Proposed Return Process – GST
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)
*
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R-2
* 17th day of succeeding month: last date for finalizing supply & purchase details
* 20th day of succeeding month: last date for filing GSTR-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 De
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; of ≥ INR 50,000/- to mandatorily have address of buyer
* Aggregate summary
* All B2C intra-State taxable supplies
* All exempted, nil rated & non-GST supplies (intra- State & inter-State AND B2B & B2C)
* Export & deemed Export
* Invoice level details along with shipping bill details
* with payment of GST
* without payment of GST
* Debit Notes / Credit Notes: Details of debit note, 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 recei
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value of all inward supplies
* Aggregate value of all imports
* Information about adjustments for earlier periods
* Details of cash credit received on account of TDS
* Details of all liabilities (Tax, interest, penalty, late fee, etc.)
* Details of ITC availed, ITC utilized, credit reversible on account of invoice mismatch and other adjustment
* Details of gross & net tax liability
* Details of payment of tax and other statutory liabilities
* Provision for capturing Debit Entry No. of Cash & ITC Ledger
* A field for return based refund & Bank Account Number
CONTENTS OF COMPOUNDING TAXPAYER RETURN (GSTR-4)….
* 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 a
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ty supplier
* Option to add receipts not declared by counterparty supplier – if in possession of taxable invoice & have received supply of goods or services
* Includes supplies attracting reverse charge
* Information about ITC available in the month for Distribution
* Details of credit of CGST, SGST & IGST distributed
* Details of ISD ledger
* Opening and closing balance of ITC
* ITC received, reversed and distributed
CONTENTS OF TDS RETURN (GSTR-7)
* Taxpayer's details
* Return period details
* Details of Tax deducted
* GSTIN of supplier
* Invoice details
* Payment details
* Amount of TDS on account of CGST, SGST & IGST
* Details of payments of any other amount
CONTENTS OF ANNUAL RETURN (GSTR-8)
* Taxpayers Details
* Details of all expenditure
* Details of all income
* Details of all other tax liability
* Other Reconciliation Statement
HSN Codes & SAC
* HSN Code for goods – in invoice level details
* 4-digit HSN Code mandatory for t
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ing & Credit Reversal
* B2B supply information given by the supplying taxpayer in GSTR-1 will be auto-populated into GSTR-2 of the counter-party purchaser
* Purchasing taxpayers will be allowed to add invoice details in GSTR-2 & avail credit if he is in possession of valid invoice & have received supply of goods or services
* Counterparty registered taxpayers shall have a 2-day window to reconcile invoice information among themselves prior to filing of GSTR-3
* Credit availed on unmatched invoices shall be auto-reversed in the next to next return period (e.g. mismatched ITC for April to be auto-reversed in return for June)
FILING OF RETURN
* To be filed by taxpayer at GST Common Portal either:
* by himself logging on to the GST System using his own user ID & password; or
* through his authorized representative using the user Id & password (allotted to the authorized representative by the tax authorities), as chosen at the time of registration, logging on to t
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