Goods and Services Tax – GST – Dated:- 19-12-2015 – PROPOSED RETURN PROCESS PRESENTATION PLAN…. Basic Features Periodicity of Return Filing Contents of GSTR-1 Return Contents of GSTR-2 Return Contents of GSTR-3 Return Contents of Compounding Taxpayer Return (GSTR-4) Contents of Foreign Non-Resident Return (GSTR-5) Contents of ISD Return (GSTR-6) Contents of TDS Return (GSTR-7) Contents of Annual Return (GSTR-8) HSN Codes & SAC Typical Invoice Details Invoice matching & Credit reversal Filing of return Revision BASIC FEATURES…. Self-assessment of tax liability by the taxpayer Common e-Return for CGST, SGST, IGST & Additional Tax Separate returns for different categories of taxpayers Normal/Regular & Casual Taxpayer (GSTR-1, 2 ,3 & 8) Compounding Taxpayer (GSTR- 4 & 8) Foreign Non-Resident Taxpayer (GSTR-5) Input Service Distributor (GSTR- 6) Tax Deductor (GSTR-7) Returns by a normal / casual taxpayer to be filed in sequential manner with di
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-3 Compounding taxpayers to file quarterly return: by 18th day of succeeding month of the Quarter – GSTR-4 Foreign Non-resident Taxpayers to file monthly return: within 7 days after expiry of registration – GSTR-5 Input Service Distributors (ISD) taxpayers to file monthly return: by 15th day of succeeding month -GSTR-6 Tax Deductors to file monthly TDS return: by 10th of succeeding month – GSTR- 7 Casual taxpayers to file same return as for normal taxpayer but with monthly periodicity and / or linked to validity period of registration UN agencies to file return for the month in which they make purchases – to claim refunds Annual Return (GSTR-8) All Regular and Compounding taxpayers to file Annual Return Last date – 31st December following the end of the financial year Simpler Annual Return for Compounding taxpayers & those taxpayers who are not required to get their accounts audited Annual Return to be accompanied with a statement showing reconciliation of information as per Return
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ote, credit note & changes in supply information for earlier tax periods with consequential increase/decrease in tax liability Details of tax liability on receipt of advance Details of subsequent issuance of invoices issued w.r.t. advance receipt CONTENTS OF GSTR-2 RETURN…. Taxpayer details Return period details Invoice level inward supply details received from registered taxpayer To be auto-populated from GSTR-1 of counterparty supplier Recipient to have option to add receipts not declared by counterparty supplier – if in possession of taxable invoice & have received supply of goods / services Bill of entry details of import of goods Invoice level details of import of services Debit Notes / Credit Notes: Details of debit note, credit note and changes in inward supply information for earlier tax periods with consequential increase/decrease in ITC Option to declare eligibility for ITC Aggregate summary of receipts of exempted, nil rated, non-GST supplies & supplies re
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lip;. Taxpayer details Return period details Inward supply details Auto-populated from GSTR-1 of counter-party supplier Option to add receipts not uploaded by counter-party supplier Receipts from unregistered dealers to be added Includes supply attracting tax payment on reverse charge basis Details of import of goods and services Details of outward supply: intra-state, exports & non-GST Details of all liabilities (Tax, interest, penalty, late fee, etc.) Details of payment of tax and other statutory liabilities Provision for capturing Debit Entry No. of Cash ledger Information on possibility of crossing composition limit before date of next return CONTENTS OF FOREIGN NON-RESIDENT RETURN (GSTR-5) Taxpayer details Return period details Details of imported goods: HSN details at 8 digit level Details of outward supplies Details of ITC availed Details of tax payable Details of tax paid Closing stock of goods CONTENTS OF ISD RETURN (GSTR-6)…. Taxpayer details Return period details
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bove ₹ 5 Crore in preceding FY 2-digit HSN Code for taxpayers with turnover between ₹ 1.5 Crore & ₹ 5 Crore in preceding FY – optional in 1st Year and mandatory from 2nd Year 8-digit level mandatory for exports & imports Accounting Codes for services – in invoice level details Mandatory for those services for which Place of Supply Rules are dependent on nature of services Mandatory for exports & imports Service Accounting Code to be prefixed with s for differentiating from HSN Typical Invoice Details Buyer s GSTIN / Departmental ID / Address Invoice Number & Date HSN Code/Accounting Code for each line item of an invoice in case of multiple codes in an invoice Taxable Value Invoice Value Tax Rate Tax Amount (CGST & SGST or IGST & / or Additional Tax) Place of Delivery/Place of Supply only if different than the location of buyer Invoice Matching & Credit Reversal B2B supply information given by the supplying taxpayer in GSTR-1 will be auto-po
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