1. Anti-Profiteering Provisions
Half-Day Session on
GSTR-1 & 2
and
Anti-Profiteering Provisions
Under GST
Presentation by
DS Mahajani, ACMA
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2. GSTR-1 & GSTR-2 Return
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3. GSTR-1 / Return of Outward Supply
Major Components :
Part 1 to 4 - General Information;
Part 5 - Taxable Outward Supplies to a registered person;
Part 5A - Amendment to details of Outward supplies to a registered person of earlier periods;
Part 6 - Taxable outward Inter-state supplies to a consumer where Invoice value is more than Rs.2.5 lakh;
Part 6A – Amendment to details of Taxable outward Inter-state supplies to a consumer of earlier periods where Invoice value is more than Rs.2.5 lakh.
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4. GSTR-1 / Return of Outward Supply
Major Components (Contd.)
Part 7 - Taxable outward to a consumer [Other than Part 6 above];
Part 7A – Amendment to details of Taxable outward to a consumer of earlier periods;
Part 8(1) – Details of Credit / Debit Notes issues to regd tax payers including B2C;
Part 8(1A) – Amendment to details of Credit / Debit Notes issues to regd tax payers in earlier periods including B2C;
Part 8(2) – Details of Credit / Debit Notes issues to unregistered taxpayers other than B2C;
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5. GSTR-1 / Return of Outward Supply
Major Components (Contd.)
Part 8(2)(A) - Amendment to details of Credit / Debit Notes issues to unregistered taxpayers in earlier periods;
Part 9 - Nil rated, exempt and Non-GST supplies;
Part 10 - Supplies Exported (incl. deemed exports);
Part 10A - Amendment to Supplies Exported (incl. deemed exports);
Part 11 – Tax liability arising on account of Time of Supply without issuance of invoice in the same period;
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6. GSTR-1 / Return of Outward Supply
Major Components (Contd.)
Part 11A - Amendment to Tax liability arising on account of Time of Supply without issuance of invoice in the same period;
Part 12 - Tax already paid (on advance receipt) on invoices issued in the current period;
Part 13(1) – Details of inputs / capital goods removed for job-work;
Part 13(1)A – Amendment of details of inputs / capital goods removed for job-work;
Part 13(2) – Details of inputs / capital goods received back for job-work;
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7. GSTR-1A - AUTO DRAFTED DETAILS OF GSTR-1
GSTR-1 / Return of Outward Supply
Major Components (Contd.)
Part 14 - HSN / SAC Summary of Outward supplies;
Part 15 - Invoices issued during the tax period including invoices issued in case of inward supplies received from unregistered person under Reverse Charge;
GSTR-1A - AUTO DRAFTED DETAILS OF GSTR-1
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8. GSTR-2 / Return of Inward Supply
Major Components :
Part 1 to 3 - General Information;
Part 4 – Inward Supplies from Regd Taxable Person incl. received from unregd. Person;
Part 4A - Amendment to details of Inward supplies received in earlier periods;
Part 5 – Import of Goods;
Part 5A – Amendment in Import of Goods of earlier periods ;
Part 6 - Import of Services;
Part 6A – Amendment in Import of Services of earlier periods ;
Part 7 – Details of Credit / Debit Notes;
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9. GSTR-2 / Return of Inward Supply
Major Components (Contd.)
Part 7A - Amendment to details of Credit / Debit Notes of earlier periods;
Part 8 – Suppliers received from Composition taxable person / unregd. Person other than exempt/nil/Non-GST supplies;
Part 9 - ISD credit received for eligible ITC;
Part 9A - ISD credit received for ineligible ITC;
Part 10(1) – TDS Credit Received;
Part 10(2) – TCS Credit Received;
Part 11 – ITC Received on an Invoices on which partial credit availed earlier;
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10. GSTR-2 / Return of Inward Supply
Major Components (Contd.)
Part 12 – Tax Liability under Reverse Charge arising on account of out time of supply without receipt of invoice;
Part 12A – Amendment in Tax Liability under Reverse Charge arising on account of out time of supply without receipt of invoice;
Part 13 – Tax already paid under Reverse Charge in earlier periods on account of time of supply for which invoices issued in current period;
Part 14 – ITC Reversal;
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11. GSTR-2 / Return of Inward Supply
Major Components (Contd.)
Part 15A – Details of Invoices for which payment has not been made within three months from the date of invoice and ITC taken added as output tax;
Part 15B – Details of Invoices reported in Part15A above for which payment has been made and output tax liability reduced;
Part 16 – HSN/ SAC summary of Inward Supplies;
GSTR-2A - AUTO DRAFTED DETAILS OF GSTR-2
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12. Anti-profiteering measure
[Section 171 of CGST Act]
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13. Anti-profiteering measure
Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices.
The Central Government may, on recommendations of the Council, by notification, constitute an Authority to examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him;
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14. Anti-profiteering measure
From Govt/Tax Dept’s perspective;
To curb cartelization and price manipulation after implementation of GST
From Business perspective ;
From Cost Accountant’s perspective
Cost Accountant can be connecting link between Business and Tax Dept.
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15. Q & A Thank you Cell : +91 98 256 00 655 E-mail : DSMAHAJANI@YAHOO.COM
Blog :
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