GST Return

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.

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)