Study Circle Meeting on GST Returns Under GST and Matching Input Tax Credit Study Circle Meeting on GST Cochin Chapter of Institute of Cost Accountants of India

Who needs to file Return in GST? Every registered dealer is required to file return for the prescribed tax period. A Return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return; Persons engaged exclusively in the business of supplying goods and/or services that are not liable to tax or wholly exempt from tax or an agriculturalist doing agricultural activity would neither be required to obtain registration nor required to file returns under the GST law. [Refer: Schedule V clause 2 (a) & 2 (b)] Every person who has been issued a Unique Identity Number shall furnish details of Inward Supplies [Refer: Sec 23 sub sec 7]

Salient Features of GST Returns Filing of returns would only be through Electronic mode. Facility of online and offline generation and preparation of returns will also be available. The returns prepared in the offline mode will have to be uploaded. There will be common e-return for CGST, SGST, IGST A registered Tax Payer shall file GST Return at GST Common Portal either by himself or through his authorized representative; There would be no revision of Returns. Changes to be done in subsequent Returns

“Returns” deals under GST… Sections 32 to 43 (Chapter – VIII) of revised Model GST Law released in November 2016. Draft Goods and Service Tax Return Rules, 20-- published in June 2016 Returns can be broadly classified based on type of Dealers Regular Dealer Composite Tax payer Foreign Non – Resident Tax Payer Input Service Distributor Tax Deductor E - Commerce Operator Special Cases

Regular Dealer Form Type Frequency Due Date Details to be Furnished Form GSTR-1 Monthly 10th of succeeding month Furnish details of outward supplies of taxable goods and/or services affected. [Sec 32 read with Rule 1] Form GSTR-2A On 11th of succeeding Month will be made available Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier. [Sec 33 read with Rule 2] Form GSTR-2 15th of succeeding month Details of inward supplies of taxable goods and/or services for claiming input tax credit. Addition (Claims) or modification in Form GSTR-2A should be submitted in Form GSTR-2. [Sec 33 read with Rule 2] Form GSTR-1A 20th of succeeding month will be made available Details of outward supplies as added, corrected or deleted by the recipient  in Form GSTR-2 will be made available to supplier. [Sec 32 read with Rule 1] Form GSTR-3 20th of succeeding month Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. [Sec 34 read with Rule 3] Form GST ITC-1 — Communication of acceptance, discrepancy or duplication of input tax credit claim. [Sec 37 read with Rule 11 & 12] Form GSTR-9 Annually 31st Dec of next fiscal Annual Return – furnish the details of ITC availed and GST paid which includes local, interstate and import/exports. [Sec 39]

Composite Tax Payer [Sec 9] Return Type Frequency Due Date Details to be Furnished Form GSTR-4A Quarterly — Details of inward supplies made available to the recipient registered under composition scheme on the basis of Form GSTR-1 furnished by the supplier. [Sec 34 read with Rule 4] Form GSTR-4 18th of succeeding month Furnish all outward supply of goods and services. This Form includes auto-populated details from Form GSTR-4A, tax payable and payment of tax. Form GSTR-9A Annual 31st Dec of next fiscal Furnish the consolidated details of quarterly returns filed along with tax payment details. [Sec 39] Foreign Non-Resident Taxpayer [Sec 2(68) Read with Sec 24] Return Type Frequency Due Date Details to be Furnished Form GSTR-5 Monthly 20th of succeeding month or within 7 days after the expiry of registration whichever is earlier Furnish details of imports, outward supplies, ITC availed, tax paid, and closing stock [Sec 34 read with Rule 5]

Input Service Distributor [Sec 2(54) Read with Sec 21] Return Type Frequency Due Date Details to be Furnished Form GSTR-6A Monthly 0n 11th  of succeeding month will be made available Details of inward supplies made available to the ISD recipient on the basis of Form GSTR-1 furnished by the supplier. [Sec 34 read with Rule 6] Form GSTR-6 13th of succeeding month Furnish the details of input credit distributed Tax Deductor [Sec 46] Return Type Frequency Due Date Details to be Furnished Form GSTR-7 Monthly 10th of succeeding month Furnish the details of TDS deducted [Sec 34 read with Rule 7] Form GSTR-7A TDS certificate to be made available for download TDS Certificate – capture details of value on which TDS is deducted and deposit on TDS deducted into appropriate Govt. E- Commerce Operator [Sec 56] Return Type Frequency Due Date Details to be furnished Form GSTR-8 Monthly 10th of succeeding month Details of supplies effected through e-commerce operator and the amount of tax collected on supplies. [Sec 34 read with Rule 8]

Aggregate Turnover Exceeds 1 crore Return Type Frequency Due Date Details to be furnished Form GSTR-9B Annually Annual, 31st Dec of next fiscal Reconciliation Statement – audited annual accounts and a reconciliation statement, duly certified. [Sec 39 read with Rule 21] Final return For taxable person whose registration has been surrendered or cancelled Return Type Frequency Due Date Details to be furnished Form GSTR-10 Monthly Within 3 months of cancellation of registration Furnish details of inputs and capital goods held, tax paid and payable. [Sec 40 read with Rule 22] Government Departments and United Nation Bodies Return Type Frequency Due Date Details to be furnished Form GSTR-11 Monthly 28th of succeeding month Details of inward supplies to be furnished by a person having UIN [Rule 23] Form GSTR-3A Notice to a registered taxable person who fails to furnish return under section 34, 39 and section 40, ie Monthly/Quarterly return, Annual Return and Final Return [ Sec 41 read with Rule 9]

Levy of Late Fee – Sec 42 Liable to pay late fee for Rs.100/- per day for which such default continue Maximum is Rs.5000/- Fails to file on or before due date 1. GSTR 1 – Outward supplies – Sec 32 2. GSTR 2 – Inward supplies – Sec 33 3. GSTR 3, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9 – Periodic Returns – Sec 34 4. GSTR 10 – Final Return – Sec 40 Maximum is 0.25% of turnover in the state Fails to File Annual Return – Sec 39

Modus Operandi of Matching Input Tax Credit Declaration of details of outward supplies in GSTR-1 of Supplier Auto-population of details of ITC in GSTR-2A of Recipient Verification, Validation, modification or deletion of auto-populated ITC by Recipient Ascertainment of eligible ITC and uploading of details of GSTR-2 by Recipient Ascertainment, Filing of Return GSTR-3 and payment of Net GST Communication of acceptance, discrepancy or duplication of input tax credit claim through ITC - 1 Correction of statement by supplier and recipient as the case may be Final Acceptance

Matching, Reversal and Reclaim of input tax credit [Sec 37] read with Rule 10, 11 & 12

Matching, Reversal and Reclaim of input tax credit [Sec 37] read with Rule 10, 11 & 12

Matching, Reversal and Reclaim of input tax credit [Sec 37] read with Rule 10, 11 & 12

Matching, Reversal and Reclaim of input tax credit [Sec 37] read with Rule 10, 11 & 12

Thank you Padmakumar V A

Details to be furnished in GSTR - 1

Details to be furnished in GSTR - 2

Details in GSTR - 3