Clarification on Optional Filing of Annual Return Under GST – Circular No. 124/43/2019
<p>Circular No. 124/43/2019, issued by the Ministry of Finance, provides important clarifications regarding the optional filing of annual returns for certain taxpayers under the Goods and Services Tax (GST) regime. This clarification follows the provisions of Notification No. 47/2019-Central Tax, which outlines the special procedure for taxpayers with aggregate turnover under two crore rupees.</p><p><strong>Key Highlights:</strong></p><ul><li><strong>Optional Filing of Annual Return</strong>: For financial years 2017-18 and 2018-19, taxpayers whose aggregate turnover is less than ₹2 crore have the option to file their annual returns (FORM GSTR-9 or FORM GSTR-9A). The filing is optional, but if they choose to file, it must be done before the due date.</li><li><strong>Composition Scheme Taxpayers</strong>: Taxpayers under the composition scheme can also choose to file FORM GSTR-9A voluntarily for the financial years 2017-18 and 2018-19. After the due date, the portal will not accept any FORM GSTR-9A submissions for these periods.</li><li><strong>Self-Assessment of Tax Dues</strong>: Taxpayers can also rectify any discrepancies in their returns by voluntarily paying any short-paid taxes or correcting ineligible ITC claims through FORM GST DRC-03. This process allows for self-assessment of dues and correction of errors in the filed returns.</li><li><strong>Uniform Implementation</strong>: The Board emphasizes uniformity in implementing these provisions across the field formations to ensure clarity and consistency in the treatment of taxpayers with turnovers below the threshold.</li></ul><p>This clarification aims to provide relief to small taxpayers, enabling them to make voluntary corrections and ensuring that the filing process remains flexible for smaller businesses.</p><p><a href="https://cms.plasament.com/storage/chirag-singla/circular-cgst-124.pdf">circular-cgst-124</a><br> </p>