TaxTMI 
TaxTMI 
Returns Process
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....ther monthly (normal supplier) or quarterly basis (Supplier opting for composition scheme). An ISD will have to file monthly returns showing details of credit distributed during the particular month. A person required to deduct tax (TDS) and persons required to collect tax (TCS) will also have to file monthly returns showing the amount deducted/collected and other specified details. A non-resident taxable person will also have to file returns for the period of activity undertaken. Q 3. What type of outward supply details are to be filed in the return? Ans. A normal registered taxpayer having aggregate turnover in the preceding or current financial year more than ₹ 1.5 Crore has to file the outward supply details in GSTR-1 in relatio....
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....n order to implement the destination based principle, invoices of value more than ₹ 2.5 lacs in inter-state B2C supplies will have to be uploaded. For inter-state invoices below ₹ 2.5 lacs and all intra-state invoices, state wise summary will be sufficient. Q 7. Whether description of each item in the invoice will have to be uploaded? Ans. No. In fact, description will not have to be uploaded. Only HSN code in respect of supply of goods and classification code in respect of supply of services will have to be fed. The minimum number of digits that the filer will have to upload would depend on his turnover in the previous year. Q 8. Whether value for each transaction has to be fed in GSTR-1? What if no consideration? Ans. Yes.....
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....er Composition Levy is not eligible, there is no relevance of GSTR-1 for them. In their return, they have to declare summary details of their outward supplies along with the details of tax payment. They also have to give details of their purchases in their quarterly return itself, most of which will be auto populated. Q 11. Do Input Service Distributors (ISDs) need to file separate statement of outward and inward supplies with their return? Ans. No, the ISDs need to file only a return in Form GSTR-6 and the return has the details of credit received by them from the service provider and the credit distributed by them to the recipient units. Since their return itself covers these aspects, there is no requirement to file separate statement o....
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.... return filed through a GST Practitioner, duly approved by the Central or the State tax administration. Q 15. What is the consequence of not filing the return within the prescribed date? Ans. A registered person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand. For failure to furnish Annual returns by due date, late fee of Rs. One hundred for every day during which such failure continues subject to a maximum of an amount calculated at a quarter percent [0.25%] of his turnover in a state, will be levied. Q 16. What happens if ITC is taken on the basis of a document more than once? Ans. In case the system detects ITC being....
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....n advance the invoice is issued in the same tax period, the advance need not be shown separately in Form GSTR-1 but the specified details of invoice itself can be directly uploaded on the system. Details of all advances against which the invoices have not been issued till the end of the tax period shall have to be reported on a consolidated basis in Table 11 of Form GSTR-1. As and when the invoices against these advances are issued, they have to be declared in Form GSTR-1 and the adjustment of the tax paid on advances against the tax payable on the invoices uploaded in Form GSTR-1 shall have to be done in Table 11 of Form GSTR-1. It may be noted that in terms of notification 66/2017-Central Tax dated 15.11.2017, there is no liability to pay....
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....ach GSTIN will have to file separate annual return. Q 23. What is final return? What is the need for it? Ans. Every registered person whose registration is cancelled needs to file a final return in GSTR-10 within three months of the date of cancellation or date of order of cancellation, whichever is later. The purpose of the final return is to ensure that the taxpayer discharges any liability that he/she may have incurred under section 29(5) of the CGST Act. As per section 29(5) of the CGST Act, read with rule 20 of the CGST Rules a taxpayer seeking cancellation of registration has to pay, by way of debiting either the electronic credit or cash ledger, the input tax contained in the stock of inputs, semi-finished goods, finished goods an....