Proposed Return Process – GST
GST
Dated:- 19-12-2015
PROPOSED RETURN PROCESS
\nPRESENTATION PLAN….
\n * Basic Features
\n * Periodicity of Return Filing
\n * Contents of GSTR-1 Return
\n * Contents of GSTR-2 Return
\n * Contents of GSTR-3 Return
\n * Contents of Compounding Taxpayer Return (GSTR-4)
\n * Contents of Foreign Non-Resident Return (GSTR-5)
\n * Contents of ISD Return (GSTR-6)
\n * Contents of TDS Return (GSTR-7)
\n * Contents of Annual Return (GSTR-8)
\n * HSN Codes & SAC
\n * Typical Invoice Details
\n * Invoice matching & Credit reversal
\n * Filing of return
\n * Revision
\nBASIC FEATURES….
\n * Self-assessment of tax liability by the taxpayer
\n * Common e-Return for CGST, SGST, IGST & Additional Tax
\n * Separate returns for different categories of taxpayers
\n * Normal\/Regular & Casual Taxpayer (GSTR-1, 2 ,3 & 8)
\n * Compounding Taxpayer (GSTR- 4 & 8)
\n * Foreign Non-Resident Taxpayer (GSTR-5)
\n * Input Service Distributor (GSTR- 6)
\n * Tax Deductor (GSTR-7)
\n * <\/p>\n
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\n * 17th day of succeeding month: last date for finalizing supply & purchase details
\n * 20th day of succeeding month: last date for filing GSTR-3
\n * Compounding taxpayers to file quarterly return: by 18th day of succeeding month of the Quarter – GSTR-4
\n * Foreign Non-resident Taxpayers to file monthly return: within 7 days after expiry of registration – GSTR-5
\n * Input Service Distributors (ISD) taxpayers to file monthly return: by 15th day of succeeding month -GSTR-6
\n * Tax Deductors to file monthly TDS return: by 10th of succeeding month – GSTR- 7
\n * Casual taxpayers to file same return as for normal taxpayer but with monthly periodicity and \/ or linked to validity period of registration
\n * UN agencies to file return for the month in which they make purchases – to claim refunds
\n * Annual Return (GSTR-8)
\n * All Regular and Compounding taxpayers to file Annual Return
\n * Last date – 31st De<\/p>\n
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\n * Aggregate summary
\n * All B2C intra-State taxable supplies
\n * All exempted, nil rated & non-GST supplies (intra- State & inter-State AND B2B & B2C)
\n * Export & deemed Export
\n * Invoice level details along with shipping bill details
\n * with payment of GST
\n * without payment of GST
\n * Debit Notes \/ Credit Notes: Details of debit note, credit note & changes in supply information for earlier tax periods with consequential increase\/decrease in tax liability
\n * Details of tax liability on receipt of advance
\n * Details of subsequent issuance of invoices issued w.r.t. advance receipt
\nCONTENTS OF GSTR-2 RETURN….
\n * Taxpayer details
\n * Return period details
\n * Invoice level inward supply details received from registered taxpayer
\n * To be auto-populated from GSTR-1 of counterparty supplier
\n * Recipient to have option to add recei<\/p>\n
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\n * Aggregate value of all imports
\n * Information about adjustments for earlier periods
\n * Details of cash credit received on account of TDS
\n * Details of all liabilities (Tax, interest, penalty, late fee, etc.)
\n * Details of ITC availed, ITC utilized, credit reversible on account of invoice mismatch and other adjustment
\n * Details of gross & net tax liability
\n * Details of payment of tax and other statutory liabilities
\n * Provision for capturing Debit Entry No. of Cash & ITC Ledger
\n * A field for return based refund & Bank Account Number
\nCONTENTS OF COMPOUNDING TAXPAYER RETURN (GSTR-4)….
\n * Taxpayer details
\n * Return period details
\n * Inward supply details
\n * Auto-populated from GSTR-1 of counter-party supplier
\n * Option to add receipts not uploaded by counter-party supplier
\n * Receipts from unregistered dealers to be added
\n * Includes supply a<\/p>\n
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\n * Option to add receipts not declared by counterparty supplier – if in possession of taxable invoice & have received supply of goods or services
\n * Includes supplies attracting reverse charge
\n * Information about ITC available in the month for Distribution
\n * Details of credit of CGST, SGST & IGST distributed
\n * Details of ISD ledger
\n * Opening and closing balance of ITC
\n * ITC received, reversed and distributed
\nCONTENTS OF TDS RETURN (GSTR-7)
\n * Taxpayer's details
\n * Return period details
\n * Details of Tax deducted
\n * GSTIN of supplier
\n * Invoice details
\n * Payment details
\n * Amount of TDS on account of CGST, SGST & IGST
\n * Details of payments of any other amount
\nCONTENTS OF ANNUAL RETURN (GSTR-8)
\n * Taxpayers Details
\n * Details of all expenditure
\n * Details of all income
\n * Details of all other tax liability
\n * Other Reconciliation Statement
\nHSN Codes & SAC
\n * HSN Code for goods – in invoice level details
\n * 4-digit HSN Code mandatory for t<\/p>\n
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\n * B2B supply information given by the supplying taxpayer in GSTR-1 will be auto-populated into GSTR-2 of the counter-party purchaser
\n * Purchasing taxpayers will be allowed to add invoice details in GSTR-2 & avail credit if he is in possession of valid invoice & have received supply of goods or services
\n * Counterparty registered taxpayers shall have a 2-day window to reconcile invoice information among themselves prior to filing of GSTR-3
\n * Credit availed on unmatched invoices shall be auto-reversed in the next to next return period (e.g. mismatched ITC for April to be auto-reversed in return for June)
\nFILING OF RETURN
\n * To be filed by taxpayer at GST Common Portal either:
\n * by himself logging on to the GST System using his own user ID & password; or
\n * through his authorized representative using the user Id & password (allotted to the authorized representative by the tax authorities), as chosen at the time of registration, logging on to t<\/p>\n
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