As per Notification No. 47/2019 – Central Tax dated October 09, 2019 (“N. No. 47-2019”) which states that the filing of annual return under section 44(1) of CGST Act, 2017 (“CGST Act”) for the F.Y. 2017-18 and F.Y 2018-19 are optional for the small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the annual return before the due date.
CBIC vide Circular No. 124/43/2019 dated November 18, 2019, had issued a clarification in regard to the optional filing of Annual Return for the F.Y 2017-18 and F.Y 2018-19 for those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees. The gist of the aforesaid circular has been discussed hereunder: –
- In terms of section 10 of the CGST Act, the Taxpayers under composition scheme, may, at their own option file Form GSTR-9A for the F.Y 2017-18 and F.Y 2018-19, before the due date. After the due date of furnishing the annual return for the F.Y 2017-18 and 2018-19, the common portal shall not permit furnishing of Form GSTR-9A for the said period.
- In terms of rule 80(1) of the CGST Rules, 2017, every registered person other than an Input Service Distributor (ISD), a person paying tax under section 51 or section 52 (TDS/TCS deductor), a casual taxable person and a non-resident taxable person (NRI), shall furnish an annual return as specified under section 44(1) of the CGST Act, electronically in Form GSTR-9.Therefore, the taxpayers, may, at their own option file Form GSTR-9 for the F.Y 2017-18 and F.Y 2018-19, before the due date. After the due date of furnishing the annual return for the F.Y 2017-18 and F.Y 2018-19, the common portal shall not permit furnishing of Form GSTR-9 for the said period.
- In terms of Section 73 of the CGST Act, the registered taxpayer, during the course of reconciliation of his accounts, notices any short payment of tax or ineligible availment of the input tax credit, he may pay the same through Form GST DRC-03.
The Complete Circular can be accessed at: http://www.cbic.gov.in/resources/htdocs-cbec/gst/circular-cgst-124.pdf;jsessionid=37C089CCF683AEA6BEF77CF83E2BD838