RETURNS & PRINCIPAL OF MATCHING IN GST REGIMEaimsassociates.co.in/uploaded/files/Return under GST...
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RETURNS & PRINCIPAL OF MATCHING IN GST REGIME
CA IMRAN SOMERA PARTNER
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FOR REGISTERED TAXABLE PERSONS
Type of
Return Due Date
GSTR - 1
Outward supplies of
taxable goods and/or
Services
10th of next
month Monthly
GSTR - 2 Inward supplies of taxable
goods and/or Services
15th of next
month Monthly
GSTR - 3 Monthly Return 20th of next
month Monthly
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Type of
Return Due Dates
GSTR - 4 Composition
Scheme
18th of Next Month
from end of Qtr Quarterly
GSTR - 5 NRTP
20th of Next Month or
within 7 days after
last day of period of
registration,
w.e. earlier.
Monthly
GSTR - 6 ISD 13th of Next Month Monthly
GSTR - 7 TDS 10th of the Next Month Monthly
GSTR – 8 TCS 10th of the Next Month Monthly
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Type of
Return Due Date
GSTR – 9 Annual Return
31st December
from end of
financial year
Annually
GSTR - 10
Final Return
(Taxable Person
whose registration
has been
surrendered or
cancelled.)
Within 3
months from
the date of
cancellation
or
date of
cancellation
order,
w.e. later.
GSTR - 11
Person having UIN
and
claiming refund
28th of the
month
following the
month for
which
statement is
filed.
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Section Particulars Return
Type
37 Furnishing Details of outward supplies GSTR - 1
38 Furnishing Details of Inward supplies GSTR - 2
39 Furnishing Returns GSTR - 3
40 First Return
41 Claim of Input Tax Credit and provisional
acceptance thereof
42 Matching, reversal and reclaim of ITC
43 Matching, reversal and reclaim of reduction in
OTL
44 Annual Return GSTR - 9
CHAPTER IV OF CGST ACT: RETURN
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Section Particulars Return Type
45 Final Return GSTR - 10
46
Notice to return defaulters GSTR - 3A
47 Levy of Late Fee
48 Goods and services tax practitioners
GST PCT - 01
to
GST PCT - 05
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SECTION 37- FURNISHING DETAILS OF OUTWARD SUPPLIES
Sub-Section (1)
•Every registered person except ISD,
NRTP, person liable to pay u/s. 10 or
51 or 52.
•Shall furnish return electronically by
10th of next month (GSTR 1)
•Such details shall be communicated to
the recipient from 11th (GSTR 2)
•Not allowed to furnish anything
between 11th and 15th of the next
month
•Commissioner may extend this period
by notification for notified class of
persons
Sub-Section (2)
•Outward Supplies- declared by Recipient (GSTR 1A)
•Either Accept or Reject the details
•Up to 17th day but not before 15th day, of the month succeeding the tax period and
•The details furnished shall stand amended automatically
Sub-Section (3)
•Person who has furnished details as per sub-sec (1) and which have remained unmatched u/s. 42/43 shall
•Rectify the error/omission in the prescribed manner and
•Pay the Tax and Interest
•Such error/omission allowed to be rectified before
•Annual return filing date or
•Return u/s. 39 filing date for September of succeeding year to the relevant tax period
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SECTION 38 – FURNISHING DETAILS OF INWARD SUPPLIES
•Every registered person except ISD, NRTP, person liable to pay u/s. 10 or 51 or 52
•Shall verify, validate, modify or delete, if required, the details communicated u/s. 37(1)
•Outward supply becomes inward supply for recipient, who shall prepare details of his inward supplies and CN/DN and
•May include details of inward supplies not declared by the supplier u/s. 37(1)
Sub-Section (1)
•Furnish details of inward supply of RCM, inward supplies taxable under IGST Act and CN/DN
•Furnish such details after 10th but before 15th of succeeding month.
•Commissioner may, for reasons to be recorded in writing, extend this period by notification for notified class of persons.
Sub-Section (2)
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SECTION 38 – FURNISHING DETAILS OF INWARD SUPPLIES
•Details of supplies modified, deleted or included by the recipient and furnished under sub-section (2) i.e. RCM & IGST, shall be Communicated to the supplier Sub-Section (3)
•Details of supplies modified, deleted or included by the recipient in return u/s 39 (2) i.e Composition or 39(4) i.e. ISD , shall be Communicated to the supplier
Sub-Section (4)
•Person who has furnished details as per sub-sec (2) and which have remained unmatched u/s. 42/43 shall
•Rectify the error/omission in the prescribed manner and
•Pay the Tax and Interest
•Such error/omission allowed to be rectified before -
•Annual return filing date or
•Return, u/s. 39, filing date for September of succeeding year to the relevant tax period
Sub-Section (5)
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SECTION - 39 FURNISHING OF RETURNS
Every registered person except ISD or Composition dealer or NRTP or TDS or
TCS shall furnish return on or before 20th day of the next month.
Composition supplier shall file return electronically for each quarter within 18
days after end of such quarter.
Person liable to deduct TDS shall furnish a return electronically 10th of next
month.
Every ISD shall furnish a return electronically on or before 13th of next month
Every registered NRTP shall furnish a return electronically 20th of next month or
within 7 days after the last day of registration period, w/e is earlier.
Commissioner may extent this period to notified class of persons by notification.
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SECTION - 39 CONTINUE..
Tax payment due date :-- on or before due date of filling of return.
Registered person who are covered under sub section (1) & (2) are require to file a
return irrespective of fact that there are no supplies of goods/services or both.
As per Sec. 39(9), If any registered person after filling returns as per above sub-
sections , the registered person discovers any omission or incorrect particulars, other
than result of scrutiny etc., he shall rectify such error/omission in the return for the
period in which such error/omission is noticed along with payment of interest.
Above rectification can be made till due date of furnishing return of September
following end of financial year or actual date of furnishing relevant annual
return, whichever is earlier.
No return filing shall be allowed for a period if the return for any previous period has
not been furnished
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SECTION – 40 FIRST RETURN
Every registered person who has made outward supplies
In the period between the date on 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 furnished by him after grant of registration.
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SECTION 41 – CLAIM OF ITC AND PROVISIONAL
ACCEPTANCE THEREOF
Every registered person shall be
• entitled to take the credit of eligible input tax in
his return and
• shall be credited on a provisional basis to his
electronic credit ledger
The credit referred above shall be
utilized only for payment of self-
assessed output tax
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SECTION 42 – MATCHING, REVERSAL AND
RECLAIM OF ITC
The details of every inward supply furnished by recipient for a tax period
Matched with
Outward
supply
furnished by
Supplier
IGST paid
u/s 3 of
Customs
Tariff Act
Duplications
of claim of
ITC
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SECTION. 42(2) ..
The Claim of ITC in respect of invoices or DN relating to
inward supply
that match
With corresponding outward supply
finally accepted
Such acceptance shall be communicated to the recipient (GST MIS -1 ).
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SECTION. 42 (3), (5) & (8) ..
ITC Claimed by recipient
is in excess of
declared by supplier
Discrepancy communicated to both
Recipient Supplier
(GST MIS-1) (GST MIS-2)
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If not rectified
by supplier
Shall be Added
to the OTL of
the recipient in
succeeding
month
shall be liable to pay
interest at the rate
not exceeding 18%.
SECTION. 42 (4), (6) & (8) ..
Duplication of claim of ITC
Communicated to recipient in GST MIS- 1
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Shall be added to the output tax liability of the recipient
shall be liable to pay interest at the rate not exceeding 18%.
SECTION. 42 (7), (9) & (10) ..
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If supplier rectify error or omission within time specified u/s. 39(9)
Interest paid u/s. 42(8)
shall be refunded to the
recipient in his
electronic cash ledger
If output tax liability
reduced in
contravention of
sec.42(7)
Shall be liable to pay
interest not exceeding 24%.
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SECTION 43 – MATCHING, REVERSAL AND RECLAIM
OF REDUCTION IN OTL
The details of every credit note relating to outward supply furnished by
supplier for a tax period
Matched with
Corresponding
reduction with
claim of ITC by
recipient
Duplications
of claim of
reduction in
OTL
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SECTION. 43(2) ..
The Claim of reduction in OTL
that match
with corresponding reduction in claim of ITC
finally accepted
such acceptance shall be communicated to the recipient (GST MIS -1 ).
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SECTION. 43 (3), (5) & (8) ..
Reduction in claim of OTL
is in excess of
corresponding reduction in claim of ITC
Discrepancy communicated to both
Recipient Supplier
(GST MIS-2) (GST MIS-1)
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If not rectified
by recipient
Shall be Added
to the OTL of
the supplier in
succeeding
month
shall be liable to pay
interest at the rate not
exceeding 18%.
SECTION. 43 (4), (6) & (8) ..
Duplication of claims of reduction in OTL
Communicated to recipient in GST MIS- 1
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Shall be added to the output tax liability of the supplier
shall be liable to pay interest at the rate not exceeding 18%.
SECTION. 43 (7), (9) & (10) ..
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If recipient rectify error or omission within time specified u/s. 39(9)
Interest paid u/s. 43(8)
shall be refunded to the
supplier in his electronic
cash ledger
If output tax liability
reduced in
contravention of
sec.43(7)
Shall be liable to pay
interest not exceeding 24%.
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SECTION 44 – ANNUAL RETURN
Every registered person shall be –
Require to file annual return for every year
On or before 31st December following end of such financial year
List of Excluded persons :-
NRTP, CTP, ISD, Person paying tax u/s. 51 or 52
Person require to be audited u/s. 35(5) shall
furnish Annual Return under sub-section (1)
and copy of the audited annual accounts and a
reconciliation statement and such other
particulars as may be prescribed
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• Furnish a return
u/s. 39(1) and
• whose registration
has been cancelled
SECTION 45 – FINAL RETURN
Every registered person
who is required to
• within three months of the date
of cancellation or
• date of order of cancellation
• whichever is later
shall furnish a final return
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SECTION 46- NOTICE TO RETURN DEFAULTERS
Where a registered
person fails to furnish
Notice shall be issued
within fifteen days
a return
u/s.
39/44/45
requiring
him to
furnish such
return
in
prescribed
form and
manner
(GSTR 3A)
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SECTION 47 – LEVY OF LATE FEE
• who fails to furnish
• details of outward or inward
supplies u/s. 37/38 or
• returns u/s. 39/45
• by the due date
• shall pay a late fee of Rs. 100
per day subject to a maximum
amount of Rs. 5000
Any registered person
• who fails to furnish
• returns u/s. 44 (Annual
Return)
• by the due date
• shall pay a late fee of Rs. 100
per day subject to 0.25% of his
total turnover in the State or
Union Territory
Any registered
person
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SECTION 48 – GOODS AND SERVICES TAX PRACTITIONERS
Person can make application in GST PCT-01 for registering himself as GST Practitioner,
subject to following conditions:-
• Citizen of India , a person of sound mind, is not adjudicated as insolvent, not been
convicted by competent court.
• Retired officer of commercial tax department or CBEC , department of revenue, GOI not
lower in rank of group B gazetted officer for a period of not less than 2 years or
• Sales tax practitioner or tax return preparer under existing law for not less than 5 years.
• He has passed a graduate or post graduate or its equivalent examination having degree
in commerce, law, banking, business administration or business management from
recognized university.
• He has passed final examination of CA, CWA or CS.
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A registered person may authorize an approved GST practitioner
• furnish the details of outward and inward supplies,
• furnish monthly, quarterly, annual or final return,
• make deposit for credit into the electronic cash ledger,
• file a claim for refund and
• file an application for amendment or cancellation of registration
the responsibilities for correctness of any particulars furnished in the
return or other details
• shall continue to rest with the registered person on whose behalf
such return and details are furnished
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Nature of taxpayer Must file
Taxpayer under regular scheme Monthly GSTR-1, GSTR-2, GSTR-3 &
Annual Return
Taxpayer under composition scheme Quarterly GSTR-4 &
Annual Return
Casual Taxpayer
GSTR-1, GSTR-2, GSTR-3 during validity period of
registration and
GSTR-5 on expiry of registration
Non-resident Foreign Taxpayer
GSTR-1, GSTR-2, GSTR-3 during validity period of
registration and
GSTR-5 on expiry of registration
Input Service Distributor Monthly GSTR-6
TDS Monthly GSTR-7
WHO SHOULD FILE WHAT
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LIST OF FORMS
Sr. No. Form No. Title of Forms
1 GSTR - 1 Details of outwards supplies of goods or services
2 GSTR - 1A Details of auto drafted supplies of goods or services
3 GSTR - 2 Details of inward supplies of goods or services
4 GSTR - 2A Details of supplies auto drafted from GSTR-1 or GSTR-5 to
recipient
5 GSTR - 3 Monthly return
6 GSTR - 3A Notice to return defaulter u/s 46
7 GSTR - 4 Quarterly return for registered persons opting composition
levy
8 GSTR - 4A Auto drafted details for registered persons opting
composition levy
9 GSTR - 5 Return for Non Resident Taxable Persons
10 GSTR - 5A Details of supplies of online information and database access
or retrieval services by a person located outside India made
to non-taxable persons in India 31
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Sr. No Form No. Title of Forms
11 GSTR - 6 Return for input service distributors
12 GSTR - 6A Details of supplies auto drafted from GSTR-1 or GSTR-5 to
ISD.
13 GSTR - 7 Return for Tax Deduction at Source
14 GSTR - 7A Tax Deduction at Source Certificate
15 GSTR - 8 Statement for Tax Collection at Source
16 GSTR - 11 Inward supplies statement for persons having Unique
Identification Number (UIN)
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LIST OF FORMS
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GST
EXPECTATION REALITY
THANKING YOU
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CA IMRAN SOMERA
PARTNER
+91 97220 78680
web:- www.aimsassociates.co.in