Goods and Services Tax – GST – By: – Ashish Mittal – Dated:- 17-1-2017 – Background: Submission of details of transaction that the business was indulged in for a given period, in prescribed manner can be termed as Return Every law when comes into force, defines some periodic statement called return to control and assess the transaction the organization has entered into. In context of GST, CBEC in collaboration with GST council has notified draft Model GST model Law (in short MGL ) as revised on 25th November 2016 wherein vide CHAPTER -VIII, twelve Sections has been issued in this regards for compliance along with separate set of rules under the MGL for various classes of assesse and types of returns. Applicability The different class of assesse who would be liable for various different returns along with applicable rule and relevant form has been summarized in the infra mentioned table (Reference to Section-32, 33, 34, 39 read with rules-1, 2, 3, 21 has been made) S.No. Applicability
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e 1 Return for Outward Supply: Original Form-FORM GSTR-1 Steps: First the form will be filled by supplier by 10th of the next month Later this form will be available to recipients in Part A of FORM GSTR-2A for verifying their details. Details updated by the recipient in his FORM GSTR-2 U/s 33 or FORM GSTR-4 U/s 34 shall be made available to supplier in FORM GSTR-1A and Supplier may accept or reject the amendment in full or part and accordingly FORM GSTR-1 of supplier shall stand amended. Rule 2 Return for Inward Supply: Original Form-FORM GSTR-2 a. It shall be prepared by using information of Part A,B,C,D of FORM GSTR-2A regarding details furnished by In part AOutward Supplier In part BISD regarding ITC In part CRegarding deduction U/s 37 In part DBy E-Commerce Operator U/s 43C b. Also details regarding 1. ITC available, allowed, disallowed 2. ITC related to Non-Taxable Supplies etc. Rule-21 for Annual Return: Original Form-FORM GSTR-9 (for others) Original Form-FORM GSTR-9A (for compo
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deduct tax at source under Section 46 of MGL Original Form-FORM GSTR-7 Certificate of Deduction provided to deductee in FORM GSTR-7A Rule-8 for Supplies effected through e-Commerce Original Form-FORM GSTR-8 Verification of Certain Documents shall be conducted in accordance with Rule-20 and 21 similar procedure as defined in ITC related points. Frequency Various Returns: Different returns need to be filled at different frequency which also varies assessee-wise which has been summarized below in tabular manner: S.NO. Who is Liable to file return? When i.e. at what frequency return need to be filled? Return for Outward Supplies (Section 32 read with Rule-1 ) Return for Inward Supplies (Section 33 read with Rule-2 ) Monthly Return (Section 34 read with Rule-3 ) Annual Return (Section 39 read with Rule-21) 1 Registered Taxable Person (Specified in Schedule V) Monthly by 10th of Succeeding month of relevant tax period Monthly by 15th of Succeeding month of relevant tax period Monthly by 20t
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d Monthly by 15th of Succeeding month of relevant tax period Monthly by 20th of Succeeding month of relevant tax period Annually by 31th of December of subsequent F.Y. Special Point: Person Liable for Audit under 53(4) shall submit audit report and return and reconciliation statements General/Common Provisions: Some Provisions which are common in nature has been herewith stated in Question and answer form for the sake of simplicity Certain General/Common Provision in Question and answer Form Certain General Questions Answers based on Relevant Provisions as mentioned in MGL What content need to be filled in Detail of Outward Supply? Details of outward supplies shall include U/s 32 zero-rated supplies, inter-state supplies, return of goods of an inward supply, exports, debit notes, credit notes and supplementary invoices Meaning of Inward Supply? Meaning of Inward Supplies U/s 33 1. Verify, validate, modify or delete the details of outward supplies and credit or debit notes as already au
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/s 34 of the tax period in which the default was detected 3. But before Earlier of [Sept. monthly return u/s 34 of next F.Y or Annual return of F.Y] i.e. Correction possible max. till subsequent F.Y. Sept return or Annual return of relevant F.Y. Certain Condition for Monthly Return Condition for Monthly Return U/s 34 1. All dues of Tax must be paid before or on due date of filling respective returns 2. If no supply then also NIL return Mandatory 3. If tax not paid then return Invalid for allowing ITC Concept of First Return U/s 35 1. Registered Person to file return U/s 32, 33 till end of the month in which registration is granted to them. 2. For Sec. 8 Assessee details up to end of relevant Quarter need to be filled. 3. Balance provision of 32, 33, and 34 apply mutatis mutandis. Input Tax Credit Related Provisions: Input tax being one of the most important limb of GST, and its impact on return would be crucial, Thus the governing provisions giving reference to Section 36, 37, 38 read
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details and credit note to both parties are a. Mismatch of tax shall be communicated in FORM GST ITC-1 b. Non-submission of Invoice by supplier would disallow the ITC of recipient in FORM GST ITC-1 c. Duplication of ITC would be disallowed and communicated in FORM GST ITC-1 d. The difference in tax becomes output liability of recipient with interest subject to reduction when correction is done along with refund (shall be granted in electronic cash ledger in FORM GST PMT-3 of interest earlier paid for setoff in future liability) (Sec. 37 & 38) Note: 1. Rectification by a supplier-adding or correcting outward supply details in his valid return 2. Rectification by the recipient -deleting or correcting inward supply details for matching with each other's return Note: Provisions of Sec. 37 & 38 are similar and incorporated above only and there relevant rules also. Belated or No Return: Question: Whether Belated Return shall be accepted if yes what is the penalty? What if No ret
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