While everyone is struggling to meet the deadline (August 31) to file GST annual returns for the financial year 2017-18, there is no such information regarding the extension of due date.
Industries, micro, small and medium-sector enterprises also need more time.
This is because the returns requires details (GST rates, HSN code, etc) for all the goods purchased and sold. Not all companies will have these details or they have to compile all the information.
It takes two to three days to file each return.
President of Coimbatore District Small Industries Association (CODISSIA) president R. Ramamurthy. “We are sending a memorandum to the Government appealing to it for time to file the annual returns. Not even 30% to 40 % of the MSMEs here have the filed the returns. It is a cumbersome process and the industries need time and support of Chartered Accountants. But, the CAs are already having so many files to handle that they cannot help all the SMEs here,”.
Also, the required forms were made available to the industry recently only. Nation-wide it is said that just 10 % of the assessees have filed the annual returns.
Not all industries will have every transaction bill details. Further, for the monthly returns only the summary of the transaction is needed. For the annual returns, every small detail should be filed. Initially there was no clarity on the system.
Chartered Accountant G. Karthikeyan, who is also former chairman of The Indus Entrepreneurs (TiE), Coimbatore, says that there are 18 categories under which there should be no discrepancy in the annual filings.
If there is, it should be set right. Monthly filing and annual filing of the returns are not the same. This increases the compliance cost for even small-scale industries.
The GST Commissionerate here has opened help desks at its offices from August 21 to 31 to help the assessees with filing of the annual returns (GSTR-9).
It will also conduct a workshop on August 22 on its premises at 2 p.m.