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

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

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

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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What if the invoices do not match? Whether ITC is to be 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 (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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Does 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 (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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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 (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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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 (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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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 (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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Whether all invoices will have to be uploaded?

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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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 (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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Who needs to file Return in GST regime?

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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What is the purpose of returns?

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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The credit of tax paid on input service used by more than one supplier is ________

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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