Key Points of GST Return -(India)- You Must Know

By | October 5, 2016

Contents

Key Points of GST Return -(India)

General Key Points about GST Return

  1. The registered taxable person is required to file details of outward supplies in Form GSTR-1 electronically. The recipient will receive GSTR 2A on the basis of details furnished by supplier in GSTR 1.
  2. The recipient will file details of inward supplies in GSTR 2 electronically on basis of details contained in GSTR 2A. The recipient shall specify the details of inward supplies for which he is not eligible for input tax credit and quantum of such ineligible input credit.
  3. Any discrepancy in the claim of input tax credit in respect of any tax period,  shall be made available to the registered taxable person making such claim and the supplier electronically in FORM GST ITC-1 through the Common Portal on or before the last date of the month in which the matching has been carried out.
    • A supplier to whom any discrepancy is made available  may make suitable rectifications in the statement of outward supplies to be furnished for the month in which the discrepancy is made available
    • A recipient to whom any discrepancy is made available  may make suitable rectifications in the statement of inward supplies to be furnished for the month in which the discrepancy is made available.
    • Where the discrepancy is not rectified  an amount to the extent of discrepancy shall be added to the output tax liability of the  recipient in his return in FORM GSTR-3 for the month succeeding the month in which the discrepancy is made available
  4. The registered taxable person (other than composition dealer) shall file monthly return in GSTR-3. Part of this return will be electronically generated from GSTR 1, GSTR 2, electronic credit ledger, electronic cash ledger and electronic liability register.
  5. A notice in Form GSTR 3A will be sent electronically to a registered taxable person who fails to file returns.GST Information Flow for GST Return

    Read also  GST Return filing Process in India

    Download Draft GST Return Rules Released by Govt

    Download Draft GST Return Formats released by Govt

Key points of GSTR-1 (Outward supplies by Tax payers)

This return form would capture the following information:

  1. Basic detailsof the Taxpayer i.e. Name along with GSTIN
  2. Periodto which the Return pertains
  3. GrossTurnover of the Taxpayer in the previous Financial Year. This information would be submitted by the taxpayers only in the first year and will be auto-populated in subsequent years.
  4. Final invoice-level supply information pertaining to the tax period separately for goods and services which has to be submitted as follows:
    • For all B2B supplies (whether inter-state or intra-state) invoice level specified details will be uploaded.
    • For all inter-state B2C supplies – invoice level details to be uploaded for invoices whose value is more than INR 2,50,000. For invoices below this value, state-wise summary of supply statement shall be filed.
    • Following parameters with respect to HSN code for goods and accounting codes for services will apply for submitting the information in return relating to invoice level information.
      • HSN code (4 digits) for goods and accounting code for services will be mandatory initially for all taxpayers with turnover in the preceding financial year above INR 5 crores.
      • HSN codes (8 digits) and accounting codes for services will be mandatory in case of exports and imports.
  1. Details relating to advance received against a supply to be made in future will be submitted in accordance with the Point of Taxation Rules as framed in the GST law.
  2. Details relating to taxes already paid on advance receipts for which invoices are issued in the current tax period will be submitted.
  3. Separate table for submitting details of revision in relation to outward supply invoices pertaining to previous tax periods.
  4. Separate table for effecting modifications/correcting errors in the returns submitted earlier.

Key points of GSTR-2 (Inward Supplies)

  • The information inGSTR 1 shall be auto-populated in concerned tables in GSTR-2. It can be modified by the taxpayer while filing GSTR-2.
  • The details of inwards supplies would be auto-populated in the Input Tax Credit (ITC) ledger on submission of return.
  • GST law should provide that ITC with respect to capital goods will be allowed over a period of 2 years in equal instalments. Further GST law should make appropriate provisions for availment of ITC in case of inputs received in one lot or in multiple lots.
  • Separate table for submitting details in relation to ITC received on an invoice on which partial credit has been availed earlier.
  • Separate table for ISD credit and TDS credit received by taxpayer.

Key Points of GSTR-3

  • It would capture the aggregate level outward and inward supply information which will be auto populated through GSTR-1 and GSTR-2.
  • Information about ITC ledger, cash ledger and liability ledger would be updated in real time on an activity in connection with these ledgers by the taxpayer.
  • Details of payment of tax under various tax heads of CGST, SGST, IGST and Additional tax separately would be populated from the debit entry in credit/cash ledger. GST law may have provision for maintaining 4 head-wise account for CGST, SGST, IGST and Additional tax and at associated minor heads for interest, penalty, fee etc.
  • Taxpayer will have the option of claiming refund of excess payment through the return for which appropriate field will be provided in the return form.
  • Details of ITC balance (CGST, SGST and IGST) at the end of the tax period will be auto-populated in the ITC ledger irrespective of mode of filing return.
  • The return would have a field to enable the taxpayer to claim the refund or to carry forward the ITC balance (CGST, SGST and IGST). GST law may provide that the refund will be processed quarterly.
  • It will be auto-populated through GSTR- 1 (of suppliers), own GSTR-2, ISD return, TDS return of deductor, own ITC ledger, own cash ledger and own tax liability ledger.

GST Return : Who … What….When….to File GST Return

Sr.No Form Who to File ? What to file? When to File ?
1 GSTR-1 Registered taxable supplier Outward supplies 10th of the month succeeding the tax period
2 GSTR-2 Registered taxable recipient Inward supplies /Purchases 15th of the month succeeding the tax period
3 GSTR-3 Registered taxable person Outward supplies , inward supplies, ITC availed, tax payable, tax paid and other particulars as prescribed 20th of the month succeeding the tax period
4 GSTR-4 Composition supplier Outward supplies, inward supplies 18th of the month succeeding the quarter
5 GSTR-5 Non-resident person Outward supplies, inward supplies 20th of the month succeeding tax period & within 7 days after expiry of registration
6 GSTR -6 Input service distributor details of tax invoices on which credit has been received 13th of the month succeeding the tax period
7 GSTR-7 Tax deductor Details of tax deducted 10th of the month succeeding the month of deduction
8 GSTR-8 E commerce operator/tax collector Details of tax collected. 10th of the month succeeding the tax period
9 GSTR-9  Registered Taxable Persons Annual Return 31st December of the next Financial Year]
10 GSTR 9A Taxable Person paying tax u/s 8 (Compounding Taxable Person) Annual Return 31st December of the next Financial Year]
11 GSTR 9B Registered Taxable Person (if Turnover Exceeds 1Crore) Audit Report with Reconciliation Statement 31st December of the next Financial Year
12 GSTR 10 Taxable person whose registration has been surrendered or cancelled Final return within three months of the date of cancellation or date of cancellation order, whichever is later
13 GSTR 11 Persons having Unique Identity Number and Claiming Refund Details of inward supplies 28th of the month following the month for which statement is filed

Free Education Guide on Goods & Service Tax (GST)


SR No

Topic -GST

Resources

1

Model GST Law

Model GST Law

2

GST Overview

Goods and Services Tax (GST): An Overview

Integrated Goods & Service Tax (IGST) Act Overview

Meaning and Scope of Supply

Time of Supply

Place of Supply of Goods and Service under GST

Valuation in GST

Levy of GST & Exemption from Tax

Job Work under Goods & Service Tax (GST)

Electronic Commerce under Goods & Service Tax (GST)

3

Transition to GST

Transitional Provisions in Goods & Service Tax (GST)

4

Registration

GST Registration FAQ’s

GST Registration Process -Video

GST -Draft Registration Rules

GST -Draft Registration Formats

5

Invoice

GST Draft Invoice Rules released by CBEC

GST Draft Invoice formats Released by CBEC

6

Input Tax Credit

Input Tax Credit under Goods & Service Tax (GST)

Concept of Input Service Distributor in Goods & Service Tax (GST)

7

Payment

GST Payment of Tax

GST Draft Payment Rules Released by CBEC

GST Draft Payment formats Released by CBEC

8

Refunds

Refund under GST

Draft GST Refund Forms released by CBEC

Draft GST Refund Rules released by Govt

9

Returns

Returns Process and matching of Input Tax Credit under GST

Draft GST Return Rules Released by Govt

Draft GST Return Formats released by Govt

10

Assessment and Audit

Assessment and Audit under GST

11

Inspection, Search, Seizure and Arrest

Inspection, Search, Seizure and Arrest under GST

12

Offences, Penalty, Prosecution & Compounding

Offences, Penalty, Prosecution & Compounding in GST

13

Demands and Recovery

Demands and Recovery under GST

14

Appeals and Review

Appeals, Review and Revision in GST

15

Advance Ruling

Advance Ruling in Goods and Service Tax (GST)

16

Settlement Commission

Settlement Commission in Goods and Service Tax (GST)

17

GST Portal

Frontend Business Process on GST Portal

Direct Taxes Ready Reckoner Service Tax Ready Reckoner Company Law Ready Reckoner tax deduction at source
New Books Released on Tax , GST and law

Leave a Reply