GOODS AND SERVICE TAX FILING OF RETURN. Prepared by Dharmendra Academy of GST Awareness

Transcription

1 GOODS AND SERVICE TAX FILING OF RETURN 1

2 Returns Chapter IX of the CGST/SGST Act, 2017 GST Return Rules,

3 RETURNS: SALIENT FEATURES A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. There will be common e-return for CGST, SGST,IGST and Additional Tax. Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period. A registered taxable person shall not be allowed to furnish return for tax period if valid return for any previous tax period has not been furnished by him. 3

4 CHAPTER- IX :RETURNS SECTIONS 37 to Furnishing details of outward supplies 38.Furnishing details of inward supplies 39.Returns 40.First Return 41. Claim of input tax credit and provisional acceptance thereof. 42.Matching, reversal and re-claim of input tax credit 43. Matching, reversal and re-claim of reduction in output tax liability 44.Annual return 45.Final return 46.Notice to return defaulters 47.Levy of late fee 48.Tax Return Preparers 4

5 GST Return Forms Return Form Particulars By Whom? By When? GSTR-1 Details of outward supplies of taxable goods and/or services effected Registered Taxable Supplier 10th of the next month GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Registered Taxable Recipient 15th of the next month GSTR-3 Registered Taxable Person Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. 20th of the next month GSTR-4 Quarterly return for compounding taxable person. Composition Supplier 18th of the month succeeding quarter GSTR-5 Return for Non-Resident foreign taxable person Non-Resident Taxable Person 20th of the next month GSTR-6 Return for Input Service Distributor Input Service Distributor 13th of the next month GSTR-7 Return for authorities deducting tax at source. Tax Deductor 10th of the next month GSTR-8 Details of supplies effected through e-commerce operator and E-commerce Operator/Tax the amount of tax collected Collector 10th of the next month GSTR-9 Annual Return Registered Taxable Person 31st December of next financial year GSTR-10 Final Return Taxable person whose registration has been surrendered or cancelled. Within 3 months of the date of cancellation or date of cancellation order, whichever is later. GSTR-11 Details of inward supplies to be furnished by a person having Person having UIN and UIN claiming refund 28th of the month following the month for which statement is filed 5

6 Return of outward supplies GSTR-1 (Section 37) Particulars Return of outward supplies Applicability Taxable person other than those paying tax under Composition levy (Section 9) or those deducting tax at source (Section 46) or those collecting tax at source- ecommerce operator (Section 56), ISD, Non resident persons Periodicity and due date Monthly and to be filed by 10th of the succeeding month Particulars to be disclosed Details of outward supplies of goods and/or services effected during the said tax period which shall include details of invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies For B2B supplies, all invoices wise detail whether Intra-state or Inter- state supplies, will have to be uploaded. Consolidated details of all: Intra-State B2C Supplies for each rate of tax. state wise summary for inter-state invoices below Rs. 2.5 lacs Methodology The details provided by the supplier shall be communicated to the recipient of the said supplies within the time and in the manner as prescribed (shall be reflected in Part A of GSTR-2A) 6

7 Return of Inward supplies GSTR-2 (Section 38) Particulars Return of inward supplies Applicability Taxable person other than those paying tax under Composition levy (Section 9) or those deducting tax at source (Section 46) or those collecting tax at source- ecommerce operator (Section 56), ISD, Non resident persons Periodicity and due date Monthly and to be filed by 15th of the succeeding month Particulars to be disclosed The details of inward supplies of taxable goods and/or services, received during the tax period Methodology The taxable person shall verify, validate, modify or, if required, delete the details relating to outward supplies and credit or debit notes communicated in terms of the return filed by the corresponding supplier under section 25, to prepare the details of his inward supplies and credit or debit notes and may include therein, the details of inward supplies and credit or debit notes received by him in respect of such supplies that have not been declared by the supplier under section 25 above 7

8 Filing of Return Normal/ Regular Tax Payer: Periodic Return GSTR-3 (Section 39) Particulars Periodic Return Applicability Taxable person other than those paying tax under Composition levy (Section 9) or those deducting tax at source (Section 46) or those collecting tax at source (Section 56) Periodicity and due date Monthly and to be filed by 20th of the succeeding month Particulars to be disclosed The details of:inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars as may be prescribed 8

9 Filing of Return: Composition Levy (Section 39(2)) Form GSTR-4 A registered taxable person paying tax under the provisions of section 10 of this Act (Composition levy) shall furnish a return for each quarter or part thereof, electronically, within 18 DAYS after the end of such quarter: [Section 10: Small dealers with annual aggregate turnover of goods and services 50 lakhs may be allowed to opt for a compounded levy of one percent, towards the turnover. No such permission shall be granted to a taxable person who effects any inter-state supplies of goods and/or services.] 9

10 Filing of Return by ISD: Form GSTR-6 Every Input Service Distributor shall furnish electronically a return in Form GSTR6. The ISD is required to file monthly return by 13th of the following month. GSTR-6 COMPONENTS: Basic details of the Taxpayer i.e. Name along with GSTIN Period to which the Return pertains Final invoice-level inward supply information pertaining to the tax period separately for goods and services on which the ITC is being claimed. This will be auto populated on the basis of GSTR-1 filed by the Counterparty Supplier of the taxpayer in FORM GSTR-6A. The same may be modified i.e. added or deleted by the Taxpayer while filing the ISD return. The recipient would be permitted to add invoices (not uploaded by the counterparty supplier) if he is in possession of invoices and have received the services. Details of the Invoices along with the GSTIN of the receiver of the credit i.e. to whom the ISD is distributing credit. There will be separate tables in the return that will detail the Opening Balance of ITC (to be auto- populated on the basis of previous return), credit for ITC services received, debit for ITC reversal and ITC distributed and Closing Balance. 10

11 Filing of Return: TDS Form GSTR-7 (Section 39) Every registered person required to deduct tax at source (TDS)under section 51 shall furnish a return in Form GSTR-7 electronically. (TDS is to be deducted at the rate of 1 percent on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees.) The return has to be filed by 10th of the succeeding month The details furnished by the deductor under Form GSTR-7 shall be made available electronically to each of the suppliers in Part C of FORM GSTR-2A on the Common Portal after the due date of filing of FORM GSTR-7. 11

12 Filing of Return: TCS Form GSTR-8 Every electronic commerce operator required to collect tax at source under section 52 shall furnish a statement in Form GSTR-8 electronically. The return has to be filed by 10th of the succeeding month The details of supplies effected through such operator and the amount of tax collected is to be submitted in the return. The details furnished by the operator in the form shall be made available electronically to each of the suppliers in Part D of FORM GSTR-2A on the Common Portal after the due date of filing of Form GSTR-8. 12

13 Filing of Return: Non residential taxable person [Section 39] Every registered non-resident taxable person shall furnish a monthly return in Form GSTR-5 electronically The tax payer in their return shall furnish details of outward supplies and inward supplies and shall pay the tax, interest, penalty, fees or any other amount payable under the Act or these rules. The return has to be filed within 20 days after the end of a calendar month or within seven days after the last day of the validity period of registration, whichever is earlier. 13

14 Annual Return (GSTR-9)- Section 44 Every registered person, other than ISD s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, shall furnish an annual return as specified under sub-section (1) of section 44 electronically in Form GSTR-9. That a composition tax payer shall furnish the annual return in Form GSTR-9A. Every registered person whose aggregate turnover during a financial year exceeds one crore rupees shall get his accounts audited as specified under subsection (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in Form GSTR-9B, electronically. The return has to be filed on or before 31st December following the end of the Financial Year. That a taxable person cannot take the credit of tax paid on goods and/or services after filing GSTR-3 for the month of September following the end of financial year to which invoice pertains or filing of the relevant Annual Return (31ST December), whichever is earlier. 14

15 Filing of First Return Section 40 After obtaining registration, the taxable person is required to file his very first return. This section provides for the aspects that need to considered while filing this first return, namely: Transaction to be reported Consideration Involved Outward supplies From date of liability to register till the end of month when registration is granted Inward supplies From effective date of registration till end of month when registration is granted 15

16 Final return (Section 45): Every registered taxable person who applies for cancellation of registration shall have to furnish a final return within 3 months from the date of cancellation or date of cancellation order, whichever is later, in a prescribed form. 16

17 Details of inward supplies of persons having Unique Identity Number (Government Departments and United Nation Bodies)- Rule 22 Every person, who has been issued a Unique Identity Number and claims refund of the taxes paid on his inward supplies, shall furnish the details of such supplies of taxable goods or services or both in Form GSTR-11 along with application for such refund claim. Every person, who has been issued a Unique Identity Number for purposes other than refund of the taxes paid, shall furnish the details of inward supplies of taxable goods or services or both as may be required by the proper officer in Form GSTR

18 Normal/ Regular Tax Payers Normal / Regular taxpayers (including casual taxpayers) would have to file GSTR-1 (details of outward supplies), GSTR-2 (details of inward supplies) and GSTR-3 (monthly Return) for each registration. GSTR-9 (Annual return) Normal / Regular taxpayers with multiple registrations (for business verticals) within a State would have to file GSTR-1, GSTR-2 and GSTR-3 GSTR-9 (Annual return) for each of the registrations separately. A separate reconciliation statement, duly certified by a Chartered Accountant, will have to be filed by those taxpayers who are required to get their accounts audited under section 44AB of Income Tax Act

19 Casual/ Non - Resident Taxpayers Casual/ Non - Resident Taxpayers (other than foreigners) would have to file GSTR-1, GSTR-2 and GSTR-3 returns for the period for which they have obtained registration. The registration of Casual/Non Resident taxpayers will be done in the same manner as that of Normal / Regular taxpayers. Non- Resident Taxpayers (foreigners) would be required to file GSTR-5 return for the period for which they have obtained registration within a period of seven days after the date of expiry of registration. In case registration period is for more than one month, monthly return(s) would be filed and thereafter return for remaining period would be filed within a period of seven days as stated earlier. For these taxpayers the registration format to be used will be the same as that for UN Bodies/Embassies 19

20 Sec 46. Notice to return defaulters A notice in Form GSTR-3A shall be issued, electronically, to a registered person who fails to furnish return under section 39 (monthly/quarterly returns by tax payers), section 44 (Annual return) and section 45 (Final Return) requiring him to furnish such return in 15 days in the prescribed form and manner. 20

21 Revision of returns There is no provision for Revision of returns. All unreported invoices of previous tax period would be reflected in the return for the month in which they are proposed to be included. Interest, if applicable will be auto-populated. All under-reported invoice and ITC revision will have to be corrected using credit / debit note. These credit / debit notes would be reflected in the return for the month in which such adjustment is carried out. 21

22 Returns: Late Filing Fee Section 47 Defaulted Return Late fee Return on Outward Supplies GSTR-1 Rs. 100 per day of delay Maximum Rs. 5,000 Return on Inward Supplies- GSTR-2 Same as above Monthly Return- GSTR-3 Same as above Final Return Same as above Annual Return- GSTR-9 Rs. 100 per day of delay Maximum = 0.25% of Turnover in a State/ Union Territory 22

23 48. Tax Return Preparers The appropriate Government may, by rules, prescribe the manner of approval of Tax Return Preparers, their eligibility conditions, duties and obligations, manner of removal and such other conditions as may be relevant for their functioning as a Tax Return Preparer. The responsibility for correctness of any particulars furnished in the return and/or other details filed by the Tax Return Preparer shall continue to rest with the registered taxable person on whose behalf such return and details are filed. 23

24 THANK YOU! DHARMENDRA ACADEMY OF GST dharmendraacademyofgst.com 24