Goods and Service Tax – GST – By: – CA Madhav Kalani – Dated:- 10-11-2015 – Proposed GST Returns – Salient Features The Joint Committee constituted in consultation with Government of India, for looking into Business Processes for Goods and Service Tax (GST) has submitted its Report on GST Return. The salient features proposed in relation to GST Return are as follows: 1. There will be common E-Return for CGST, SGST, IGST and Additional Tax. 2. Every registered person is required to file a return for the prescribed tax period. Return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return. The exception to this will be UN agencies etc. which shall be required to file return only for the month during which they make purchases rather than regular returns. Also government entities/PSU s etc. not dealing in GST supplies or persons exclusively dealing in exempted / Nil rated / non -GST goods or services would neither be required to obtai
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ter the date of expiry of registration GSTR 6 Return for Input Service Distributor (ISD) 15th of the next month GSTR 7 Return for Tax Deducted at Source 10th of the next month GSTR 8 Annual Return By 31st December of next FY ITC Ledger / Cash Ledger / Tax Ledger (These are running electronic ledgers maintained on the dashboard of taxpayer by GSTN) Continuous Normal / Regular taxpayers with multiple registrations (for business verticals) within a State would have to file GSTR-1, GSTR-2 and GSTR-3 for each of the registrations separately. 4. Monthly Returns – 4.1 Major Components of GSTR 1 – Final invoice-level supply information pertaining to the tax period separately for goods and services: For all B2B supplies (whether inter-state or intra-state), invoice level specified details will be uploaded. For all inter-state B2C supplies (including to non-registered Government entities, Consumer / person dealing in exempted / NIL rated / non GST goods or services), the suppliers will upload in
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l invoice-level inward supply information pertaining to the tax period for goods and services separately The information submitted in GSTR-1 by the Counterparty Supplier of the taxpayer will be auto populated in the concerned tables of GSTR-2. It may be modified i.e. added or deleted by the Taxpayer while filing the GSTR-2. The recipient would be permitted to add invoices (not uploaded by the counterparty supplier) if he is in possession of invoices and have received the goods or services. Auto Population in GSTR-2 from GSTR-1 will be done on or after 11th of the succeeding month. Addition or Deletion of the invoice by the taxpayer will be permitted between 12th and 15th of the succeeding month. 4.3 Major Components of GSTR 3 – Turnover Details including Gross Turnover, Export Turnover, Exempted Domestic Turnover, Nil Rated Domestic Turnover, Non GST Turnover and Net Taxable Turnover. Final aggregate level outward and inward supply information. These details will be auto populated from
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the audited copies of the Annual Accounts of the dealer and would be filed by 31st December following the end of the financial year for which it is filed. A separate reconciliation statement, duly certified by a Chartered Accountant, will have to be filed by those taxpayers who are required to get their accounts audited under section 44AB of Income Tax Act 1961. Currently this limit is ₹ 1 Crore. 6. Invoice Level information to be captured in the return has been specified. For example in case of invoices pertaining to B2B transactions (for both supply and purchase) GSTIN, Invoice number, date, value, HSN Code, Taxable value, tax rate, tax amounts, place of supply (state), etc. needs to be filled. 7. Revision of Returns – There would be no revision of returns. All unreported invoices of previous tax period would be reflected in the return for the month in which they are proposed to be included. The interest, if applicable will be auto populated. 8. Non-Filers and Late Filers – In
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