TaxTMI 
TaxTMI 
Filling of return under GST.
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....747/2502047, /Email: [email protected] BY EMAIL Trade Notice No. 25/2017 Dated, Shillong the 22nd January, 2017 Subject: Filing of Returns under GST-reg. The Central Board of Excise & Customs [CBEC] has issued a Circular No. 26/26/2017-GST dated 29th December, 2017 for the Trade and as well as all concerned regarding filing of returns under GST. The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has taken certain decisions in regard to filing of returns by taxpayers. Subsequently, various representations have been received seeking clarifications on various aspects of return filing such as return filing dates, applicability and quantum of late fee, amendment of errors in submitting / filing of FORM GSTR-3B and other related queries. In order to consolidate the information in various notifications and circulars regarding return filing and to ensure uniformity in implementation across field formations, the Board, in exercise of its powers conferred under section 168 (1) of the Central Goods and Services Tax Act, 2017 hereby clarifies the following issues: 1. Return Filing Calendar: 1.1 Dates for filin....
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....e registered person will self-assess his aggregate turnover in terms of Section 2(6) of the CGST Act, 2017 for the previous financial year or the current financial year (in case of new registrants). Based on this self-assessed turnover, the registered person with turnover up to Rs. 1.5 Crore will be required to file FORM GSTR-1 on quarterly basis instead of on monthly basis. It is also clarified that the registered person may opt to file FORM GSTR-1 on monthly basis if he so wishes even though his aggregate turnover is up to Rs. 1.5 Crore. Once he falls in this bracket or if he chooses to file return on monthly basis, the registered person will not have the option to change the return filing periodicity for the entire financial year. In cases, where the registered person wrongly reports his aggregate turnover and opts to file FORM GSTR-1 on quarterly basis, he may be liable for punitive action under the CGST Act, 2017. 2. 2.1 Applicability and quantum of late fee: The late fee for the months of July, August and September for late filing of FORM GSTR - 3B has already been waived off vide Notification No. 28/2017-CT dated 1st September 2017 a....
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.... 4. It is clarified that as return in FORM GSTR-3B do not contain provisions for reporting of differential figures for past month(s), the said figures may be reported on net basis alongwith the values for current month itself in appropriate tables i.e. Table No. 3.1,3.2, 4 and 5, as the case may be. It may be noted that while making adjustment in the output tax liability or input tax credit, there can be no negative entries in the FORM GSTR-3B. The amount remaining for adjustment, if any, may be adjusted in the return(s) in FORM GSTR-3B of subsequent month(s) and, in cases where such adjustment is not feasible, refund may be claimed. Where adjustments have been made in FORM GSTR-3B of multiple months, corresponding adjustments FORM GSTR-1 should also preferably be made in the corresponding months. 5. Where the taxpayer has committed an error in submitting (before offsetting and filing) the information in FORM GSTR-3B, a provision for editing the same has been provided. The facility to edit the information can be used only before offsetting the liability and editing will not be permitted after offsetting the liability. Hence, every care sho....
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....ability. Company A has four units in Haryana, while filing their return for the month of July, they inadvertently, missed on details of a last minute order. Since, they had already submitted and confirmed their output supply details, they were not sure of how to proceed. What can they do? The company may use the edit return" facility to add such liability in their submitted return and then proceed for filing of their return. Stage of Return Filing (GSTR - 3B) Stage 2 Cash Ledger Updated Cash was added to the electronic cash ledger as per the return liability. No action was taken after this step. Use "Edit" facility to add such liability and additional cash, if required (i.e. where sufficient balances are not available in the credit or cash ledgers) may be deposited in the cash ledger by creating challan in FORM GST PMT-06. All Stage 15 Offset Liability liabilities were offset by debiting the cash and credit ledger. No action was taken after this step. Stage 4 Return Filed Return was filed. Liability may be added in the return of subsequent month(s) after payment of interest. Com....
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.... Stage 4 Return Filed Return was filed. Liability may be adjusted in return of subsequent month(s) or refund may be claimed where such liability. Remaining | adjustment is not feasible. balance may either be claimed as refund or used to offset future liabilities. Company B had reported an inter-State sale but realized that the same sale was counted twice and hence was not to be reported or taxed. But the return form was already submitted and no change could be done to reduce the liabilities. Further, the company had already deposited cash in their cash ledger before realizing this error. What can company B do? In this case, Company B has the option to use the "edit" facility to reduce such liability. Once, this is done, they can partially debit their cash ledger to offset their tax liability. Further, remaining balance can either be claimed as refund or used to offset future liabilities. Company B had reported an inter-State sale but realized that the same sale was counted twice and hence was not to be reported or taxed. But the return form was already filed and no change could be done to reduce the lia....
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....h refund in due course or use the same for offsetting future liabilities. Stage 3 Offset Liability All liabilities were offset by debiting the cash and credit ledger. No action was taken after this step. Stage Return Filed Return was filed. Unreported liability may be added in the next month's return with interest, if applicable. Also, adjustment may be made in return of subsequent month(s) or refund may be claimed where adjustment is not feasible. Company C was registered in the State of Haryana. While entering their outward supplies in FORM GSTR-3B, the company realized that they had inadvertently, shown inter-State supply as intra-State supply and submitted the return. The company paid their wrong liability and filed their return in order to avoid late fee and penalty? What can they do? Since, the return has already been filed, then the company will have to report the inter- State supply in their next month's liability and adjust their wrongly paid intra-State liability in the subsequent months returns or claim refund of the same. Such taxpayers will have to file for amendments by fillin....
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....the over reported input tax credit While filing their FORM GSTR 3B for Stage of Return Filing (GSTR-3B) Stage 2 Cash Ledger Updated Cash was added to the electronic cash ledger as per the return liability. No action was taken after this step. Additional cash, if required, may be deposited in the cash ledger by creating challan in FORM GST PMT-06 While filing their FORM GSTR 3B for the the months of July, 2017, Company E months of July, 2017, Company E inadvertently, inadvertently, reported their eligible input reported their eligible input tax credit, as Rs. tax credit, as Rs. 20,00,000/- instead of 20,00,000/- instead of Rs.10,00,000/-. What can Rs. 10,00,000/-. What can they do? they do? Since, the company has submitted details of their input tax credit but not used such credit for offsetting their liabilities, they can reduce their input tax credit by using the "edit" facility. Since, the company has submitted details of their input tax credit but not used such credit for offsetting their liabilities, they can reduce their input tax credit by using the "edit" facility. Since, they have deposited Rs. ....