Returns under Revised GST Model Law-At a Glance:
By: – Ashish Mittal
Goods and Services Tax – GST
Dated:- 17-1-2017<\/p>\n
Background:
\n“Submission of details of transaction that the business was indulged in for a given period, in prescribed manner can be termed as Return” Every law when comes into force, defines some periodic statement called return to control and assess the transaction the organization has entered into. In context of GST, CBEC in collaboration with GST council has notified draft Model GST model Law (in short “MGL”) as revised on 25th November 2016 wherein vide CHAPTER -VIII, twelve Sections has been issued in this regards for compliance along with separate set of rules under the MGL for various classes of assesse and types of returns.
\nApplicability
\nThe different class of assesse who would be liable for various different returns along with applicable rule and relevant form has been summarized in the infra mentioned table (Reference to Section-32, 33, 34, 39<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n * General Part: For all Assessee on whom following two returns are applicable (as per Supra mentioned table) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n th or 7 days after expiring of registration whichever is earlier. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d to deduct = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n No Such Power Vested in Monthly Return of Sec. 34 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ecipient = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Returns under Revised GST Model Law-At a Glance:By: – Ashish MittalGoods and Services Tax – GSTDated:- 17-1-2017 Background: “Submission of details of transaction that the business was indulged in for a given period, in prescribed manner can be termed as Return” Every law when comes into force, defines some periodic statement called return to control … Continue reading “Returns under Revised GST Model Law-At a Glance:”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2117","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2117"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2117\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n * Rule 1 Return for Outward Supply:
\n\tOriginal Form-FORM GSTR-1
\n\tSteps:
\n * First the form will be filled by supplier by 10th of the next month
\n * Later this form will be available to recipients in Part A of FORM GSTR-2A for verifying their details.
\n * Details updated by the recipient in his FORM GSTR-2 U\/s 33 or FORM GSTR-4 U\/s 34 shall be made available to supplier in FORM GSTR-1A and
\n * Supplier may accept or reject the amendment in full
\n\tor part and accordingly FORM GSTR-1 of supplier shall stand amended.
\n\tRule 2 Return for Inward Supply:
\n\tOriginal Form-FORM GSTR-2
\n *
\n\ta. It shall be prepared by using information of Part A,B,C,D of FORM GSTR-2A regarding details furnished by
\n\tIn part A-Outward Supplier
\n\tIn part B-ISD regarding ITC
\n\tIn part C-Regarding deduction U\/s 37
\n\tIn part D-By E-Commerce Operator U\/s 43C
\n\tb. Also details regarding
\n\t1. ITC availabl<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n\tRule-6 for Input Service Distributor (ISD)
\nOriginal Form-FORM GSTR-6
\nModification in FORM GSTR-6A
\n\tRule-7 for Person required to deduct tax at source under Section 46 of MGL
\nOriginal Form-FORM GSTR-7
\nCertificate of Deduction provided to deductee in FORM GSTR-7A
\n * Rule-8 for Supplies effected through e-Commerce
\nOriginal Form-FORM GSTR-8
\nVerification of Certain Documents shall be conducted in accordance with Rule-20 and 21 similar procedure as defined in ITC related points.
\nFrequency Various Returns:
\nDifferent returns need to be filled at different frequency which also varies assessee-wise which has been summarized below in tabular manner:
\nS.NO.
\nWho is Liable to file return?
\nWhen i.e. at what frequency return need to be filled?
\nReturn for Outward Supplies (Section 32 read with Rule-1 )
\nReturn for Inward Supplies (Section 33 read with Rule-2 )
\nMonthly Return (Section 34 read with Rule-3 )
\nAnnual Return\n<\/p>\n
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\n\ttax at source under Section 46 of MGL
\nNot Applicable
\nNot Applicable
\nMonthly by 10th of Succeeding month of relevant tax period
\nNot Applicable
\n6
\nSupplies effected
\n\tthrough e-Commerce
\nMonthly by 10th of Succeeding month of relevant tax period
\nMonthly by 15th of Succeeding month of relevant tax period
\nMonthly by 20th of Succeeding month of relevant tax period
\nAnnually by 31th of December of subsequent F.Y.
\n\tSpecial Point:
\n\tPerson Liable for Audit under 53(4) shall submit audit report and return and reconciliation statements
\nGeneral\/Common Provisions:
\nSome Provisions which are common in nature has been herewith stated in Question and answer form for the sake of simplicity
\nCertain General\/Common Provision in Question and answer Form
\nCertain General Questions
\nAnswers based on Relevant Provisions as mentioned in MGL
\nWhat content need to be filled in
\nDetail of Outward Supply?
\nDetails of outward supplies” shall include U\/s 32
\n * zero-rated supplies,
\n * int<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nHow it should be filled
\nMandatorily all return to be filled Electronically on GST portal.
\nWhether Revised Return can be filled if yes how?
\nCondition for Revision
\n\t1. Original Return Cannot be Revised
\n\t2. But the discovery of any error or omission therein can be corrected in monthly return U\/s 34 of the tax period in which the default was detected
\n\t3. But before Earlier of [Sept. monthly return u\/s 34 of next F.Y or Annual return of F.Y] i.e. Correction possible max. till subsequent F.Y. Sept return or Annual return of relevant F.Y.
\nCertain Condition for Monthly Return
\nCondition for Monthly Return U\/s 34
\n\t1. All dues of Tax must be paid before or on due date of filling respective returns
\n\t2. If no supply then also NIL return Mandatory
\n\t3. If tax not paid then return Invalid for allowing ITC
\nConcept of First Return U\/s 35
\n1. Registered Person to file return U\/s 32, 33 till end of the month in which registration is granted to<\/p>\n
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\n(c) Invoice\/Debit Note date
\n(d) Invoice\/Debit Note number
\n(e) Taxable value
\n(f) Tax amount
\nNote: If ITC claimed by recipient is equal to or less than tax shown by supplier then it is deemed to be matched
\n4. The final acceptance and rejection shall be communicated to both parties in FORM GST ITC-1. (Sec. 37 & 38)
\n3. Certain communication of discrepancy in details and credit note to both parties are
\na. Mismatch of tax shall be communicated in FORM GST ITC-1
\nb. Non-submission of Invoice by supplier would disallow the ITC of recipient in FORM GST ITC-1
\nc. Duplication of ITC would be disallowed and communicated in FORM GST ITC-1
\nd. The difference in tax becomes output liability of recipient with interest subject to reduction when correction is done along with refund (shall be granted in electronic cash ledger in FORM GST PMT-3 of interest earlier paid for setoff in future liability) (Sec. 37 & 38)
\nNote:
\n1. Rectification by a supplieradding or correcting outward supply <\/p>\n
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