Returns under Revised GST Model Law-At a Glance:
By: – Ashish Mittal
Goods and Services Tax – GST
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
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* General Part: For all Assessee on whom following two returns are applicable (as per Supra mentioned table)
* Rule 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 A-Outward Supplier
In part B-ISD regarding ITC
In part C-Regarding deduction U/s 37
In part D-By E-Commerce Operator U/s 43C
b. Also details regarding
1. ITC availabl
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th or 7 days after expiring of registration whichever is earlier.
Rule-6 for Input Service Distributor (ISD)
Original Form-FORM GSTR-6
Modification in FORM GSTR-6A
Rule-7 for Person required to 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
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d to deduct
tax at source under Section 46 of MGL
Not Applicable
Not Applicable
Monthly by 10th of Succeeding month of relevant tax period
Not Applicable
6
Supplies effected
through e-Commerce
Monthly by 10th of Succeeding month of relevant tax period
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,
* int
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No Such Power Vested in Monthly Return of Sec. 34
How it should be filled
Mandatorily all return to be filled Electronically on GST portal.
Whether Revised Return can be filled if yes how?
Condition for Revision
1. Original Return Cannot be Revised
2. But the discovery of any error or omission therein can be corrected in monthly return U/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
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ecipient
(c) Invoice/Debit Note date
(d) Invoice/Debit Note number
(e) Taxable value
(f) Tax amount
Note: If ITC claimed by recipient is equal to or less than tax shown by supplier then it is deemed to be matched
4. The final acceptance and rejection shall be communicated to both parties in FORM GST ITC-1. (Sec. 37 & 38)
3. Certain communication of discrepancy in 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 supplieradding or correcting outward supply
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