TaxTMI 
TaxTMI 
Filing of Returns under GST.
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....filing of FORM GSTR-1 and FORM GSTR-3B have been put in a calendar format for ease of understanding as under: Return Filing Dates January 2018 February 2018 March 2018 April 2018 May 2018 10 20 10 15 20 10 20 10 20 30 10 Up to 1. 5 Crore GSTR - 3B Dec 3B Jan 3B Feb 3B Mar 3B Apr 3B GSTR -1 Jul - Sep 2017 Oct - Dec 2017 Jan- Mar 2017 Greater than 1. 5 Crore GSTR - 3B Dec 3B Jan 3B Feb 3B Mar 3B Apr 3B GSTR -1 July to Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 1.2 It may be noted that all registered persons are required to file their FORM GSTR-3B on a monthly basis in terms of Notification No. 11-C.T./GST dated 18.09.2017 [35/2017-State Tax] (referred to as "ST" hereinafter) and 18-C.T./GST dated 15.11.2017 [56/2017-ST....
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....n 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 WBGST Act, 2017. 2. Applicability and quantum of latefee: 2.1 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.1591-F.T.[28/2017-ST] dated 4th September, 2017 and 1888-F.T. [50/2017-CT] dated 24thOctober, 2017. 2.2 It has been decided that for subsequent months, i.e. October 2017 onwards, the amount of late fee payable, by a taxpayer whose tax liability for that month was "NIL", will be Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts). For other taxpayers, whose tax liability for that month was not "NIL", late fee payable will be Rs. 50/- per day (Rs. 25/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts). Notification No. 2033-F.T. [64/2017-ST] dated 15th Novembe....
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....sponding adjustments in 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 should be taken to ensure the accuracy of the figures before proceeding to offset the liabilities. 6. It is further clarified that the information furnished by the registered person in the return in FORM GSTR-3B would be reconciled by the department's system with the information furnished in FORM GSTR-1 and discrepancies, if any, shall be dealt with in accordance with the relevant provisions of the WBGST Act, 2017 and rules made thereunder. Detailed instructions regarding reconciliation of information furnished in FORM GSTR-3B with that contained in FORM GSTR-2 and FORM GSTR-3 will be issued in due course of time. 7. Difficulty, if any, in implementation of the above instructions may please be brought to the notice of the Commissioner. 8....
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....last minute order. The Company had filed their returns in order to not pay late fee and other penalties. What can they do? In this case, they may report this additional liability in the return of next month and pay tax with interest. Change in FORM GSTR-1 If such liability was not reported in FORM GSTR-1 of the month/quarter, then such liability may be declared in the subsequent month's/quarter's FORM GSTR-1 in which payment was made. Stage of Return Filing (GSTR - 3B) Common Error - II Stage 1 Stage 2 Stage 3 Stage 4 Confirmed Submission Cash Ledger Updated Offset Liability Return Filed Return liabilities / Input tax credit availed were confirmed and submitted and therefore no change can be done to the liability. No action was taken after this step. Cash was added to the electronic cash ledger as per the return liability. No action was taken after this step. All liabilities were offset by debiting the cash and credit ledger. No action was taken after this step. Return was filed. Use "Edit" facility to reduce over reported liability. Use "Edit" facility to reduce over report....
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....reported liability Use "Edit" facility to rectify wrongly reported liability and cash ledger may be debited to offset new liability, where sufficient balances are not available in the credit ledger. Remaining balance, if any may be either claimed as refund or used to offset future liabilities. 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. Liability was wrongly reported Company C is 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. What can they do? In this case, the company will have to rectify wrongly reported liability using the edit facility. Here, the company will reduce their Central Tax / State tax supplies and liability and add integrated tax liability and proceed to file their return. Company C is registered in the State of Haryana. While entering their outward supplies in FORM GSTR-3B, the company realized that they had ....
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....ly, misreported Input tax credit of Rs. They had confirmed and submitted their return. What can they do? The company may use the "edit" facility to add more Input tax credit to their submitted FORM GSTR-3B. once, this is done, such credit will be reflected in their Electronic Credit ledger and may be utilized to offset liabilities for this month or for subsequent months. No Action required in cash ledger Company D, while filing their FORM GSTR -3B for the month of July, inadvertently, misreported Input tax credit of Rs. as Rs. 10,00, 000/-. They had filed their return and paid Rs. in cash. What can they do? Since, the return has already been filed, Company D may add such Input tax credit in their return for subsequent month(s). Change in FORM GSTR-1 No Action Common Error - V Stage 1 Stage 2 Stage 3 Stage 4 Confirmed Submission Cash Ledger Updated Offset Liability Return Filed Return liabilities / Input tax credit availed were confirmed and submitted and therefore no change can be done to the liability. No action was taken after this step. Cash was added to the electronic cash ledger as per the return liability. No action was taken....
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....e return liability. No action was taken after this step. All liabilities were offset by debiting the cash and credit ledger. No action was taken after this step All liabilities were offset by debiting the cash and credit ledger. No action was taken after this step • "Edit" facility to be used to rectify such liability. • New Input tax credit will be added to the credit ledger. • Input tax credit reduced will be adjusted in the credit ledger without any additional liability Additional cash, if required, may be deposited in the cash ledger by creating challan in FORM GST PMT-06 Pay(through cash) / Reverse any wrongly reported input tax credit in return of subsequent month(s). For under reported input tax credit, the same may be availed in return of subsequent month(s). Input Tax Credit of the wrong tax was taken While filing their FORM GSTR 3B for the months of July, 2017, Company E inadvertently, reported their Central Tax credit of Rs. 20,00,000/-as Integrated tax. What can they do? Use edit facility to claim correct central tax credit under the right head. While filing their FORM GSTR 3B for the months of July, 2017, C....