Goods and Services Tax

Question 22 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 22 – Q 22. What is the consequence of not filing the return within the prescribed date? Ans. A registered person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand. For failure to furnish Annual returns by due date, late fee of Rs. One hundred for ev

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Is it compulsory for a taxpayer to file return by himself? – Question 21 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question

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Question 20 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 20 – Q 20. What precautions, a taxpayer is required to take for a hassle free compliance under GST? Ans. One of the most important things under GST will be timely uploading of the details of outward supplies in Form GSTR-1 by 10th of next month. How best this can be ensured will depend on the number of B2B invoices that the taxpayer issues. If the number is small, the taxpayer can upload all the information in one go. However, if the number of invoices is large, the invoices (or debit/ credit notes) should be uploaded on a regular basis. GSTN will allow regular uploading of invoices even on a real time

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suppliers have uploaded invoices pertaining to them. The GSTN system will also provide the track record about the compliance level of a tax payer, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. The Common Portal of GST would have pan India data at one place which will enable valuable services to the taxpayers. Efforts are being made to make regular uploading of invoices as easy as possible and it is expected that an enabling eco- system will be developed to achieve this objective. Taxpayers should make efficient use of this ecosystem for easy and hassle free compliance under GST. – Statutory Provisions, Acts

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Question 19 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 19 – Q 19. How can taxpayers file their returns? Ans. Taxpayers will have various modes to file the statements and returns. Firstly, they can file their statement and returns directly on the Common Portal online. However, this may be tedious and time consuming for taxpayers with large number of invoices. For such taxpayers, an offline utility will be provide

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Question 18 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. If a return has been filed, how can it be revised if some changes are required to be made? Ans. In GST since the returns are built from details of individual transactions, there is no requirement for having a revised return. Any need to revise a return may arise due to the need to change a set of invoices or debit/ credit notes. Instead of revisin

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Question 17 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. Is an Annual Return and a Final Return one and the same? Ans. No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. Final Return has to be filed only by those registered persons who have applied for cancellation of registration. The Final return has to be filed within three months of the date of cancellation

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Question 16 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 16 – Q 16. Which type of taxpayers need to file Annual Return? Ans. All taxpayers filing return in GSTR-1 to GSTR-3, other than ISD s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, are required to file an annual return. Casual taxpayers, non- resident taxpayers, ISDs and persons authorized to deduct/collect tax at sour

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Question 15 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. How does a taxpayer get the credit of the tax deducted at source on his behalf? Does he need to produce TDS certificate from the deductee to get the credit? Ans. Under GST, the deductor will be submitting the deductee wise details of all the deductions made by him in his return in Form GSTR-7 to be filed by 10th of the month next to the month in w

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Question 14 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. Do Input Service Distributors (ISDs) need to file separate statement of outward and inward supplies with their return? Ans. No, the ISDs need to file only a return in Form GSTR6 and the return has the details of credit received by them from the service provider and the credit distributed by them to the recipient units. Since their return itself co

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Question 13 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. Do tax payers under the composition scheme also need to file GSTR-1 and GSTR-2? Ans. No. Composition tax payers do not need to file any statement of outward or inward supplies. They have to file a quarterly return in Form GSTR-4 by the 18th of the month after the end of the quarter. Since they are not eligible for any input tax credit, there is no

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What is the special feature of GSTR-2? – Question 12 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 12 – Q 12. What is t

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Question 11 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. What will be the legal position in regard to the reversed input tax credit if the supplier later realizes the mistake and feeds the information? Ans. At any stage, but before September of the next financial year, supplier can upload the invoice and pay duty and interest on such missing invoices in his GSTR-3 of the month in which he had earlier fa

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Question 10 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. What if the invoices do not match? Whether ITC is to be given or denied? If denied, what action is taken against supplier? Ans. If invoices in GSTR-2 do not match with invoices in counter-party GSTR-1, then such mismatch shall be intimated to the supplier. If the mismatch continues even after it is made known to both and still it is not rectified.

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Question 9 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. Does the taxable person have to feed anything in the GSTR-2 or everything is auto-populated from GSTR-1? Ans. While a large part of GSTR-2 will be auto-populated, there are some details that only recipient can fill like details of imports, details of purchases from non-registered or composition suppliers and exempt/non-GST/nil GST supplies etc. – Sta

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Question 8 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. Can a recipient feed information in his GSTR-2 which has been missed by the supplier? Ans. Yes, the recipient can himself feed the invoices not uploaded by his supplier. The credit on such invoices will also be given provisionally but will be subject to matching. On matching, if the invoice is not uploaded by the supplier, both of them will be intima

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Question 7 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. Whether value for each transaction will have to be fed? What if no consideration? Ans. Yes. Not only value but taxable value will also have to be fed. In some cases, both may be different. In case there is no consideration, but it is supply by virtue of schedule 1, the taxable value will have to be worked out as prescribed and uploaded. – Statutory P

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Question 6 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. Whether description of each item in the invoice will have to be uploaded? Ans. No. In fact, description will not have to be uploaded. Only HSN code in respect of supply of goods and Accounting code in respect of supply of services will have to be fed. The minimum number of digits that the filer will have to upload would depend on his turnover in the

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Question 5 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. Whether all invoices will have to be uploaded? Ans. No. It depends on whether B2B or B2C plus whether Intra-state or Inter-state supplies. For B2B supplies, all invoices, whether Intra-state or Inter- state supplies, will have to be uploaded. Why So? Because ITC will be taken by the recipients, invoice matching is required to be done. In B2C supplies

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Is the scanned copy of invoices to be uploaded along with GSTR-1? – Question 4 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Que

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Question 3 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. What type of outward supply details are to be filed in the return? Ans. A normal registered taxpayer has to file the outward supply details in GSTR-1 in relation to various types of supplies made in a month, namely outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated,

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Question 2 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. Who needs to file Return in GST regime? Ans. Every person registered under GST will have to file returns in some form or other. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (Supplier opting for composition scheme). An ISD will have to file monthly returns showing details of credit distributed durin

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Question 1 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 12. Returns Process and matching of Input Tax Credit Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period; d) Pr

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Question 19 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 19 – Q 19. What are the consequences of credit distributed in con

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Question 18 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. Whether the excess credit distributed could be recover

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Question 17 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. The credit of tax paid on input service used by more than one supplier is ________ (a) Distributed among the suppliers who used such input service on pro rata basis of turnover in such State. (b) Distributed equally among all the suppliers. (c) Distributed only to one supplier. (d) Cannot be distributed. Ans. (a) Distributed among the suppliers who use

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