Key notable observations in GST Annual returns –

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Key notable observations in GST Annual returns –

Following are some of the key observation :
1. One can not take additional input credit in annual return but you can pay the additional liability if any .
2.Even an individual /firm having NIL return or data are required to file annual return
3. A wide range of disclosure regarding the right classification can be made . For example,
i. sale shown as B2B in GSTR 3B but it was actually B2C .
ii. Interstate sale shown as intrastate sale in 3 B ,but in this case tax payable will change and tax need to be paid .
4 .Sale initially shown as with payment of tax can be changed to without payment of tax .the same can be reported in table 5 A of GSTR 9 .
5. Not more than 20 percent of deviation is expected between data in GSTR 3 B,2A as far as ITC is concerned .
One can expect a notice if deviation is more than 20 percent .

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