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GST Return Overview by CA Shital Thadeshwar

21 Mar 2017
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GST Return Overview by CA Shital Thadeshwar

  1. C.H.Thadeshwar & Co., Chartered Accountants 15-16, Chamber Of commerce Building Jayshree Cinema Road, Junagadh Contact 70430 22444 GST RETURN OVERVIEW
  2. GST Return overview  GST is a self-assessed destination based taxation system.  Registered Person required to furnish details of sales, purchases and tax paid and collected there on by filing return with GST  NIL return even if there is no transaction  Government entities / PSUs , etc. not dealing in GST supplies or persons exclusively dealing in exempted / Nil rated / non –GST goods or services would neither be required to obtain registration nor required to file returns under the GST law.  However, State tax authorities may assign Departmental ID to such government departments / PSUs / other persons and will ask the suppliers to quote this ID in the supply invoices for all inter-State purchases being made to them.
  3. Continue……  Online / Offline return filing  Common e-return for CGST, SGST, IGST and Additional Tax.  A registered Tax Payer shall file GST Return at GST Common Portal either by himself or through his authorised representative;
  4. TYPES OF RETRUNS & ITS DUE DATES
  5. Type of return Return for Due Date To be filed by GSTR 1 Outward supplies made by taxpayer (other than compounding taxpayer and Input Service Distributor[ISD]) 10th of the next month All regular tax payers and casual/ non- resident tax payers GSTR 2 Inward supplies received by a taxpayer (other than a compounding taxpayer and ISD) 15th of the next month GSTR 3 Monthly return (other than compounding taxpayer and ISD) 20th of the next month GSTR 4 Quarterly return for compounding taxpayer 18th of the month next to quarter Compounding taxpayers GSTR 5 Periodic return by Non-resident foreign taxpayer 7 days from last day of registration Non-resident tax payers GSTR 6 Return for ISD 13th of the next month Input Service Distributors GSTR 7 Return for Tax Deducted at Source 10th of the next month Person deducting GST at source GSTR 8 Return for Tax Collected at Source 10th of the next month E- Commerce Service Operator GSTR 9 Annual Return 31st December of next FY All regular tax payers GSTR 10 Final Return With in 3 months Dealers whose license cancelled or surrendered GSTR 11 Govt Bodies, UN 28th of Succeeding Month to be furnished by a person having UIN
  6. RETURNS FOR REGULAR DEALER
  7. GSTR 1 ( Sales Return)  This is a sales register of goods and services, here we can enter the details data of sales . If a persons 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. Intrastate / Within State : CGST , SGST Interstate / Outside State : IGST  Here of each transaction it is important to classify the goods or services with his SAC or HSN code because these codes will identify the nature of the transaction.  Again for avoidance of the black money or hawala transaction in GST returns, there is a need to identify some important transaction like inter state transaction worth Rs. 250000/- or more.
  8. GSTR 1Continue… Applicable to Outward supplies made by taxpayer (other than compounding taxpayer and ISD) Filing Due date : 10th of the next month 11Pages long return  GSTR-1 return will include details of the outward supplies or sales by the tax payer. The GSTR-1 contains the following information:  Taxable outwards supply to a registered person  Taxable outward inter-state supplies to a consumer and Invoice value is more than Rs 2.5 lakh  Taxable outward supplies to consumer Other than above  Details of Credit/Debit Notes  Amendments to details of Outward Supplies of earlier tax periods  Nil rated, Exempted and Non GST outward supplies  Supplies Exported (including deemed exports)  Tax liability of amount received in advance against a supply to be made in future  Tax already paid (on advance receipt) on invoices issued in the current period
  9. GSTR 1 Continue… The details of outward supply along with debit/credit note in GSTR-1 furnished by the supplier shall be communicated, to the registered taxable persons receiving such supplies by way of updating their ITC Ledger. Under Reporting of Supply: If any supplies are under reported to the extent of 5% then such tax payer will be trigger for black listing under the compliance rating system under GST. Any amendment there to not under GSTR-1 but under separate column provided in GSTR- 3.
  10. GSTR 1A Due date : 20th of succeeding month Auto drafted 3 pages long return generated by the GST system.  Details of outward supplies as added, corrected or deleted by the recipient in Form GSTR-2 will be made available to supplier
  11. GSTR 2 ( Purchase Return)  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. In GST there we will check our data as per seller return so mismatch issue resolve will solve easily.  Here a separate details information will be required for input service distributors.  Due date of filling the return is 15th of the next month. But we can upload our data on daily, fortnight, weekly too.
  12. GSTR 2 (Purchase Retrun) Applicable to Inward supplies received by a taxpayer (other than a compounding taxpayer and ISD) Filing Date : 15thof the next month  The GSTR-2 contains the following information:  Inward supplies/purchases received from registered tax payers;  Goods /Capital goods received from Overseas (Import of goods);  Services received from a supplier located outside India (Import of services);  Details of Credit/Debit Notes;  Amendments to details of inward supplies received in earlier tax periods (including post purchase discounts received);  Supplies received from compounding /unregistered dealer & other exempt/nil/non GST supplies;  Credit Received in the form of ISD, TDS and ITC
  13. GSTR 2 Continue…..  The filing of Form GSTR-1 impacts ITC Ledger of supply receiver without acknowledgement of the suppliers. Therefore the mechanism of filing GSTR-2 is designed to incorporate the right of supply receiver to verify, validate, modify or, if required, delete the outward supplies and credit or debit notes.  After 11th day of the succeeding month the service receiver can view their ITC Ledger on GSTN and prepare summary of inward supply and filed it in the Form GSTR-2 on or before the fifteenth day of the month succeeding the tax period.  Auto Population in Form return from GSTR-2 will be done on or after 11th of the succeeding month. Addition or Deletion of the invoice by the taxpayer will be permitted between 12th and 15th of the succeeding month. Adjustments would be permitted on 16th and 17th of the succeeding month.
  14. GSTR-2A Monthly Return Due date of Filing : 11th of succeeding Month Auto drafted 5 pages long return generated by the GST system.  Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier
  15. GSTR 3  In GSTR 3 return, maximum data are auto populated from purchase and sales registers.i.e., GSTR 1 & GSTR 2 Only adjustment entries and challan information will enter after these entries  Here cash ledger (tax deposit in cash and TDS/ TCS) will made separately for CGST , SGST and IGST.
  16. GSTR 3 Continue…. Monthly return (other than compounding taxpayer and Input Service Distributers [ISD]) Due date of filing of GST return 20th of Succeeding month  The GSTR-3 contains the following major information:  Monthly outward (Intra-state/intra-state/export) supply;  Monthly inwards (Intra-state/intra-state/inward under reverse charge/import) supply;  Total tax liability for the month including liability under reverse charge  Net ITC available  The registered taxable person shall not be allowed to furnish return for a tax period if return for any previous tax period has not been furnished by him.
  17. GSTR 3 Continue…..  Other tax, penalties interest shall be payable during the preceding month  Information about ITC ledger, cash ledger and liability ledger would be updated in real time on an activity in connection with these ledgers by the taxpayer.  If any taxable person after furnishing a GSTR-3 return discovers any omission or incorrect particulars therein, he shall rectify such omission or incorrect particulars in the return to be filed for the month during which such omission or incorrect particulars are noticed, subject to payment of interest, where applicable and as specified in the Act.  No such rectification of any omission or incorrect particulars shall be allowed after the due date for filing of return for the month of September, following the end of the financial year, or the actual date of filing of relevant annual return, whichever is earlier. .
  18. In Short….. 1. You file GSTR 1 for Sales made (Due Date 10 th of next Month) 2. Your buyer views sales made by you in GSTR 2A( Due date 11th of next month) 3.Your buyer approves the sales made by you and files GSTR 2 ( Due date 15th of next month) 4. If buyer modifies the sales marked by you, you can see that in GSTR 1A And you may either approves or disapproves the changes. 5.When buyer and seller approves , GSTR 3 is generated with the payment of Tax (Due date is 20 th of next month)
  19. GSTR-9 ANNUAL RETURN  This return to be filed annually is intended to provide 360 degree view about the activities of the taxpayer. This statement would provide a reconciliation of the returns with the audited financial statements of the taxpayer.  This return is a detailed return and captures the details of all the income and expenditure of the taxpayer and regroups them in accordance with the monthly returns filed by the taxpayer.
  20. GSTR 9 Continue…..  Pending arrears, Current order status related to arrears, Pending refund claim,  the gross profit/loss arrived on the basis of the details submitted in this statement should tally with the gross profit/loss indicated in the Profit and Loss Account of the dealer  Return is to be submitted along with the audited copies of the Annual Accounts.  A separate reconciliation statement and copy of audited books of accounts duly certified by a Chartered Accountant, in Form GSTR 9B will have to be filed by those taxpayers who are required to get their accounts audited under section 44AB of Income Tax Act 1961.  Due date of return filing is 31st December of next Fiscal year
  21. GSTR 9 Continue…..  Details to be furnished in GSTR-9 Annual Return Details of expenditure:  Total value of purchases on which ITC availed (inter- State)  Total value of purchases on which ITC availed (intra- State)  Total value of purchases on which ITC availed (Imports)  Other Purchases on which no ITC availed  Sales Returns  Other Expenditure (Expenditure other than purchases)
  22. GSTR 9 Continue…..  Details of Income:  Total value of supplies on which GST paid (inter-State Supplies)  Total value of supplies on which GST Paid (intra-State Supplies)  Total value of supplies on which GST Paid (Exports)  Total value of supplies on which no GST Paid (Exports)  Value of Other Supplies on which no GST paid  Purchase Returns  Other Income (Income other than from supplies)  Other Amount  Arrears (Audit/Assessment etc.)  Refunds  Profit as Per the Profit and Loss Statement  Gross Profit Profit after Tax Net Profit
  23. GSTR 4 Return for Composition Dealer
  24. GSTR 4 QUARTERLY return (Composite Tax Payer) Due date of filing of GST return 18h of Succeeding month  Small taxpayer has the option to opt for the composition scheme. In such a case, he would be required to pay taxes at fixed rate.  No input tax credit facility would be available.  He is required to provide only the following details: • The total value of supply made during the period of return • Details of payment of tax in the return  Declare invoice-level purchase information.  Goods and Services Imported from out side India
  25. GSTR4A  Details to be furnished: Details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier
  26. GSTR 9A Annual Return for Composite Tax Payer  It is simplified Annual return by Compounding taxable persons registered under section 8  Consolidated details of quarterly returns filed along with tax payment details.  Due date of return filing is 31st December of next Fiscal year
  27. GSTR-5 Return file by the Non-Resident  Non-Resident foreign taxpayers would be required to file GSTR-5 for the period for which they have obtained registration within a period of 7 days after the date of expiry of registration.  In case registration period is for more than one month, monthly return(s) would be filled, in that case due date shall be 18th of Succeeding month.  In this return HSN/SAC code should be mention because these are classify the transaction as a sales and purchase of goods and services.
  28. GSTR 5 Continue…  Furnish details of imports, outward supplies, ITC availed, tax paid, Monthly Retrun and closing stock 20th of succeeding month or within 7 days after the expiry of registration  The registration format to be used will be the same as that for UN Bodies/Embassies.
  29. GSTR-6 Return for Input Service Distributor
  30. GSTR-6 Return for Input Service Distributor  This return will be filed by the Input Service Distributors within 15 days after end of the month.  In this return form input service distribution ledger will be maintained.  In this ledger credit of CGST, SGST, IGST will maintain separately of each tax amount
  31. GSTR-6A Return for Input Service Distributor  Details of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 and GSTR 5.  This return will be filed by the Input Service Distributors within 11 days after end of the month.
  32. GSTR 7 Return for authorities deducting tax at source
  33. GSTR 7 Return for authorities deducting tax at source  Tax deductor will be liable to file this TDS return within the 10 days after end of the month.  This return form is almost similar to TDS return of income tax (26Q/24Q etc).  it is for the TDS on supplies and will contain the details of supplier along with the invoices against which the tax is deducted.  In this return deductee information and transaction information is mention with the related challan in which the TDS amount is paid to department.
  34. GSTR 7 Continue…. This return would capture the following information 1. Basic details of the Taxpayer i.e. Name along with GSTIN 2. Period to which the Return pertains 3. Details of GSTIN of the Supplier along with the invoices against which the Tax has been deducted. This will also contain the details of tax deducted against each major head i.e. CGST, SGST and IGST. 4. Details of other payments - Interest/Penalties/Fee/Others, etc. (This will be auto populated from the Debit entry in Cash ledger) 5. Late filing would be permitted on payment of late fees only.
  35. GSTR 8 TCS RETURN FOR E-COMMERCE OPERATORS  Every e-Commerce operator who has to collect tax at source will have to furnish a statement in FORM GSTR-8.  The details so furnished by the operator will be made available electronically to each of the suppliers in Part D of FORM GSTR- 2A(which is a mere auto population of counter-party i.e supplier’s GSTR1 where supplier must have disclosed his sales) on the Common Portal after the due date of filing of FORM GSTR-8  GSTR 8 (statement for e-commerce operator) to be furnished by the 10th of the month succeeding the tax period  An e-commerce portal supplying goods through his own portal shall not be required to file this return in respect of such supplies.
  36. GSTR 8 Continue….  Details to be furnished in GSTR 8 statement for e- commerce operator  Details of the supplies to registered Taxable Persons made through the e-commerce operator  Amendment to Details of the supplies to registered Taxable Persons made through the e-commerce operator  Details of the supplies to unregistered persons made through the e-commerce operator  Amendment to details of the supplies to unregistered persons made through the e-commerce operator  Tax Collected at Source (TCS) Details  Liability payable and paid
  37. GSTR 10 Final Return  Applicable in case of surrender or cancelation of Registration  Details to be furnished : Inputs and capital Goods held, Tax paid and Payable  To be submitted with in 3 months of cancellation of registration.
  38. GSTR 11 Government Department and United Nations Bodies  Details of inward supplies to be furnished by a person having UIN  Return to be furnished by 28th of the month following the month for which statement is filed  GSTR 11 -Inward Supplies statement for UIN -Unique Identity Number- is to be furnished by the persons holding UIN w.r.t. the inward supplies made during the month for consumption or use.  GSTR 11 to contain details of purchases made for consumption or use (other than for the purpose of making outward supplies)
  39. Non-Filers & Late-Filers  In case of failure by the taxpayer to submit periodic returns, a defaulter list will be generated by the IT system by comparing the return filers with the registrant database. Such defaulter list will be provided to the respective GST Authorities for necessary enforcement and follow up action.  GST Common Portal can auto generate and send the notice to all non-filers (being done by many State VAT authorities) in the form of email and SMS. Jurisdictional tax authorities can get the same printed and dispatch such notices. The details of non-filers shall be made available on the dash board of jurisdictional officers.
  40. Non-Filers & Late-Filers  Where taxable person fails to furnish the return, a notice shall be issued to him requiring to furnish the such return with in such time and manner as specified ( GSTR 3A)  In case of Registered dealer fails to furnish return Rs. 100 per day subject to maximum Rs. 5,000/-  In other case, Quarter percent of hi aggregate turnover .
  41. Short-Filers  As per the requirement of the IGST model, Return should be allowed to be filed only on payment of due tax as self- assessed and declared in the return.  It has, however, been decided that e-Return should be allowed to be uploaded even in case of short payment for the limited purpose of having the information about self- assessed tax liability even though not paid.  Any invalid return (including the one not supported by full payment) will merely be recorded with unique transaction ID, but not accepted in the system, and that aspect will be made known to the taxpayer at the time of communicating the ID itself.
  42. Acknowledgement:  On submission of return, an Acknowledgement Number will be auto generated. The acknowledgement number is the conclusive that a return is duly filed but it is not conclusive evidence that a valid return has been filed.  In such cases, initially a Transaction ID confirming receipt of data will be conveyed to the taxpayer, (as also envisaged in case of filing of short paid / non –paid return). Final acknowledgement of receipt of return will be generated after validation of data is completed, which will also lock-in the Transaction ID.  The acknowledgement of e-return would contain the following details:  Return acknowledgement number, Date and Time  Transaction ID No., Date and Time  GSTIN of taxpayer,Relevant tax period details  Gross Supplies, Taxable Supplies and Tax paid / refund claimed (CGST, SGST, IGST and Additional tax separately) during the Return period
  43. SUMMARY
  44. Summary GSTR Registered taxable person shall furnish Due Date GSTR1 Return for outward supplies made by taxable person (other than compounding taxpayer and ISD) 10th of the next month GSTR- 2A Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier 11th of succeeding Month GSTR 2 Return for inward supplies received by a taxable person (other than a compounding taxpayer and ISD) 1 5th of the next month GSTR- 1A Details of outward supplies as added, corrected or deleted by the recipient in Form GSTR-2 will be made available to supplier 20th of the next month. GSTR- 3A Monthly return of outward supply, inward supply , ITC availed, Tax paid and Tax payable (other than compounding taxpayer and ISD) 20th of the next month. GSTR- 9 Annual Return – furnish the details of ITC availed and GST paid which includes local, interstate and import/exports. 31st Dec of next fiscal
  45. GSTR-4 Quarterly return for compounding taxpayer 18th of the month next to quarter. GSTR- 4A Details of inward supplies made available to the recipient registered under composition scheme on the basis of Form GSTR-1 furnished by the supplier - GSTR- 9A Furnish the consolidated details of quarterly returns filed along with tax payment details. 31st Dec of next fiscal Foreign Non-Resident Taxpayer GSTR-5 details of imports, outward supplies, ITC availed, tax paid, and closing stock 20th of succeeding month or within 7 days after the expiry of registration Composite Tax Payer
  46. GSTR-5 details of imports, outward supplies, ITC availed, tax paid, and closing stock 20th of succeeding month or within 7 days after the expiry of registration Foreign Non Resident Tax Payer Input Service Distributers GSTR-6 details of input credit distributed 13th of the next month GSTR-6A Details of inward supplies made available to the ISD recipient on the basis of Form GSTR-1 furnished by the supplier 11 th of succeeding month
  47. Tax Deductor GSTR-7 details of TDS deducted 10th of succeeding month GSTR-7A TDS Certificate TDS certificate made available monthly E-commerce TCS GSTR 8 supplies effected through e-commerce operator and the amount of tax collected on supplies 10th of succeeding month
  48. Agreegrate T.O. > 1 crore GSTR-9B Reconciliation Statement – audited annual accounts and a reconciliation statement, duly certified. Annual, 31st Dec of next fiscal Final return GSTR-10 details of inputs and capital goods held, tax paid and payable. Within 3 months of cancellation of registration Government Departments and United Nation Bodies GSTR-11 inward supplies to be furnished by a person having UIN 28th of succeeding month
  49. Thank You!
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