Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 18-10-2016 Last Replied Date:- 19-10-2016 – Purposes of filing returns The following are the purposes for filing of returns in tax matters- Mode for transfer of information to tax administration; Compliance verification program of tax administration; Finalization of tax liabilities of the tax payer within stipulated period of limitation; To declare tax liability for a given period; To provide necessary inputs for taking policy decision; Management audit and anti-evasion programs of tax administration Liability to file GST returns The following persons are liable to file returns under GST regime- Every registered taxable person, who crosses the threshold limit of ₹ 10 lakhs; Interstate suppliers; TDS deductors; e-commerce operators; Suppliers supplying goods through e-commerce operators; Input Service Distributors; Nonresident taxable person Returns Sections 27 to 31 of Model Goods and Services Tax Act, 2016 ( Law
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not later than the last date on which he is required to furnish such returns. A return furnished by a taxable person without payment of tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person. Section 27(4) provides that every registered taxable person shall furnish a return for every tax period whether or not any supplies of goods and/or services have been effected during such tax period. Section 27(7) provides that if any taxable person after furnishing a return discovers any omission or incorrect particulars, other than a result of scrutiny, audit, inspection or enforcement activity by the tax authorities, he shall rectify such omission or incorrect particulars in the return to be filed for the month or quarter, during which such omission or incorrect particulars are noticed, subject to payment of interest applicable. No such rectification of any omission or incorrect particulars shall be allowed aft
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put Service Distributor ( ISD for short) and a tax deductor, is required to furnish the details- Of outward supplies of goods and/or services effected during a tax period; and Of outward supplies of goods and/or services effected during an earlier tax period in Form GSTR – 1 electronically through the Common Portal. The details are to be filed on or before the tenth day of the succeeding the said tax period. The Board/Commissioner may, for valid and sufficient reasons, by notification, extend the time limit for furnishing such details. Any extension of time limit shall be deemed to be approved by the Commissioner of State Goods and Services Tax/Board. The details of outward supplies shall include details relating to zero rated supplies, interstate supplies, return of goods received in relation to/in pursuance of an inward supply, exports, debit notes, credit notes and supplementary invoices issued during the said tax period. The details of outward supplies shall be made available elect
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15th day of the month succeeding the tax period. The Board/Commissioner for valid and sufficient reasons may, by notification, extend the time limit for furnishing such details. Any extension of time limit by the Board/Commissioner of State Goods and Services Tax shall be deemed to be approved by the Commissioner of State Goods and Services Tax/Board. Return by ISD Section 27(6) provides that every ISD shall, after adding, correcting or deleting the details contained in Form GSTR-6A, furnish electronically a return in Form No. GSTR-6, containing the details of tax invoices on which credit has been received and those issued under Section 17, through the Common Portal. Return by tax deductor Section 27(5) provides that every registered taxable person required to deduct tax at source shall furnish a return in Form No. GSTR – 7 electronically through a Common Portal for the month in which such deductions have been made along with the payment of tad so deducted within 10 days after the end
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and he shall furnish a copy of audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the year, duly certified, in Form No. GSTR – 9B electronically through the Common Portal. Final return Section 31 provides that every registered taxable person who applies for cancellation of registration shall furnish a final return within 3 months from the date of cancellation or date of cancellation order, whichever is later, in Form No. GSTR-10, electronically through the Common Portal. Late fee Section 33(1) provides that any registered taxable person who fails to furnish the details of outward or inward supplies required under Section 25 or 26 or returns required under Section 27 or Section 31 by the due date shall be liable to a late fee of ₹ 100/- for every day during which such failure continues subject to a maximum of ₹ 500/- Section 33(2) provides that any registered taxable person who fails to furnish the
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