Returns under GST
- Returns are an important aspect of GST as the control over tax paid and Input Tax Credit availed is on the basis of returns filed by the taxable person.
- The returns are to be filed electronically.
- A taxable person other than an ISD, composition scheme payer, non-resident taxable person, those governed by by section 51 (TDS) or section 52 (TCS), has to first furnish details of outward supplies within 10 days from the close of the month in form GSTR 1. These details will be made available to the respective recipients in Part A of Form GSTR 2A/4A/6A who can make corrections if required. The amended form can either be accepted, modified or rejected by the supplier in form GSTR 1A and this will be the final submission.
- Currently, businesses with turnover upto 1.5 Crore are allowed to file GSTR 1 on a quarterly basis while businesses with turnover exceeding 1.5 Crore are required to follow the monthly filing of GSTR 1. Click here for the current extension in the due dates for GSTR 1.
- Details of inward supplies are to be submitted in form GSTR 2 within 15 days from the close of the month. Besides other details, the eligibility and quantum of Input Tax Credit available shall also be provided.
- In case of unmatched transactions, the registered person shall rectify such error or omission in such manner as may be prescribed and shall pay the balance tax and interest if any.
- Every registered taxable person other than those mentioned in 3 above shall file a monthly return by 20th of the close of the month in Form GSTR 3. Part A of the return shall be electronically generated on the basis of information furnished through GSTR 1 and GSTR 2. The registered person shall discharge the tax liability or claim the refund and include the details in Part B of the return.
- Currently, all businesses are allowed to file a simple monthly return in Form 3B for the period July 2017 to March 2018 in lieu of GSTR 3. The due date however, remains the same i.e., before the 20th of the next month.
- A person registered under the composition scheme shall, after corrections, etc., in Form GSTR 4A, furnish a quarterly return in Form GSTR 4 before 18th of the month succeeding the quarter. Such person shall discharge his liability towards tax, interest, penalty, fees, etc., by debiting the electronic cash ledger as he cannot utilize Input Tax Credit.
- Provision to file a revised return for corrections, short payments, etc., is available till September following the end of the financial year or the date of filing the annual return, whichever is earlier.
- A registered person shall not be allowed to furnish a return for a tax period if the return for any of the previous tax periods has not been furnished by him.
- Taxable suppliers of both goods and services are required to file annual returns before 31st December of the next financial year, electronically, in Form GSTR 9. (Form GSTR 9A for a person paying tax under the composition scheme).
- Every registered person whose aggregate turnover during a financial year exceeds ₹2 crore shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement duly verified.
- Annual return is not required to be filed by:
Input Service Distributor
Person paying TDS under section 51
E-commerce operator paying TCS under section 52
Casual Taxable Person
Non-resident taxable person
- Every registered taxable person (subject to exceptions stated in 3 above) whose registration has been cancelled shall furnish a return within 3 months of the date of cancellation or date of cancellation order, whichever is later, in Form GSTR 10.
- Following are the forms for the special categories:
Non-resident taxable person – Form GSTR 5 | due date 20th of next month
Input Service Distributor – Form GSTR 6 | due date 13th of the month succeeding quarter
Person paying TDS under section 51 – Form GSTR 7 | due date 10th of next month
E-commerce operator paying TCS under section 52 – Form GSTR 8 | due date 10th of next month
Revised due dates for GSTR 1
Quarterly due dates for businesses with turnover upto 1.5 crore
Period: July to September 2017 | Due date: 31st December 2017
Period: October to December 2017 | Due date: 15th February 2018
Period: January to March 2018 | Due date: 30th April 2017
Monthly due dates for businesses with turnover exceeding 1.5 crore
Period: July to October 2017 | Due date: 31st December 2017
Period: November 2017 | Due date: 10th January 2018
Period: December 2017 | Due date: 10th February 2018
Period: January 2018 | Due date: 10th March 2018
Period: February 2018 | Due date: 10th April 2018
Period: March 2018 | Due date: 10th May 2018
- An application in Form GST PCT 1 may be made to the authorised officer for enrollment as a GST Practitioner by any person who satisfies the following conditions:
He is a citizen of India
He is a person of sound mind
He is not adjudicated as insolvent
He has not been convicted by a competent court for an offence with imprisonment not less than two years
- The GST Practitioner should have any of the following qualifications:
a. Retired officer of the Commercial Tax Department of State Government, or of the CBEC, Department of Revenue, Government of India, who during his service held a post not lower than a Group B gazetted officer for a period of not less than 2 years.
b. A Tax Return Preparer or a Sales Tax Practitioner registered for a period of not less than 5 years.
c. A graduate or postgraduate in Commerce, Law, Banking including Higher Auditing, or Business
Administration or Business Management from any Indian University or a recognized Foreign University.
d. He has passed examination and/or is a member of CA, CMA or CS Institute.
- On receipt of the application, the officer shall either enroll the applicant and issue a certificate in form GST PCT 2 or reject the application where it does not qualify.
- If any GST Practitioner is found guilty of misconduct, the authorised officer may disqualify such person after providing him a reasonable opportunity to be heard.
- A list of the enrolled GST Practitioners will be maintained on the Common Portal.
- A registered taxable person may authorise a GST Practitioner to do the following on his behalf:
a. Furnish details of outward and inward supplies
b. Furnish monthly, quarterly, annual or final return
c. Make payments for credit into the electronic cash ledger
d. File a claim for refund
e. File an application for amendment or cancellation of registration
f. Appear before any authority in connection with any proceeding under the Act.
However, the responsibility for correctness of any particulars furnished by the GST Practitioner shall continue to rest with the registered person on whose behalf such details are furnished.