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As it is mandatory, every registered person is required to file returns for the prescribed tax period Within the stipulated due dates as provided in the law

GST Returns

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As it is mandatory, every registered person is required to file returns for the prescribed tax period Within the stipulated due dates as provided in the law. The GSTN upon enrollment will provide a User-ID and Password which shall be used by him for filing the tax return on the Common Portal.

 

Sr No.

Form No.

Purpose

Due Dates

1

GSTR1

Outward supplies made by supplier (other than compounding taxpayer and ISD)

10th of the next month

2

GSTR2

Inward supplies received by a taxpayer (other than compounding taxpayer and ISD)

15th of the next month

3

GSTR3

Monthly return (other than compounding taxpayer and ISD)

20th of the next month

4

GSTR4

Quarterly return for compounding taxpayer

18th of the month next to Quarter

5

GSTR5

Periodic return by Nonresident foreign tax payer

Last day of registration

6

GSTR6

Return for ISD

13th of the next month

7

GSTR7

Return for TDS

10th of the next month

8

GSTR8

Annual Return

31st December of next FY

 

The GSTR1 & GSTR2 forms will contain details relating to sales and purchases of/from various types of suppliers/vendors, exports/imports, sales/purchase returns, debit & credit notes etc., return which will be a consolidation of Forms 1, 2, 6 & 7 along with details from ITC ledger, tax liability & cash ledger, whereas GSTR4 form is specifically for compounding taxpayers and GSTR5 is for Non-resident tax payers.

 

However GSTR8 is for filing Annual return in which every registered taxable person shall furnish

Return for every financial year, except an ISD deductor, a casual taxable person and a non-resident

Taxable person. Further, taxable persons who get their accounts audited as prescribed under section

42(4) are required to electronically file annual return under this section along with a copy of the audited

Accounts as well as a reconciliation statement.

 

The taxable person is required to file his very first return upon registration containing the details of his

Inward as well as outward supplies. It is to be filed from the date on which he became liable to registration (for outward supplies)/from effective date of Registration (for inward supplies) till the end of the month in which the registration has been granted. Further a Final Return has to be filed by registered taxable person who applies for cancellation of registration.

 

Late Fee:

 

Defaulted Return

Late fee

Return on Outward Details (Ref: Sec 25)

Rs. 100 per day of delay Maximum Rs. 5,000

 

Return on Inward Details (Ref: Sec 26)

-same as above-

 

Return on Input credit (Ref: Sec 27)

-same as above-

 

Final Return for prescribed three months(Sec 31)

-same as above-

 

Annual Return (Sec 30)

Rs. 100 per day of delay Maximum 0.25% on

Aggregate Turnover

 


Q1. Who needs to file Return in GST regime?FAQs on GST RETURNS

Ans. Every registered taxable person – who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the threshold limit (aggregate turnover) crosses Rs. 20 Lacs and 10 Lacs for special category states. There are some other class of persons who needs to be registered and therefore will have to file returns like interstate suppliers, TDS deductor, e-commerce operators, suppliers supplying good through e-commerce operators etc.

 

Q2. What type of outward supply details are to be filed in the return?

Ans. A normal registered taxpayers has to file the outward supply details in GSTR-1 in relation to various types of suppliers made in a month, namely outward suppliers to registered persons, outward suppliers to unregistered persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST suppliers, exports, and advances received in relation to future supply.

 

Q3. Whether all invoices will have to be uploaded?

Ans. No. it depends on whether B2B or B2C and whether Intra-state or Inter-state suppliers. For B2B suppliers, all invoices, whether Intra-state or Interstate suppliers, will have to be uploaded. Why so? Because ITC be taken by the recipients, invoice matching to be done. In B2C suppliers, uploading in general may not be required as the buyer will not be taking ITC. However for B2B, invoices of value more than Rs. 205 lacs in inter-state suppliers will have to be uploaded. For intra-state invoices below Rs. 20.5 lacs all intra-state invoices, state wise summary will be sufficient.

 

Q4. 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 Accounting code in respect of supply of services will have to be fed. The minimum number of digits that the filer will have to uploaded would depend on his turnover in the last year.

 

Q5.whether value for each transaction will have to be fed? What if no consideration?

Ans. Yes. Not only value but taxable value will also have to be fed. In some cases both may be different. In case there is no consideration, but it is supply by virtue of schedule 1, the taxable value will have to be uploaded.

 

Q6. Can a recipient feed information in his GSTR-2 which has been missed by the supplier?

Ans. Yes, the recipient can himself feed the invoices not uploaded by his supplier. The credit on such invoices will also be given provisionally but will be subject to matching. On matching, if the invoices is not uploaded by the supplier, both of them will be intimated. If the mismatch is rectified, provisional credit will be confirmed. But if mismatch continues even after intimation, the credit provisionally allowed will be reversed.

 

Q7. Do the taxable people have to feed anything in the GSSTR-2 or everything is auto-populated from GSTR-1?

Ans. While a large part of GSTR-2 will be auto-populated, there are some details that only recipient can fill like details of imports, details of purchases from non-registered or consumption suppliers and exempt/non-GST/nil GST suppliers etc.

 

Q8. What if the invoices do not match? Whether ITC given or denied? If denied, what action is taken against supplier?

Ans. If invoices in GSTR-2 do not match with invoices in counter-party GSTR-2, the ITC will be reversed if the mismatch continues even after it is made known to both and still it is not rectified. Mismatch can be because of two reasons. First, it could be due to mistake at the side of the recipient, and in such case, no further action is required. Secondly, it could be possible that the said invoice was issued by supplier but he did not upload it and pay tax on it. In such a case, recovery action shall be taken against the supplier. In short, all mismatches will lead to proceedings if the supplier has made a supply but not paid tax on it.

 

Q9. What will be the legal position in regard to the reversed input tax credit if the supplier later realizes the mistake and feeds the information?

Ans. At any stage, but before September of the next financial year, supplier can uploaded the invoice and pay duty and interest on such missing invoices in his GSTR-3 of the month in which he uploaded the invoice. The recipient will then automatically get ITC on that invoice. The interest paid by the recipient at the time of reversal will also be returned to the recipient through an automated system on the GSTN.

 

Q10. What is the special feature of GSTR-2?

Ans. The special feature of GSTR-2 is that the details of supplies received by a recipient can be auto populated on the basis of the details furnished by the counterparty supplier in his GSTR-2.

 

Q11. Whether the ITC denied can be restored?

Ans. If the supplier uploads the invoice at any time after the reversal but by September of the next financial year, the credit reversed earlier gets restored along with refund of the interest paid during the reversal.

 

Q12. Do tax payers under the composition scheme also need to file GSTR-1 and GSTR-2?

Ans. No. composition tax payers do not need to file any statement of outward or inward suppliers. They have to file a quarterly return in Form GSTR-4 by the 1st of the month after the end of the quarter. Since they are not eligible for any input tax credit, there is no relevance of GSTR-2 for them and since they do not pass on any credit to their recipients, 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.

 

Q13. 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 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 subsidiaries. Since their return itself covers these aspects, there is no requirement to file separate statement of inward and outward supplies.

 

Q14. How does a taxpayer get the credit of the tax deducted at source on his behalf? Does he need to produce TDS certificate from the deductee to get the credit?

Ans. Under GST, the deductor will be submitting the deductee wise details of all the deductions made by him in his return in Form GSTR-7 to be filed by 10th of the month next to the month in which deductions were made. The details of the deductions as uploaded by the deductor shall be auto populated in the GSTR-2 of the deductee. The taxpayer shall be required to confirm these details in his GSTR-2 to avail the credit for deductions made on his behalf. To avail this credit he does not require producing any certificate in physical or electronic form. The certificate will only be for record keeping of the tax payer and can be downloaded from the common portal.

 

Q15. Who all need to file Annual Return?

Ans. All taxpayers filing return in GSTR-1 to 3 other than casual taxpayers under taxpayers under composition scheme are required to file an annual return. Casual taxpayers, non-resident taxpayers, ISDs and person authorized to Deduct Tax at source are not required to file annual return.

 

Q16. Are an Annual Return and a Final Return one and the same?

Ans. No. Annual Return has to be filed by every registered taxable person paying tax as a normal or a compounding taxpayer. Final Return has to be filed only by those registered taxable persons who l\have applied for cancellation of registration. This has to be filed within three months of the date of cancellation order.

 

Q17. If a return has been filed, how can it be revised if some changes are required to be made?

Ans. In GST since the returns are built from details of individual transactions, there is no requirement for having revised return. Any need to revise a return may arise due to the need to change a set of invoices or debit/credit notes. Instead of revising the return already submitted, the system will allow changing the details of those transactions (invoices or debit/credit notes) that are required to be amended. They can be amended in any of the future GSTR ½ in the tables specifically provided for the purposes of amending previously declared details.

 

Q18. How can taxpayers file their returns?

Ans. Taxpayers will have various modes to file the statements and returns. Firstly, they can file their statement and returns directly on the Common Portal online. However, this may be tedious and time taking for taxpayers with large number of invoices. For such taxpayers, an offline utility will be provided that can be used for preparing the statements offline after downloading the auto populated details and uploading them on the Common Portal. GSTN has also developed an ecosystem of GST Suvidha Providers (GSP) that will integrate with the Common Portal.

 

Q19. What all should a diligent taxpayer ensure for a hassle free compliance under GST?

Ans. One of the most important things under GST will be timely uploading of the details of outward supplies in Form GSTR – 1 by 10th of next month. How best this can be ensured will; depend on the number of B2B invoices that the tax payer issues. If the number is small, the tax payer can upload all the information in one go. However, if the number of invoices is large, the invoices (or Debit/Credit notes) should be uploaded on the regular basis. GSTN will allow regular uploading of invoices even on a real time basis. Till the statement is actually submitted, the system will also allow the tax payer to modify the uploaded invoices. Therefore, it would be beneficial for the taxpayers to regularly upload the invoices. Last minute rush will make uploading difficult and will come with Higher risk of possible failure and default. The second thing would be insure that taxpayers follow up on uploading the invoices of their inward supplies by their suppliers. This would be helpful in ensuring that the input tax credit is available without any hassle and delay. Recipients can also encourage their suppliers to upload their on a regular basis instead of doing it on or close to the due date. The system would allow recipients to see if their suppliers have uploaded invoices pertaining to them. The GSTN system will also provide the track record about the compliance level of a tax payer, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. The common portal of GST would have PAN India data at one place which will enable valuable services to the taxpayers. Efforts are being made to make regular uploading of invoices as easy as possible and it is expected that an enabling eco-system will develop towards this objective. Taxpayers should make efficient use of this eco-system for easy and hassle free compliances under GST.

 

Q20. Is it compulsory for taxpayer to file return by himself?

Ans. No. a registered taxpayer person can also get his return filed through a Tax Return Prepare, duly approved by the Central or the State tax administration.

 

Q21. What is the consequence of not filing the return within the prescribed date?

Ans. A registered taxable person who files return beyond the prescribed date will have to pay late fees of rupees on hundred for every day of delay subject to a maximum of rupees five thousand.

 

Q22. What happens if UTC is taken on the basis of a document more than once?

Ans. In case the system detects ITC being taken on the same documents more than once (duplication of claim), the amount of such credit would be added to the output tax liability of the recipient in the return.[section 42(6)]

 

Q23. Whether the amount of credit detected by the system on account of mis-match between GSTR-1 and GSTR-2 and recovered as output tax can be reclaimed?

Ans. Yes, once the mismatch is rectified by the supplier by declaring the details of the invoices or debit notes, as the case n\may be, in his valid return for the month/quarter in which the error had been detected. The said amount can be reclaimed by way of reducing the output tax liability during the subsequent tax period. [section 42(7)]. Similar provisions have also been made in Section 43 of the Act in respect of the credit notes issued by the supplier.

 

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