The Central Goods and Services Tax Bill, 2017 Returns Arun Kumar Agarwal info@arsconsultants.net www.arsconsultants.net 1
Statutory Provisions: Chapter Sections 37 to 48 VIII info@arsconsultants.net www.arsconsultants.net 2
Furnishing details of outward supplies and inward supplies Step 1: Every registered taxable person other than ISD Non- resident taxable person Composite tax payer TDS deductor TCS collector shall furnish the details of outward supplies (in FORM GSTR -1) of goods or services on or before the 10 th day of the month succeeding the tax period and such details shall be communicated to the recipient of the said supplies (in Part A of FORM GSTR 2A). [Ref: Sec 37(1)] info@arsconsultants.net www.arsconsultants.net 3
Details of outward supplies shall include the details of Invoices Debit notes Credit notes Revised invoices Contd info@arsconsultants.net www.arsconsultants.net 4
Contd Step 2: Every registered taxable person (recipient) shall verify, validate, modify or, if required, delete the details relating to outward supplies communicated to prepare the details of his inward supplies. Every registered taxable person (recipient) shall furnish the details of inward supplies (in FORM GSTR 2) of goods or services including tax payable on reverse charge basis and under the IGST Act, after the 10 th day but on or before the 15 th day of the month succeeding the tax period. The details of supplies modified, deleted, included or furnished by the recipient shall be communicated to the supplier (in FORM GSTR 1A). info@arsconsultants.net www.arsconsultants.net 5
Step 3: Contd Every registered taxable person who has been communicated the details shall either accept or reject the details on or before 17 th day of the month succeeding the tax period and the details furnished by him in FORM GSTR -1 shall stand amended accordingly. info@arsconsultants.net www.arsconsultants.net 6
Step 4: Sec 39 Furnishing of Returns Every registered taxable person other than ISD, Non-Resident Tax Payer, Composite dealer, TDS Deductor, TCS Collector shall furnish the details of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars on or before the 20 th day (in FORM GSTR 3) of the month succeeding such calendar month. info@arsconsultants.net www.arsconsultants.net 7
Status of TP Frequency Due Date Contd Composite Tax Payer Quarterly Within 18 days after the end of such quarter. TDS Deductor Monthly Within 10 days after the end of such month. ISD Monthly Within 13 days after the end of such month. Non-Resident Person Taxable Monthly Earlier of - 1. Within 20 days after the end of a calendar month or 2. Within 7 days after the last day of the validity period of registration. info@arsconsultants.net www.arsconsultants.net 8
Contd Due date to pay tax: RTP required to pay tax due as per return not later than the last date on which he is required to furnish return. Normal Tax Payer / Composite Tax Payer: require to furnish a return for every tax period whether or not any supplies of goods / services have been effected during such tax period. Rectification of omission / incorrect particulars: rectify such omission / incorrect particulars in the return to be furnished for the month / quarter, subject to payment of interest where applicable. Time limit for rectification: Earlier of Due date for furnishing return for the month of September or second quarter following the end of the financial year or Actual date of furnishing relevant annual return. info@arsconsultants.net www.arsconsultants.net 9
Contd RTP shall not be allowed to furnish a return for a tax period if the return for any of the previous tax periods has not been furnished by him info@arsconsultants.net www.arsconsultants.net 10
Sec 40 First Return Every registered taxable person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return filed by him after grant of registration. info@arsconsultants.net www.arsconsultants.net 11
Sec 44 Annual Return Every registered taxable person other than ISD, TDS Deductor, TCS Collector, Casual Taxable Person, Non-Resident Taxable Person shall furnish an annual return (in FORM GSTR - 9) for every F.Y. electronically on or before the thirty first day of December following the end of such F.Y. Every registered taxable person who is required to get his accounts audited U/s 53(4) shall furnish electronically Annual Return along with audited copy of the Annual Accounts Reconciliation statement (in FORM GSTR- 9B) reconciling the value of supplies declared in the return furnished for the year with the audited annual financial statement and such other particulars as may be prescribed. info@arsconsultants.net www.arsconsultants.net 12
Sec 35: Accounts and Other Records Sec 35 (5): Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in the form and manner as may be prescribed in this behalf. info@arsconsultants.net www.arsconsultants.net 13
Sec 45 Final Return Every registered taxable person who applies for cancellation of registration shall furnish a final return (in FORM GSTR - 10) within three months of the date of cancellation or date of cancellation order, whichever is later. info@arsconsultants.net www.arsconsultants.net 14
Sec 46 Notice to return defaulters Where a registered taxable person fails to furnish a return under section 39 (Monthly / Qt Return), section 44 (Annual Return) or section 45 (Final Return), a notice shall be issued requiring him to furnish such return within fifteen days in such form and manner as may be prescribed. info@arsconsultants.net www.arsconsultants.net 15
Sec 42 Levy of late fee Occasion If any RTP fails to furnish details of outward supplies, furnish details of inward supplies, Monthly / quarterly returns or Final return Amount of Late Fee Lower of the followings Rs. 100 / day during which such failure continues OR Rs. 5000/- If any RTP fails to furnish Annual Return Lower of the followings Rs. 100 / day during which such failure continues OR an amount calculated at 0.25% of his turnover in the State or UT. info@arsconsultants.net www.arsconsultants.net 16
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