GST Return

Every Registered taxable person must furnish every calendar month in prescribed form and manner, an electronic return

  • 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

A return furnished by the registered taxable person without payment of full tax due as per the return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person

Dual GST Structure – CGST, SGST & IGST

India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.

Centre will levy and administer CGST & IGST while respective states will levy and administer SGST

GST Return : Type of Return, Due Date, and Forms

Type of Transaction Tax to be levied
Intra-State Transactions 1. CGST (Central Goods and Services Tax)
2. SGST (State Goods and Services Tax )
Inter-State Transactions IGST (Integrated Goods and Services Tax)

It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST (SGST). Similarly, Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services.

GST Online Return Filing Forms in India:

The government has introduced GST Return Forms in India for GST return filing. The Govt has introduced 8 GST return forms named as GSTR-1 to GSTR-8.

Form GSTR-1 (Sales Register):

Form GSTR-1 is for Sales Register. Here the taxpayer entity can enter the detailed date of Sale of Goods or services. It is important to classify the goods or services with his SAC or HSN code. The SAC or HSN code will identify the nature of transaction.

In Form GSTR-1, details of transactions worths Rs. 2,50,000 or more are to be mentioned with details. These details are asked to prevent the black money transactions.

Download-form-GSTR-1


Form GSTR-2 (Purchase Register):

Form GSTR-2 is a comprehensive Purchase Register. here the taxpayer entity has to record the details of purchase of Goods or Services.

Download-form-GSTR-2


Form GSTR-3 (Monthly Return Form):

When you have entered all required data in Form GSTR-1 and GSTR-2, your time consuming part is over. Because in Form GSTR-3 you will rarely need to fill other information. As It picks up data from Form GSTR-1 and GSTR-2.

  • You will have to enter Only adjustment entries and challan information.
  • Here cash ledger (tax deposit in cash and TDS/ TCS) will made separately for CGST , SGST and IGST.

Download-Form-GSTR-3


Form GSTR-4 (Quarterly Return for Compounding Dealers):

  • This Form is for Quarterly return filled by the compounding dealer. As per draft GST law the assesses whose turnover is less than Rs. 50 lacs and there is no interstate transaction, is liable to file return on and before 18th of the month after the quarter.
  • In this Form, data will be automatically populated after filing of GSTR-1.

Download-Form-GSTR-4


Form GSTR-5 (Return Form for Non-Residents):

  • Form GSTR-5 is a monthly return form filed by the non –resident within 18th day after end of the month and within the 7 days after expiry of registration.
  • In this return HSN/SAC code should be mention because these are classify the transaction as a sales and purchase of goods and services.

Download-Form-GSTR-5


Download-Form-GSTR-6

  • Form GSTR-6 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.

Download-Form-GSTR-6


Form GSTR-7 (TDS Return):

  • The 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) as in this return deductee information and transaction information is mention with the related challan in which the TDS amount is paid to department.

Download-Form-GSTR-7


Form GSTR-8 (Annual Return):

  • Form GSTR-8 is to be filed on or before 31st December of the next financial year. Form GSTR-8 is for Annual return.
  • In Form GSTR-8, the total annual returns information will be provided and the same will be matched by the department with the monthly /quarterly return filled by the assesse.
  • In Form GSTR-8, information about the Auditors will also be sumitted.
  • In this return all the transaction will bifurcated within goods and services. This bifurcation should be match with the HSN/SAC code given by the assessee in his monthly/ quarterly return.

Download-Form-GSTR-8


Return Filing Requirements for Regular Taxpayers – 3 Monthly Return and 1 Annual Return

Return Due Date Form
Outward Supplies 10th of next month GSTR -1
Inward Supplies 15th of next month GSTR-2
Summary return for all taxable persons except specified herein under 20th of next month GSTR-3
Composition Person 18th of next month following end of quarter GSTR-4
Periodic return by non-resident foreign taxpayer Last day of registration GSTR-5
Input Service Distributor 13th of next month GSTR-6
Tax Deductor 10th of next month GSTR-7
Annual Return 31st December following F.Y. GSTR-8
Final return 3 months from date of cancellation or order of
cancellation whichever is later (to include all
transactions from last return to date of cancellation)

Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any corrections (additions, modifications and deletion) in Form GSTR-2A and submission in Form GSTR-2 by 15th of the subsequent month.The corrections (addition, modification and deletion) by the recipient in Form GSTR-2 will be made available to supplier in Form GSTR-1A. The supplier has to accept or reject the adjustments made by the recipient. The Form GSTR-1 will be amended according to the extent of correction accepted by supplier.

The special feature of GST is that the final input credit is available only if the inward details filed by the recipient are matched with the outward details furnished by the supplier in his valid return.

For this purpose, the auto-populated details of outward supplies and inward supplies will be made available in the following manner:

GSTR 1A (Outward Supplies – effects of changes made by recipient) : Details of outward supplies as added, corrected or deleted by the recipient in Form GSTR-2 will be made available to supplier ( by 20th of the next month after filing GSTR-1)

GSTR-2A: (Inward Supplies – information furnished by suppliers) The details of inward supplies will be auto-populated on the basis of the details furnished by the counterparty supplier in his GSTR-1. (by 11th of the next month before filing GSTR-2)

On 20th, the auto-populated return GSTR-3 will be available for submission along with the payment. After the due date of filing the monthly return Form GSTR-3, the inward supplies will be matched with the outward supplies furnished by supplier, and then the final acceptance of input tax credit will be communicated in Form GST ITC-1.

Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated in Form GST ITC-1. Discrepancies not ratified will be added as output tax liability along with interest. However, within the prescribed time, if it is ratified, the recipient will be eligible to reduce this output tax liability.

GST EXEMPTION LIST

  • The Centre and states have already agreed to a five-slab structure for GST rates — 5, 12, 18 and 28%, as well as a cess of 28% on sin and luxury goods such as tobacco, big cars and aerated drinks. The cess is likely to be in proportion to duties attracted by these items currently.

  • About 80 items are likely to make it to the exemption list under the proposed goods and services tax (GST), including grains, green coconut, poha, unprocessed green tea leaves, and non-mineral water.

  • Items such as coffee and processed foods like biscuits, Rusk, butter and cheese currently exempted from excise duty, may draw GST.

  • There are currently around 300 items in the exemption list from central excise duty and 90 from the states value added.

  • The government has been pruning the excise exemption list for quite some time. From 542 items in 2011, it has come down 300 items.

  • It should be noted that some petroleum products would come under zero rate till the time the GST Council decides to bring them under GST rates. This means that the state will continue to impose VAT and the Centre excise duty on these items.

  • Zero rated is different from exemption as input credit is given in case an item is zero rated. Or in other words, items drawing zero rates are in the GST chain.

  • This blog contains information on the current available GST Model only. The intention of the blog is to only give an overview of the Model Law. The Model is still being updated; any changes to the information will be fully available after the updates are announced.

SALIENT FEATURES RELATED TO RETURNS

1) Compulsory electronic filing of returns.

2) The Board/Commissioner may, for valid and sufficient reasons, by notification, extend the time limit for furnishing such details.

3) Rectification of error/omission in respect of returns filed can be done before filing of return for the month of September following the year of which the details pertain or before furnishing of Annual return, whichever is earlier. Hence the existing time limit of revision of 30 days from the date of filing original return is extended to such extended period.

4) There will be separate tables for submitting details relating to import of Goods/Capital Goods from outside India and for the services received from outside India unlike the current system where only the value of imports are provided.

5) Upon preparation of GSTR-2, details of supplies shown by the relevant suppliers will be auto populated in assessee’s return. The assessee is required to verify, validate, modify or even delete – the details furnished by the suppliers.

6) Separate field to capture ITC on Capital goods to be availed on installment basis.

7) Auto-Population in this return from GSTR-1 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.

8) Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees.

9) A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.

10) Input tax credit is eligible only after filing a valid GST return.

11) Refund of interest on mismatch is receivable as interest by the recipient of goods if the supplier later on revises his return and reconciles the sales. However refund of interest cannot exceed the interest paid by the supplier of goods.

12) Annual return to be furnished by 31st December following the respective year.

13) Input Service distributor, deductor of tax, casual taxable person and Non-Resident taxable person are not required to furnish annual return.

14) Final return to be furnished by supplier within 3 months of cancellation of registration or receipt of cancellation order, whichever is later.

15) Late filing fees shall be Rs. 100 per day of delay (maximum INR 5000/-). For annual return, late filing fees shall be Rs. 100 per day of delay (maximum 0.25% of aggregate turnover)

Learning Center for GST

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