If a return has been filed, how can it be revised if some changes are required to be made?

Question 19 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 19 – Q 19. 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

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Is an Annual Return and a Final Return one and the same?

Question 18 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 18 – Q 18. Is an Annual Return and a Final Return one and the same? Ans. No. Annual Return has to be filed by every registered taxable person paying tax as a normal or a compounding taxpayer. Final Return has to be filed only by those registered taxable persons who have applied for cancellation of registration. This has to be filed within three mo

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Who all need to file Annual Return?

Question 17 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 17 – Q 17. Who all need to file Annual Return? Ans. All taxpayers filing return in GSTR-1 to 3 other than casual taxpayers and taxpayers under composition scheme are required to file an annual return. Casual taxpayers, nonresident taxpayers, ISDs and persons authorized to deduct tax at source are not required to file annual return. – Statutory Pro

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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?

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? – Question 16 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 16 – Q 16. 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 ded

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Do Input Service Distributors (ISDs) need to file separate statement of outward and inward supplies with their return?

Question 15 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 15 – Q 15. 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 GSTR-6 and the return has the details of credit received by them from the service provider and the credit distributed by them to the subsidiaries. Since their return itsel

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Do tax payers under the composition scheme also need to file GSTR-1 and GSTR-2?

Question 14 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 14 – Q 14. 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 1st of the month after the end of the quarter. Since they are not eligible for any input tax credit, t

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What will be the legal position in regard to the reversed input tax credit if the supplier later realises the mistake and feeds the information?

Question 11 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 11 – Q 11. What will be the legal position in regard to the reversed input tax credit if the supplier later realises 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 upl

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What if the invoices do not match? Whether ITC given or denied? If denied, what action is taken against supplier?

Question 10 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 10 – Q 10. What if the invoices do not match? Whether ITC 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, the ITC will be reversed if the mismatch continues even after it is made known to both and still it is not rectified. Mismatch can be because of

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Do the taxable person have to feed anything in the GSTR-2 or everything is auto-populated from GSTR-1?

Question 9 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 9 – Q 9. Do 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 e

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Can a recipient feed information in his GSTR-2 which has been missed by the supplier?

Question 8 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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

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Whether value for each transaction will have to be fed? What if no consideration?

Question 7 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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 uploaded. – Statutory Provisions, Acts, Ru

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Whether description of each item in the invoice will have to be uploaded?

Question 6 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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 turnov

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Whether all invoices will have to be uploaded?

Question 5 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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 Interstate 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

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What type of outward supply details are to be filed in the return?

Question 3 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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, z

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Who needs to file Return in GST regime?

Question 2 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 2 – Q 2. Who needs to file Return in GST regime? Ans. Every registered taxable person – who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the aggregate turnover crosses Rs. nine lacs but he become taxable person ONLY when he crosses Rs. ten lacs. So he will be required to file returns when he crosses the t

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What is the purpose of returns?

Question 1 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 1 – 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) Providing necessary inputs for taking policy

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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. (

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. – Question 15 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 15 – Q 15. The credit of tax paid on input serv

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