GST Returns – Furnishing details of outward supplies
By: – Pradeep Jain
Goods and Services Tax – GST
Dated:- 16-2-2017
GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN
Returns-I
Section 32: Furnishing details of outward supplies
The proviso reads as follows:
(1) Every registered taxable person, other than an input service distributor, a nonresident taxable person and a person paying tax under the provisions of section 9, section 46 or section 56, shall furnish, electronically, in such form and manner as may be prescribed, the details of outward supplies of goods or services effected, during a tax period on or before the tenth day of the month succeeding the said tax period and such details shall be communicated to the recipient of the said supplies within the time and in the manner as may be prescribed:
PROVIDED that the Commissioner may, for valid and sufficient reasons, by notification, for such class of taxable persons as may be specified therein, extend the time
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tails under sub-section (1) for any tax period and which have remained unmatched under section 37 or section 38, shall, upon discovery of any error or omission therein, rectify such error or omission in the tax period during which such error or omission is noticed in such manner as may be prescribed, and shall pay the tax and interest, if any, in case there is a short payment of tax on account of such error or omission, in the return to be furnished for such tax period:
PROVIDED that no rectification of error or omission in respect of the details furnished under sub-section (1) shall be allowed after furnishing of the return under section 34 for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.
When compared to the old draft we would find that the following changes have been made in the revised draft:
1. Earlier only the ISD, person opting for composition scheme and person
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ng to a concern. Most of the assesses depends on the consultant for indirect tax compliance. In current regime the requirement for matching ITC is required at the time assessment due to mismatch between the output tax shown by the supplier and the input tax shown by the purchaser. But now in GST it is online which requires the purchaser to match input tax with output tax of the supplier on monthly basis which would require substantial time and coordination with the supplier if he has not shown the correct tax in his return or if he has not paid the tax then following up with him requesting to pay the tax to the government. Because unless he pays the tax purchaser will not get credit. These activity need sufficient time which i doubt that consultant would be able to do or the company would give authority to have them access to assesses books of account and supplier. Hence the assesse himself have to do the compliance internally.
Dated: 16-2-2017
Scholarly articles for knowledge sh
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