Returns under GST Regime
By: – CA Madhav Kalani
Goods and Services Tax – GST
Dated:- 10-11-2015<\/p>\n
Proposed GST Returns – Salient Features
\nThe Joint Committee constituted in consultation with Government of India, for looking into Business Processes for Goods and Service Tax (GST) has submitted its Report on GST Return. The salient features proposed in relation to GST Return are as follows:
\n1. There will be common E-Return for CGST, SGST, IGST and Additional Tax.
\n2. Every registered person is required to file a return for the prescribed tax period. Return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.
\nThe exception to this will be UN agencies etc. which shall be required to file return only for the month during which they make purchases rather than regular returns.
\nAlso government entities\/PSU's etc. not dealing in GST supplies or persons exclusively dealing in exempted \/ Nil rated \/ non -GST goods or ser<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n R 5 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n separate table for effecting modifications\/correcting errors in the returns submitted earlier. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ill be filed by all normal\/regular taxpayers. It would provide a reconciliation of the returns with the audited financial statements of the taxpayer. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Returns under GST RegimeBy: – CA Madhav KalaniGoods and Services Tax – GSTDated:- 10-11-2015 Proposed GST Returns – Salient Features The Joint Committee constituted in consultation with Government of India, for looking into Business Processes for Goods and Service Tax (GST) has submitted its Report on GST Return. The salient features proposed in relation to … Continue reading “Returns under GST Regime”<\/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-673","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/673","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=673"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/673\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nPeriodic return by Non-Resident Foreign Taxpayer
\nWithin 7 days after the date of expiry of registration
\nGSTR 6
\nReturn for Input Service Distributor (ISD)
\n15th of the next month
\nGSTR 7
\nReturn for Tax Deducted at Source
\n10th of the next month
\nGSTR 8
\nAnnual Return
\nBy 31st December of next FY
\nITC Ledger \/ Cash Ledger \/ Tax Ledger
\n(These are running electronic ledgers maintained on the dashboard of taxpayer by GSTN)
\nContinuous
\n *
\nNormal \/ Regular taxpayers with multiple registrations (for business verticals) within a State would have to file GSTR-1, GSTR-2 and GSTR-3 for each of the registrations separately.
\n4. Monthly Returns –
\n4.1 Major Components of GSTR 1 –
\n *
\nFinal invoice-level supply information pertaining to the tax period separately for goods and services:
\n *
\nFor all B2B supplies (whether inter-state or intra-state), invoice level specified details will be uploaded.
\n *
\nFor all inter-state B2C supplies (including to non-registered Government entities,<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n4.2 Major Components of GSTR 2 –
\n *
\nFinal invoice-level inward supply information pertaining to the tax period for goods and services separately
\n *
\nThe information submitted in GSTR-1 by the Counterparty Supplier of the taxpayer will be auto populated in the concerned tables of GSTR-2. It may be modified i.e. added or deleted by the Taxpayer while filing the GSTR-2. The recipient would be permitted to add invoices (not uploaded by the counterparty supplier) if he is in possession of invoices and have received the goods or services.
\n *
\nAuto Population in GSTR-2 from GSTR-1 will be done on or after 11th of the succeeding month. Addition or Deletion of the invoice by the taxpayer will be permitted between 12th and 15th of the succeeding month.
\n4.3 Major Components of GSTR 3 –
\n *
\nTurnover Details including Gross Turnover, Export Turnover, Exempted Domestic Turnover, Nil Rated Domes<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n *
\nThis return is to be submitted along with the audited copies of the Annual Accounts of the dealer and would be filed by 31st December following the end of the financial year for which it is filed. A separate reconciliation statement, duly certified by a Chartered Accountant, will have to be filed by those taxpayers who are required to get their accounts audited under section 44AB of Income Tax Act 1961. Currently this limit is ₹ 1 Crore.
\n6. Invoice Level information to be captured in the return has been specified. For example in case of invoices pertaining to B2B transactions (for both supply and purchase) GSTIN, Invoice number, date, value, HSN Code, Taxable value, tax rate, tax amounts, place of supply (state), etc. needs to be filled.
\n7. Revision of Returns –
\nThere would be no revision of returns. All unreported invoices<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n