TaxTMI 
TaxTMI 
FILING OF RETURNS UNDER MODEL ‘GST’ LAW
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....ILING OF RETURNS UNDER MODEL ‘GST’ LAW<br>By: - DR.MARIAPPAN GOVINDARAJAN<br>Goods and Services Tax - GST<br>Dated:- 18-10-2016<br><br>Purposes of filing returns The following are the purposes for filing of returns in tax matters- * Mode for transfer of information to tax administration; * Compliance verification program of tax administration; * Finalization of tax liabilities of the tax payer within stipulated period of limitation; * To declare tax liability for a given period; * To provide necessary inputs for taking policy decision; * Management audit and anti-evasion programs of tax administration Liability to file GST returns The following persons are liable to file returns under GST regime- * Every registered taxa....
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....ble person, who crosses the threshold limit of Rs. 10 lakhs; * Interstate suppliers; * TDS deductors; * e-commerce operators; * Suppliers supplying goods through e-commerce operators; * Input Service Distributors; * Nonresident taxable person Returns Sections 27 to 31 of Model Goods and Services Tax Act, 2016 ('Law' for short) provide for filing of returns by taxable persons. Periodicity of Return Section 27 (1) provides that every registered taxable person shall, for every calendar month or part thereof, furnish a return electronically of inward and outward supplies of goods and/or services, input tax credit, tax payable, tax paid and other particulars as may be prescribed within twenty days after the end of such month.&nbs....
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....p; The return is in the form GSTR-3. A registered taxable person paying tax under Section 8 of the Act shall furnish a return for each quarter or part thereof, electronically within 18 days after the end of such quarter. The return is in the Form GSTR-4. Requirements to file return A registered taxable shall not be allowed to furnish return for a tax period if valid return for any previous tax period has not been furnished by him. Every registered taxable person, who is required to furnish a return, shall pay to the credit of the appropriate Government the tax due as per such return not later than the last date on which he is required to furnish such returns. A return furnished by a taxable person without payment of tax due ....
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....as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person. Section 27(4) provides that every registered taxable person shall furnish a return for every tax period whether or not any supplies of goods and/or services have been effected during such tax period. Section 27(7) provides that if any taxable person after furnishing a return discovers any omission or incorrect particulars, other than a result of scrutiny, audit, inspection or enforcement activity by the tax authorities, he shall rectify such omission or incorrect particulars in the return to be filed for the month or quarter, during which such omission or incorrect particulars are noticed, subject to payment ....
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....of interest applicable. No such rectification of any omission or incorrect particulars shall be allowed after the due date for filing of return for the month of September or second quarters, following the end of the financial year, or the actual date of filing of relevant annual return, whichever is earlier. First Return Section 27A (1) provides that every registered taxable person paying tax under Section 7 shall furnish the first return containing the details of- * Outward supplies from the date on which he became liable to registration till the end of the month in which the registration has been granted; * Inward supplies from the effective date of registration till the end of the month in which the registration has bee....
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....n granted. The proviso to Section 27A(1) provides that a registered taxable person paying tax under Section 8 shall furnish the first return for the period starting from the date on which he becomes a registered taxable person till the end of the quarter in which the registration has been granted. Furnishing of outward supplies Every registered taxable person, other than an Input Service Distributor ('ISD' for short) and a tax deductor, is required to furnish the details- * Of outward supplies of goods and/or services effected during a tax period; and * Of outward supplies of goods and/or services effected during an earlier tax period in Form GSTR - 1 electronically through the Common Portal. The details are to be filed on or ....
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....before the tenth day of the succeeding the said tax period. The Board/Commissioner may, for valid and sufficient reasons, by notification, extend the time limit for furnishing such details. Any extension of time limit shall be deemed to be approved by the Commissioner of State Goods and Services Tax/Board. The details of outward supplies shall include details relating to zero rated supplies, interstate supplies, return of goods received in relation to/in pursuance of an inward supply, exports, debit notes, credit notes and supplementary invoices issued during the said tax period. The details of outward supplies shall be made available electronically to each of the registered taxable persons (recipients) in Part A of Form ....
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....N. GSTR-2A through the Common Portal after filing Form GSTR-1. Furnishing details of inward supplies Every registered taxable person, other than an ISD and tax deductor, required to furnish the details of inward supplies of goods and/or services received during a tax period shall prepare such details, on the basis of Part A of Form GSTR-2A and furnish the same in Form GSTR-2 electronically through the Common Portal after including the details of such other inward supplies, if any, required to be furnished. Every registered taxable person shall furnish, electronically, the details of inward supplies of taxable goods and/or services, including inward supplies of services on which the tax is payable on reverse charge basis under....
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.... the Act and inward supplies of goods and/or services taxable under the IGST Act, and credit or debit notes received in respect of such supplies during a tax period on or before the 15th day of the month succeeding the tax period. The Board/Commissioner for valid and sufficient reasons may, by notification, extend the time limit for furnishing such details. Any extension of time limit by the Board/Commissioner of State Goods and Services Tax shall be deemed to be approved by the Commissioner of State Goods and Services Tax/Board. Return by ISD Section 27(6) provides that every ISD shall, after adding, correcting or deleting the details contained in Form GSTR-6A, furnish electronically a return in Form No. GSTR-6, containing th....
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....e details of tax invoices on which credit has been received and those issued under Section 17, through the Common Portal. Return by tax deductor Section 27(5) provides that every registered taxable person required to deduct tax at source shall furnish a return in Form No. GSTR - 7 electronically through a Common Portal for the month in which such deductions have been made along with the payment of tad so deducted within 10 days after the end of such month. The details furnished by the deductor shall be made available electronically to each of the suppliers in Part C of Form No. GSTR - 2A on the Common Portal after the due date of filing of GSTR - 7. The certificate shall be made available electronically to the deductee on the....
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.... Common Portal in Form No. GSTR -7A. Annual Return Section 30(1) provides that every registered person, other than an ISD, a deductor, a casual taxable person and a non resident taxable person, shall furnish an annual return for every financial year electronically through the Common Portal either directly or indirectly or from a Facilitation Centre, on or before 31st December following the end of such financial year. The annual return shall be in Form GSTR-9. A taxable person under Section 8 shall furnish the annual return in Form GSTR -9A. Section 30 (2) provides that every registered taxable person whose aggregate turnover during a financial year exceeds Rs. 1 crore shall get his accounts audited and he shall furnish ....
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....a copy of audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the year, duly certified, in Form No. GSTR - 9B electronically through the Common Portal. Final return Section 31 provides that every registered taxable person who applies for cancellation of registration shall furnish a final return within 3 months from the date of cancellation or date of cancellation order, whichever is later, in Form No. GSTR-10, electronically through the Common Portal. Late fee Section 33(1) provides that any registered taxable person who fails to furnish the details of outward or inward supplies required under Section 25 or 26 or returns required under Section 27 or Section 31 by....
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.... the due date shall be liable to a late fee of Rs. 100/- for every day during which such failure continues subject to a maximum of Rs. 500/- Section 33(2) provides that any registered taxable person who fails to furnish the return required under Section 30 by the due date shall be liable to a late fee of Rs. 100/- for every day during which such failure continues subject to a maximum of an amount calculated at a quarter percent of his aggregate turnover. Defaulters Section 32 provides that where a registered taxable person fails to furnish a return under Section 27 or Section 31, a notice shall be issued requiring him to furnish such return within such time and such manner as may be prescribed. The notice shall be in the Form....
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.... No. GSTR -3A that shall be issued electronically. Reply By Ganeshan Kalyani as = It is proposed that HSN based codes shall be assigned to goods and SAC I.e. services accouting codes shall be provided. The HSN based code is optional to the dealers having turnover upto Rs. 1.50 Crores. Whether there would be provision in the return template to mention the HSN code which can substantially ease in matching input credit of purchaser detail with that of supplier return. But how far the details would be matched where mentioning of hsn code is optional. Currently under Maharashtra VAT, there is a row given at the bottom where dealers after disclosing VAT TIN wise purchase detail with vat amount shall disclose all the balance purchase amount and....
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.... credit amount in the last row itself. This it happens that department rejects the vat credit of the purchased shown in last row. In order to get that credit , cross check confirmation is submitted by the vat dealers. But how the mechanism would be under GST where HSN code below 1.5 crore is optional and can shall be shown without HSN which will not match with the sale detail shown by supplier with the purchase detail shown by the purchaser. The credit may be disallowed. Pls. Share you view. Dated: 19-10-2016 ============= Document 1 2. 3. 4. Government of India/State Department of --------- GSTR-6A [See Rule.....] AUTO DRAFTED DETAILS 1. GSTIN: Name of the Registered person: (S.No. 1 and 2 will be auto-populated on logging) Pe....
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....riod: Month ......... Year..... From Registered Taxable Persons (to be auto-populated from counter party GSTR-1 and GSTR-5) (figures in Rs) GSTIN of supplier (1) Invoice IGST CGST POS (only SGST if different from the location of recipient) No. Date Value Services SAC Taxable Rate Amt value Rate Amt Rate Amt (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) Other than supplies attracting reverse charge Auto populated d Shall be auto populated from counterparty GSTRI and GSTRS 80 $ Taxable person will have to enter the amount of credit to be availed for CGST/SGST or IGST as the case may be Note: If the supply is received in more than one lot, the invoice information should be reported in the r....
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....eturn period in which the last lot is received and recorded in the books of accounts. 4A. Amendments to details of inward supplies received in earlier tax periods Original Invoice GSTIN of supplier Revised/Original Invoice IGST CGST SGST (figures in Rs) POS(only if different from the location of recipient No. Date Value Servic SAC es (1) (2) (3) (4) (5) (6) (7) (8) Taxable value (9) Rate Amt Rate Amt Rate Amt (10) (11) (12) (13) (14) (15) (16) Other than supplies attracting reverse charge ☠populate Shelt be auto nomas kat from an STRINGSTE $ Taxable person will have to enter the amount of credit to be availed for CGST/SGST or IGST as the case may be 5. Details of Credit/Debit Notes GSTIN of Type ....
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....of note Debit Note/ credit note Original Invoice supplier (Debit/ Credit Differential Value (Plus or Minus) ) No. Date No. Date 81 (figures in Rs) Differential Tax IGST CGST SGST 0 2000 Rate And Rate Amy Rugs Ami Details shall be auto populated from counterparty GSTR and GSTR 5 5A. Amendment to Details of Credit/Debit Notes of earlier tax periods GSTIN of Type of note (Debit/Credi supplier t Original Debit Note/ credit note Original /Revised Debit Note/ credit note Differential Value (Plus or Minus) Differential Tax No. Date No. Date IGST CGST Rate Amt SGST Rate Amt Rate Amt (1) (2) (3) (4) (5) (6) (7) (8) 9) (10) (11) (12) (13) Shall be auto popula This auto drafted form is generated by th....
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....e GST system. 82 STRI and GSTR 5<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....