TaxTMI 
TaxTMI 
Proposed Return Process - GST
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....roposed Return Process - GST <br>GST<br>Dated:- 19-12-2015<br><BR>PROPOSED RETURN PROCESS PRESENTATION PLAN.... * Basic Features * Periodicity of Return Filing * Contents of GSTR-1 Return * Contents of GSTR-2 Return * Contents of GSTR-3 Return * Contents of Compounding Taxpayer Return (GSTR-4) * Contents of Foreign Non-Resident Return (GSTR-5) * Contents of ISD Return (GSTR-6) * Contents of TDS Return (GSTR-7) * Contents of Annual Return (GSTR-8) * HSN Codes & SAC * Typical Invoice Details * Invoice matching & Credit reversal * Filing of return * Revision BASIC FEATURES.... * Self-assessment of tax liability by the taxpayer * Common e-Return for CGST, SGST, IGST & Additional Tax * Separate retur....
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....ns for different categories of taxpayers * Normal/Regular & Casual Taxpayer (GSTR-1, 2 ,3 & 8) * Compounding Taxpayer (GSTR- 4 & 8) * Foreign Non-Resident Taxpayer (GSTR-5) * Input Service Distributor (GSTR- 6) * Tax Deductor (GSTR-7) * Returns by a normal / casual taxpayer to be filed in sequential manner with different cut-off dates to allow auto-population of return & automated matching of invoices * Payment of due tax is must for filing valid return * Returns can be submitted with short payment but shall be treated as invalid - not taken into account for invoice matching & inter-Government fund settlement * Provision for filing revised information * Differential Tax liability to be....
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.... captured through Debit Note / Credit Note/ Supplementary invoices / correction mechanism * Maintenance of electronic Cash Ledger * Maintenance of electronic ITC Ledger * Maintenance of electronic Tax liability Ledger PERIODICITY OF RETURN FILING.... * Normal/Regular taxpayers - monthly return * 10th day of succeeding month: last date for uploading supply invoice details - GSTR -1 * 15th day of succeeding month: last date for auto-population & uploading purchase details - GSTR-2 * 17th day of succeeding month: last date for finalizing supply & purchase details * 20th day of succeeding month: last date for filing GSTR-3 * Compounding taxpayers to file quarterly return: by 18th day of succeeding month of the Qua....
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....rter - GSTR-4 * Foreign Non-resident Taxpayers to file monthly return: within 7 days after expiry of registration - GSTR-5 * Input Service Distributors (ISD) taxpayers to file monthly return: by 15th day of succeeding month -GSTR-6 * Tax Deductors to file monthly TDS return: by 10th of succeeding month - GSTR- 7 * Casual taxpayers to file same return as for normal taxpayer but with monthly periodicity and / or linked to validity period of registration * UN agencies to file return for the month in which they make purchases - to claim refunds * Annual Return (GSTR-8) * All Regular and Compounding taxpayers to file Annual Return * Last date - 31st Dec....
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....ember following the end of the financial year * Simpler Annual Return for Compounding taxpayers & those taxpayers who are not required to get their accounts audited * Annual Return to be accompanied with a statement showing reconciliation of information as per Returns with information as per annual audited accounts * Reconciliation statement to be filed by taxpayers who are required to get accounts audited under Section 44AB of the Income Tax Act, 1961 CONTENTS OF GSTR-1 RETURN.... * Taxpayer details * Return period details * Invoice level specified details * All B2B supplies * Line-item level data in case multiple tax rate or HSN / Service Accounting Code in one invoice * Inter-State B2C supplies * only if ....
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....Taxable Value per invoice is ≥ INR 250000/- * Aggregate State-wise summary * All other B2C inter-State taxable supplies having address on record * Every invoice having Taxable Value of ≥ INR 50,000/- to mandatorily have address of buyer * Aggregate summary * All B2C intra-State taxable supplies * All exempted, nil rated & non-GST supplies (intra- State & inter-State AND B2B & B2C) * Export & deemed Export * Invoice level details along with shipping bill details * with payment of GST * without payment of GST * Debit Notes / Credit Notes: Details of debit note, credit note & changes in supply information for earlier ....
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....; tax periods with consequential increase/decrease in tax liability * Details of tax liability on receipt of advance * Details of subsequent issuance of invoices issued w.r.t. advance receipt CONTENTS OF GSTR-2 RETURN.... * Taxpayer details * Return period details * Invoice level inward supply details received from registered taxpayer * To be auto-populated from GSTR-1 of counterparty supplier * Recipient to have option to add receipts not declared by counterparty supplier - if in possession of taxable invoice & have received supply of goods / services * Bill of entry details of import of goods * Invoice level details of import of services * Debit Notes / Credit Notes: Det....
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....ails of debit note, credit note and changes in inward supply information for earlier tax periods with consequential increase/decrease in ITC * Option to declare eligibility for ITC * Aggregate summary of receipts of exempted, nil rated, non-GST supplies & supplies received from unregistered person * Details of ITC received from ISD * Details of cash credit received on account of TDS CONTENTS OF GSTR-3 RETURN.... * Taxpayer details * Return period details * To be auto-populated from GSTR-1 & GSTR-2 * Aggregate values of all B2B outward supplies * Aggregate value of all B2C outward supplies * Aggregate value of all exports including deemed exports * Aggregate v....
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....alue of all inward supplies * Aggregate value of all imports * Information about adjustments for earlier periods * Details of cash credit received on account of TDS * Details of all liabilities (Tax, interest, penalty, late fee, etc.) * Details of ITC availed, ITC utilized, credit reversible on account of invoice mismatch and other adjustment * Details of gross & net tax liability * Details of payment of tax and other statutory liabilities * Provision for capturing Debit Entry No. of Cash & ITC Ledger * A field for return based refund & Bank Account Number CONTENTS OF COMPOUNDING TAXPAYER RETURN (GSTR-4).... * Taxpayer details * Return....
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.... period details * Inward supply details * Auto-populated from GSTR-1 of counter-party supplier * Option to add receipts not uploaded by counter-party supplier * Receipts from unregistered dealers to be added * Includes supply attracting tax payment on reverse charge basis * Details of import of goods and services * Details of outward supply: intra-state, exports & non-GST * Details of all liabilities (Tax, interest, penalty, late fee, etc.) * Details of payment of tax and other statutory liabilities * Provision for capturing Debit Entry No. of Cash ledger * Information on possibility of crossing compo....
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....sition limit before date of next return CONTENTS OF FOREIGN NON-RESIDENT RETURN (GSTR-5) * Taxpayer details * Return period details * Details of imported goods: HSN details at 8 digit level * Details of outward supplies * Details of ITC availed * Details of tax payable * Details of tax paid * Closing stock of goods CONTENTS OF ISD RETURN (GSTR-6).... * Taxpayer details * Return period details * Details of ITC * Auto-populated from GSTR-1of counter-party supplier * Option to add receipts not declared by counterparty supplier - if in possession of taxable invoice & have received supply of goods or services * Includes supplies attracting reverse charge * Information about ITC available in....
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.... the month for Distribution * Details of credit of CGST, SGST & IGST distributed * Details of ISD ledger * Opening and closing balance of ITC * ITC received, reversed and distributed CONTENTS OF TDS RETURN (GSTR-7) * Taxpayer's details * Return period details * Details of Tax deducted * GSTIN of supplier * Invoice details * Payment details * Amount of TDS on account of CGST, SGST & IGST * Details of payments of any other amount CONTENTS OF ANNUAL RETURN (GSTR-8) * Taxpayers Details * Details of all expenditure * Details of all income * Details of all other tax liability * Other Reconciliation Statement HSN Codes & SAC * HSN Code for goods - in invoice level details * 4-digit HSN Code mandatory for ta....
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....xpayers having turnover above Rs. 5 Crore in preceding FY * 2-digit HSN Code for taxpayers with turnover between Rs. 1.5 Crore & Rs. 5 Crore in preceding FY - optional in 1st Year and mandatory from 2nd Year * 8-digit level mandatory for exports & imports * Accounting Codes for services - in invoice level details * Mandatory for those services for which Place of Supply Rules are dependent on nature of services * Mandatory for exports & imports * Service Accounting Code to be prefixed with 's' for differentiating from HSN Typical Invoice Details * Buyer's GSTIN / Departmental ID / Address * Invoice Number & Date * HSN Code/Accounting Code * for each line item of an invoice ....
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....in case of multiple codes in an invoice * Taxable Value * Invoice Value * Tax Rate * Tax Amount (CGST & SGST or IGST & / or Additional Tax) * Place of Delivery/Place of Supply * only if different than the location of buyer Invoice Matching & Credit Reversal * B2B supply information given by the supplying taxpayer in GSTR-1 will be auto-populated into GSTR-2 of the counter-party purchaser * 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 * Counterparty registered taxpayers shall have a 2-day window to reconcile invoice information among themselves prior to filing of GSTR-3 * Credit availed on unmatched....
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.... 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) FILING OF RETURN * To be filed by taxpayer at GST Common Portal either: * by himself logging on to the GST System using his own user ID & password; or * 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 the GST System * Filing may be done through TRPs / FCs also * Filing may be done either directly or by using Applications developed by accounting companies / IT companies which will interact with GST System using APIs * Steps for filing Return R....
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....EVISION * Revision of information permitted * Changes in Tax liability / ITC amount to be handled through * Debit- Credit Notes * Revision of supply invoices * Post sales discount * Volume discount * Amendments / Corrections ============= Document 11 Document 2<BR> News - Press release - PIB....