Before we discuss the GST Returns we have to check a brief overview of act and rules. The main theme of our topic is Category of Return filers including special returns. Every CA Aspirants need to learn about the Content, Relationships and data flow of returns. Here we can also explain the Mismatches and credit reversal, late fees and penalties.
The Basic Features of GST Returns
- 100 Percentage Electronic filing
- All India common portal for filing
- Common return for both state or Union Territory, CGST and IGST.
- Uploading of invoice level information.
- Auto population of information relating to Input Tax Credit ITC, Based on the return filed by Supplier.
- Auto Reversal of ITC in Case of Mismatch
- The eco System of GSPs (GST Suvidha Providers) that will Integrate with Common Portal.
|Section of CGST/SGST Act||Corresponding Rule|
|Details of Outward Supply||59|
|Details of Inward Supply||60 and 82|
|Returns ( Forms and Manner)||61 to 67|
|First Return||Not Required|
|A claim of Input Tax Credit and Provisional Acceptance||69 to 79|
|Matching, Reversal, and Reclaim of ITC||“|
|Liken, Contrary and Reclaim of Reduction in output Tax Liability||“|
|Notice to Return Defaulters||68|
|Late Fees||Not Required|
|GST Practitioners||83 and 84|
Provisions of Returns, Other than Late Fee, Under CGST Act have also been made applicable to IGST Act vide Section 20 of the IGST Act.
Section 37 – Key Takeaways
- Every registered taxable person to furnish details of outward supply electronically by the 10th of the following month. There is a chance of extension of due date for a certain class of persons.
- No outward supply details can be uploaded from 11th to 15th of the following month.
- To Accept or Reject details of inward supply Entered by recipient during the 16th and 17th of the following month – Form 1A.
- To Rectify Error/Omission, Due to mismatch for any previous tax periods – Last Date:- earlier of the filing date of annual return or next September return.
Section 38 – Key Takeaways
- The registered taxable person has a need to verify, Validate, Modify or Delete details of Outward Supply ..etc. Furnished by Supplier u/s 37 – Form 2A.
- They will prepare and include details of inward supply not declared by the supplier Under Section 37.
- Making electronic information of inward supplies covered by reverse charge Import.
- Work can be done from 11th to 15th of the following month only.
- To Rectify error/omission, due to mismatch for any previous tax periods – Last Date:- earlier of the filing date of annual return or next September return.
Section 39 – Key Takeaways
Separate monthly returns For TDS (Tax Deducted at Source), TCS (Tax Collected at Source), ISD, Non-Resident and Normal Supplies. Quarterly returns for composition Suppliers.
- All Taxes to be mandatorily paid before filing of return.
- The return of previous tax periods is not pending.
- Compulsory filing of NIL Returns ( All of them).
- May Rectify error/omission, for any previous tax period, except as a result of scrutiny, audit, inspection or enforcement – Last Date:- Earlier of the filing date of annual return or next September return.
Rule 61(5): Form 3B
- Where the time limit for furnishing of
- Form GSTR 1 And GSTR 2 has been extended
- Commissioner may, by notification, specify that return
- Commissioner may also specify the manner and any additional conditions.
Rule 61(6): Form 3B
Where a return in Form GSTR 3B has been furnished after the due date of FORM GSTR 2.
- Part A of the return in FORM GSTR – 3 shall be electronically generated on the basis of information furnished through Form GSTR 1, Form GSTR 2 and based on other liabilities of preceding tax periods and PART B of the GSTR 3. Shall be electronically generated on the basis of the return in FORM GSTR 3B Furnished in respect of the tax period.
- The registered person shall modify PART B of the return in FORM GSTR 3 based on the discrepancies If any between the return in FORM GSTR 3B and the return in FORM GSTR 3 and discharge his tax and other liabilities if any
- Where the amount of input tax credit in FORM GSTR 3 Exceeds the amount of input tax credit in terms of FORM GSTR 3B.