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Returns under GST regime

CA Rohit kapoor 
on 02 January 2017


Furnishing details of outward supplies

Every registered taxable person will be required to furnish, electronically (in GSTR-1 format), the details of outward supplies of goods and/or services effected, during a tax period on or before the 10th day of the succeeding month. Thus, all the GST assessee throughout India will upload the details of outward supplies by 10th of subsequent month.

This is a sales register of goods and services; here we can enter the details data of sales. If a person sells his goods and services to a register person within the state in that case he is liable to charge CGST and SGST on the transaction. At the same point of time if the person sells his goods and services to other state he is liable for IGST charge on him.

Furnishing details of inward supplies

Every registered taxable person will be required to verify/modify, electronically (in GSTR-2 format), the details of inward supplies of goods and/or services, during a tax period on or before the 15th day of the month succeeding month. The details of inward supplies will be auto-populated based on GSTR-1 filed by the vendors. Effectively, all the GST assessee will have to reconcile the procurement details with vendors on monthly. This concept of credit availment appears to be heavily borrowed from Maharashtra VAT provisions (forms J1 and J2).

This is a comprehensive purchase register. Here we can enter the data of both purchase of service and goods.

In GSTR-2 the data of the goods purchase from register dealer including debit/credit note will automatically populated as the respective dealers upload there sales register on due date. Due to this we can match our purchases against the sales register and the impact of this in current scenario where tax credit mismatch is hard to match and a time taking process, in GST there we will check our data as per seller return so mismatch issue resolve will solve easily.

Returns

Every registered taxable person will be required, to file a monthly return, electronically, 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 within 20 days after the end of such month.

Composition dealer (registered in accordance with section 9 of GST Act) will be required to file a quarterly return before 18th from the end of quarter.

An Input Service Distributor will be required to file a monthly return with 13 days from end of the month.

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.

Claim of input tax credit and provisional acceptance thereof

Every taxable person will be entitled to take credit of input tax, as self-assessed, in his return and such amount shall be credited, on a provisional basis, to his electronic credit ledger to be maintained in the manner as may be prescribed.

Matching, reversal and reclaim of input tax credit

This section provides for matching of details of outward supplies and inward supplies. This section also provides that in case of mis-match of details the discrepancies will be communicated with the both the buyer and supplier to enable then take the corrective actions.

Annual return

Every registered taxable person, (a person paying tax under section 46 or section 56, a casual taxable person and a non-resident taxable person), will be required to furnish an annual return for every financial year electronically on or before the 31st December following the end of such financial year.

Final return

Every registered taxable person who applies for cancellation of registration shall furnish a final return within three months of the date of cancellation or date of cancellation order, whichever is later, in such form and in such manner as may be prescribed.


Tags : GST

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