Overview of filing return under GST
- 1. Overview of Filing Return Under GST Presented By – Indirect Tax Vertical Asija & Associates LLP | Chartered Accountants |Lucknow | Gurgaon| www.asija.in M/s Asija & Associates LLP, Chartered
- 2. Table of Contents Basic features of return filing under GST Time period of filing return List of GST returns Manner of furnishing details of outward & inward supplies Manner of submission of monthly return Matching of claims of Input Tax Credit & of reduction in Output Tax Liability Final return & levy of late fees M/s Asija & Associates LLP, Chartered Accountants2
- 3. Basic Features Self-assessment of tax liability by the taxpayer. Common e-Return for CGST, SGST and IGST. Separate returns for different categories of taxpayers Normal/Regular & Casual Taxpayer (GSTR-1, 2 ,3 & 8) Compounding Taxpayer (GSTR- 4 & 8) Foreign Non-Resident Taxpayer (GSTR-5) Input Service Distributor (GSTR- 6) Tax Deductor (GSTR-7) 3 M/s Asija & Associates LLP, Chartered Accountants
- 4. Time Period of filing Return MonthlyReturn Normal Assessee Outward Supply GSTR 1 & 1A (10th of the next month) Inward Supply GSTR 2 & 2A (15th of the next month) Monthly Return GSTR 3 (20th of the next month) Other Assessee Compounding Dealer GSTR 4 & 4A (18th of the next Quarter) TDS Deductor GSTR 7& 7A (10th of the next month) Input Service Distributor GSTR 6 & 6A (13th of the next month) E-commerce operator GSTR 8 (10th of the next month) Non-resident foreign taxpayer GSTR 5 (within 7 days after expiry of registration) 4 * Returns must be filed on or before the period mentioned above M/s Asija & Associates LLP, Chartered Accountants
- 5. Time Period of filing Return AnnualReturn Normal Assessee GSTR 9 (31st Dec of next F.Y.) Composite Dealer GSTR 9A (31st Dec of next F.Y.) 5 * The returns must be filed on or before the period mentioned above. M/s Asija & Associates LLP, Chartered Accountants
- 6. List of GST Returns Details of outward supplies of taxable goods/services effected Details of outward supplies as added, corrected or deleted by the recipient Details of inward supplies of taxable goods/services claiming ITC Details of inward supplies made available to the recipient on the basis of GSTR 1 Monthly return on the basis of finalization of outward supplies and inward supplies along with the payment of tax Notice to a person who fails to file a monthly or final return Quarterly return for a compounding tax payer Details of inward supplies made available to a recipient registered under composition scheme on the basis of GSTR 1 Return for non-resident foreign taxpayer 6 FORM GSTR 1 FORM GSTR 1A FORM GSTR 2 FORM GSTR 2A FORM GSTR 3 FORM GSTR 3A FORM GSTR 4 FORM GSTR 4A FORM GSTR 5 M/s Asija & Associates LLP, Chartered Accountants
- 7. List of GST Returns ISD Return Details of inward supply made available to ISD on the basis of GSTR 1 Return for authorities deducting tax at source TDS Certificate Details of supplies effected through e-commerce operator and the amount of tax collected Annual Return Simplified annual return by Compounding Taxpayer Final Return Details of inward supplies to be mentioned by a person having UIN 7 FORM GSTR 6 FORM GSTR 6A FORM GSTR 7 FORM GSTR 7A FORM GSTR 8 FORM GSTR 9 FORM GSTR 9 A FORM GSTR 10 FORM GSTR 11 M/s Asija & Associates LLP, Chartered Accountants
- 8. Manner of furnishing details of Outward Supply Every registered taxable person who is required to furnish details of outward supply shall furnish such details in FORM GSTR-1. Details of outward supply shall include details relating to: details of invoices, debit & credit notes, return of goods received in relation to an onward supply. The details of outward supply shall be made available to each of the recipient in Part A of FORM GSTR-2A. The details of inward supply added, corrected or deleted by the recipient in FORM GSTR 2 are made available to the supplier in FORM GSTR-1A and GSTR-1 shall stand amended to the extent of modifications accepted by the supplier. 8 M/s Asija & Associates LLP, Chartered Accountants
- 9. Manner of furnishing details of Inward Supply Every registered taxable person required to furnish the details of inward supplies shall do so in FORM GSTR 2 on the basis of details furnished in GSTR 2A. The recipient of goods and/or services shall specify the inward supplies in respect of which he is not eligible, for input tax credit in GSTR-2. The quantum of ineligible input tax credit on inward supplies which is relatable to non-taxable supplies or for purposes other than business to be declared in GSTR-2. GSTR 2 shall also include the details of : • invoices furnished by an Input Service Distributor in his return; • tax deducted at source by the deductor; • tax collected at source by an e-commerce operator; 9 M/s Asija & Associates LLP, Chartered Accountants
- 10. Manner of submission of Monthly Return A monthly return in GSTR 3 must be filed by every registered taxable person, other than a compound taxpayer, showing details of: inward & outward supplies; input tax credit availed; tax payable; & tax paid Part A of the return to be generated on the basis of information mentioned in GSTR 1 & 2, electronic credit, cash & tax liability ledger. Every liability towards tax, interest, penalty, fees or any other amount must be discharged by debiting the electronic cash and/or credit ledger as per the details contained in Part B of the return. Every claim for refund of any balance in the electronic cash ledger may be claimed in Part B of the return and such return shall be deemed to be an application filed for refund. 10 M/s Asija & Associates LLP, Chartered Accountants
- 11. Matching of Claim of ITC The details of every inward supply furnished by a recipient shall be matched with The corresponding details of outward supply furnished by the supplier; The additional duty of customs paid in respect of goods imported; For duplication of claims. The claim of ITC shall be considered as matched, where the amount of ITC claimed is ≤ the output tax paid on such invoice or Debit Note, by the corresponding supplier. The claim of ITC that match with the corresponding outward supply, be finally accepted and communicated, to the recipient. 11 M/s Asija & Associates LLP, Chartered Accountants
- 12. Matching of Claim of ITC 12 For matching with corresponding outward supply details in supplier's return Matching of ITC For duplication of claim of ITC If no duplicity is found then ITC is finally allowed If duplicity is found then ITC is reversed If does not match then discrepancy shall be notified to both persons If matched with supplier’s return then ITC is finally allowed If supplier rectify it then ITC is finally allowed If supplier does not rectify it then ITC is reversed In case of reversal, person claiming ITC shall be informed Such person to pay an amount equal to ITC reversed along with interest M/s Asija & Associates LLP, Chartered Accountants
- 13. Matching of claims for reduction in Output Tax Liability The details of every credit note relating to outward supply by the supplier shall be matched with: • The corresponding reduction in claim for ITC by the recipient in his valid return, and • For duplication of claims for reduction in output tax liability. The following details relating to the claim of reduction in output tax liability shall be matched: • GSTIN of the supplier; • GSTIN of the recipient; • Credit Note date; • Credit Note number; • Taxable value ; • Tax amount. 13 M/s Asija & Associates LLP, Chartered Accountants
- 14. Matching of claims for reduction in Output Tax Liability 14 For matching with corresponding reduction in the claim for ITC by recipient Matching of reduction in output tax liability For duplication of claim of reduction in output tax liability If no duplicity is found, no addition to be made If duplicity is found, it shall be communicated to the supplier If does not match or credit note is not disclosed by the recipient, discrepancy to be notified to both parties If matched, the same to be communicated to both the parties If recipient rectify it, no addition to be made If recipient does not rectify it The amount shall be added to the supplier’s output tax liability Supplier shall be liable to pay interest in respect of amount so added M/s Asija & Associates LLP, Chartered Accountants
- 15. Final Return Every registered taxable person who applies for cancellation of registration shall furnish a return in FORM GSTR 10 Return to be furnished within 3 months of the date of cancellation or date of cancellation order, whichever is later . A notice in FORM GSTR 3A shall be issued, where a registered taxable person fails to furnish a monthly return or a final return. Late fees @ Rs. 100/day will be applicable in case of failure to furnish the details of outward or inward supplies, monthly return or a final return, by the due date, subject to a max. of Rs. 5,000. A person who fails to furnish an annual return by the due date shall be liable to a late fees of Rs. 100/day subject to a max. of an amount equal to a quarter percent of the aggregate turnover. 15 M/s Asija & Associates LLP, Chartered Accountants
- 16. Disclaimer • This presentation has been prepared by our firm to provide a gist of the applicable law pertaining to Model GST Law notified by the Government of India for upcoming GST Act 2016, pending for ratification in Parliament for applicability on or after 01/07/2017. • For detailed insight and for better understanding of the various provision of the said law, the said presentation should be read along with related provision of Model GST Law 2016(amended in November, 2016). • Neither our firm nor any partner or employee or article of our firm shall responsible for any decision taken on the basis of the said presentation and without obtaining any professional guidance or consultation on the matter for which reliance was made on this presentation. 16 M/s Asija & Associates LLP, Chartered Accountants
- 17. Thank You For any queries kindly contact our GST Team : 17 Asija & Associates LLP Chartered Accountants H.O. : 34/5 , Gokhale Marg, Lucknow Ph. No. : 0522-4004652,2205072 CA Pradumn Pandey Executive Partner (pradumn.pandey@asija.in) CA Rahul Mishra Partner in Charge (rahul.mishra@asija.i n) CA Amber Agrawal Associate Director (amber.agrawal@asija.in ) M/s Asija & Associates LLP, Chartered Accountants