adjustments made in the tax liability for such advances. The details required include the GSTIN (Goods and Services Tax Identification Number) of the supplier, the invoice or document number, the date of the invoice or document, the taxable value, and the tax amount.

Table 11: This table requires taxpayers to provide details of amendments made to the details of outward supplies reported in the earlier GST returns filed during the financial year. The details required include the GSTIN of the supplier, the invoice or document number, the date of the invoice or document, the taxable value, and the tax amount.

Table 14: This table requires taxpayers to provide details of differential tax paid on account of declaration in Table 10 and Table 11. The differential tax amount is the amount of tax paid on advances received or amendments made to the details of outward supplies reported in the earlier GST returns.

The details required to be disclosed in Table 14 include:

GSTIN of the taxpayer

Financial year for which the return is being filed

Tax amount paid on advances received and adjustments made in the tax liability for such advances (from Table 10)

Tax amount paid on amendments made to the details of outward supplies reported in the earlier GST returns (from Table 11)

Total differential tax paid during the financial year

The differential tax amount needs to be paid by the taxpayer while filing the annual GST return. The taxpayer needs to ensure that the tax liability is correctly declared in Table 10 and Table 11 and the corresponding differential tax amount is properly disclosed in Table 14 to comply with the GST laws.

Table 15 provides for reporting of Demands and Refunds claims by the registered person during the preceding financial year.

In India, under the GST (Goods and Services Tax) regime, the annual GST return requires taxpayers to provide details of demands and refunds claims made during the preceding financial year in Table 15 of the return. Here is a brief explanation of this table and the details required to be disclosed in Table 15:

Table 15: This table requires taxpayers to provide details of demands and refunds claims made during the preceding financial year. The details required include the type of tax (CGST, SGST, IGST), the GSTIN (Goods and Services Tax Identification Number) of the taxpayer, the financial year for which the demand or refund was made, the demand or refund amount, and the status of the demand or refund.

The details required to be disclosed in Table 15 include:

Type of tax (CGST, SGST, IGST)

GSTIN of the taxpayer

Financial year for which the demand or refund was made

Demand or refund amount

Status of the demand or refund

The status of demand or refund could be "admitted," "rejected," "partly admitted and partly rejected," or "pending." Taxpayers need to ensure that the details disclosed in Table 15 match the details of demands and refunds claims made during the preceding financial year.

It is important to note that any discrepancies or errors in the information provided in the annual GST return could lead to additional compliance requirements, penalties, or even legal action. Therefore, taxpayers need to ensure that they accurately disclose all the relevant information required in Table 15 to comply with the GST laws.

Table 16 requires information on supplies received from composition taxpayers, deemed supply under section 143 and goods sent on approval basis

In India, under the GST (Goods and Services Tax) regime, the annual GST return requires taxpayers to provide details of supplies received from composition taxpayers, deemed supply under section 143, and goods sent on approval basis in Table 16 of the return. Here is a brief explanation of these concepts and the details required to be disclosed in Table 16:

Supplies received from composition taxpayers: Composition taxpayers are those taxpayers who have opted for the composition scheme under GST. These taxpayers are required to pay a fixed rate of tax based on their turnover and are not allowed to charge GST on their supplies. Table 16 requires taxpayers to disclose the details of supplies received from composition taxpayers, such as the name and GSTIN of the supplier, the invoice or document number, the date of the invoice or document, the taxable value, and the tax amount paid.

Deemed supply under section 143: Deemed supply refers to the supply of goods or services made by a registered person to another person for a consideration other than monetary consideration, such as barter or exchange of goods or services. Section 143 of the GST Act specifies certain transactions that are deemed to be a supply, such as transfer of business assets, disposal of business assets, and goods used for personal consumption. Table 16 requires taxpayers to disclose the details of deemed supplies made during the financial year, such as the nature of supply, the name and GSTIN of the recipient, the invoice or document number, the date of the invoice or document, the taxable value, and the tax amount payable.

Goods sent on approval basis: Goods sent on approval basis are those goods that are sent by a registered person to another person for inspection or testing before a final sale is made. Table 16 requires taxpayers to disclose the details of goods sent on approval basis, such as the name and GSTIN of the recipient, the invoice or document number, the date of the invoice or document, the taxable value, and the tax amount payable.

It is important for taxpayers to ensure that the details disclosed in Table 16 are accurate and complete to comply with the GST laws. Any discrepancies or errors in the information provided could result in additional compliance requirements, penalties, or even legal action.

Table 17 and 18 requires reporting of HSN wise summary of Outward and Inward Supplies reported in the previous FY

In India, under the GST (Goods and Services Tax) regime, the annual GST return requires taxpayers to provide details of HSN (Harmonized System of Nomenclature) wise summary of outward and inward supplies reported in the previous financial year in Table 17 and Table 18 of the return, respectively. Here is a brief explanation of these tables and the details required to be disclosed in them:

Table 17: This table requires taxpayers to provide a summary of their outward supplies, i.e., sales made during the preceding financial year, HSN wise. The details required include the HSN code, the total value of the supplies made, the taxable value of the supplies, and the amount of tax paid on the supplies.

Table 18: This table requires taxpayers to provide a summary of their inward supplies, i.e., purchases made during the preceding financial year, HSN wise. The details required include the HSN code, the total value of the supplies received, the taxable value of the supplies, and the amount of tax paid on the supplies.

HSN is a system of classifying goods for taxation purposes. Each item is assigned a unique HSN code, which is used to identify the item for GST purposes. The HSN code is a six-digit code that is used to classify goods under the GST regime.

It is important for taxpayers to ensure that the details disclosed in Table 17 and Table 18 are accurate and complete to comply with the GST laws. Any discrepancies or errors in the information provided could result in additional compliance requirements, penalties, or even legal action. The HSN summary provides useful insights into the types of goods and services supplied and received during the financial year and helps in effective tax planning and management.

Table 19 requires reporting of Late Fees

In India, under the GST (Goods and Services Tax) regime, the annual GST return requires taxpayers to provide details of any late fees paid during the preceding financial year in Table 19 of the return. Here is a brief explanation of Table 19 and the details required to be disclosed in it:

Table 19: This table requires taxpayers to provide details of any late fees paid during the preceding financial year. Late fees are levied when a taxpayer fails to file their GST return within the due date. The late fees can be paid along with the return or separately.

The details required to be provided in Table 19 include the GSTIN of the taxpayer, the type of return for which the late fees were paid, the financial year to which the late fees pertain, the date of payment, the amount of late fees paid, and the mode of payment.

Late fees are imposed to encourage taxpayers to file their returns on time and to ensure compliance with the GST laws. It is important for taxpayers to ensure that they file their returns within the due date to avoid late fees and other penalties. Late filing of returns can also affect a taxpayer's compliance rating and impact their ability to do business in the long run.

It is important to note that the late fees paid are not eligible for input tax credit and are treated as a cost to the taxpayer. Therefore, it is important for taxpayers to file their returns on time to avoid additional costs and penalties.

Discharge of additional liability : Clause by clause analysis of other disclosures in Annual GST Returns

In India, under the GST (Goods and Services Tax) regime, the annual GST return requires taxpayers to provide various disclosures, including the discharge of additional liability, in addition to the summary of outward and inward supplies, tax payments, and other details. Here is a clause by clause analysis of the disclosures required in the annual GST return in relation to the discharge of additional liability:

Table 14: This table provides for the disclosure of details of differential tax paid on account of declaration in Tables 10 and 11. If the taxpayer has made any changes to their taxable outward or inward supplies, which impact their liability to pay GST, they must disclose these changes in Tables 10 and 11. If the changes result in a higher liability to pay GST, the taxpayer must pay the additional tax and disclose the same in Table 14.

Table 15: This table requires taxpayers to report any demands or refunds claimed during the preceding financial year. If the taxpayer has claimed any refund during the year, they must disclose the details of the refund claimed, the refund application reference number, the amount claimed, and the amount sanctioned or rejected. If the taxpayer has any outstanding demands against them, they must also disclose the same in this table.

Table 16: This table requires the disclosure of information on supplies received from composition taxpayers, deemed supply under Section 143, and goods sent on approval basis. If the taxpayer has received any supplies from composition taxpayers or made any deemed supplies during the year, they must disclose the same in this table. Additionally, if the taxpayer has sent any goods on an approval basis, they must disclose the same in this table.

Table 19: This table requires the disclosure of any late fees paid during the preceding financial year. Late fees are imposed when a taxpayer fails to file their GST return within the due date. If the taxpayer has paid any late fees during the year, they must disclose the same in this table.

Table 21: This table requires the disclosure of the details of any additional liability discharged during the preceding financial year. If the taxpayer has discharged any additional liability, either voluntarily or as a result of an audit, investigation, or other proceedings, they must disclose the details of such liability in this table. The details required include the GSTIN, the type of liability discharged, the amount of liability discharged, the date of discharge, and the mode of discharge.

It is important for taxpayers to ensure that they provide accurate and complete information in these tables to comply with the GST laws. Any discrepancies or errors in the information provided could result in additional compliance requirements, penalties, or even legal action. Therefore, taxpayers should ensure that they maintain accurate records and documentation to support the disclosures made in the annual GST return.

Details Not Required to Be Furnished in The Annual Return

In India, under the GST (Goods and Services Tax) regime, the annual return requires taxpayers to furnish various details of their business transactions during the financial year. However, there are some details that are not required to be furnished in the annual return. Here are some of the details that are not required to be furnished in the annual return:

Invoices: Taxpayers are not required to furnish a copy of all invoices issued or received during the financial year. They only need to provide a summary of their outward and inward supplies in Table 17 and 18, respectively.

Input tax credit details: Taxpayers are not required to provide details of input tax credit availed or utilized during the financial year. However, they must ensure that the input tax credit claimed is reconciled with their books of accounts and invoices.

Details of exports: Taxpayers are not required to provide details of exports made during the financial year. They only need to provide the details of zero-rated supplies made to registered persons in Table 6A and Table 6B.

HSN code details: Taxpayers are not required to provide HSN (Harmonized System of Nomenclature) code details for inward supplies received from unregistered persons, exempt supplies, or non-GST supplies.

Bank account details: Taxpayers are not required to provide their bank account details in the annual return. However, they must ensure that their bank account is updated in their GST registration to receive refunds.

Details of registered persons: Taxpayers are not required to provide the details of all registered persons they have dealt with during the financial year. However, they must ensure that the summary of their outward and inward supplies in Table 17 and 18, respectively, covers all registered persons they have dealt with.

It is important for taxpayers to ensure that they furnish accurate and complete information in the annual return to comply with the GST laws. Any discrepancies or errors in the information provided could result in additional compliance requirements, penalties, or even legal action. Therefore, taxpayers should ensure that they maintain accurate records and documentation to support the disclosures made in the annual return.

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