Types of Returns
- A Regular person needs to file 3 returns /statements in a month (GSTR-1 for sales,GSTR-2 for purchases, & GSTR-3 for calculation of output taxand payment)
- An Input Service Distributor (ISD) needs to file monthly details of credit distributed in GSTR6 by 13th of next month.
- A composition dealer needs to file quarterly return in GSTR4, by 18th of following month.
- Person required to deduct TDS has to furnish monthly details of TDS deducted in GSTR7 by 10th of next month.
- Ecommerce operator is required to collect TCS and file monthly details in GSTR8 by 10th of next month.
Credit Matching System
- Provisional Credit
At first, every person is entitled to input tax credit on self assessment basis.
Each credit is matched with corresponding detail of outward supply filed by all the sellers.
- Final Credit
Finally, claim of ITC is either accepted or a report of mismatch is communicated to both the parties.
DATA RELEVANT FOR RETURN
1. For Sale to Registered Person
� Invoice level details to be furnished for all sales (i.e. interstate /Intrastate)
2. For Sale to UnRegistered Person
- Interstate sales (i.e. outside state) –
� Invoice level details for Invoice value > Rs. 2.5 Lakhs
� State wise Consolidated total sales for each rate of tax for Invoice value < Rs. 2.5 Lakhs
- Intrastate Sales (i.e. within state) – Consolidated total sales for each rate of tax.
PROCESS OF TAKING PROVISIONAL CREDIT
|GSTR1||Seller||Furnish Details of all the Sales|
|10th – 13th||GSTR2A||Buyer|| Verify/Modify the purchases i.e.
auto populated according to details
furnished by various sellers.
|GSTR2||Buyer||Furnish Details of Sales + Tax payable
under RCM + Dr/Cr. notes
|15th – 17th||GSTR1A||Seller||Accept/Reject the changes made by
buyer in his return (GSTR2) if any.
|GSTR3|| Seller +
|Furnishing of Final Return
� Most of the data will be autopopulated
� Furnish details of output tax paid and self assessed ITC utilised for payment of output tax.
MATCHING OF INPUT TAX CREDIT (ITC)
After filing of GSTR3, the details of ITC claimed by the buyer would be matched by GST Common portal.
OUTCOME OF MATCHING
ITC is treated as matched when:
� When ITC claimed by the buyer is equal to or less than the output tax paid by the seller.
Final acceptance of ITC will reflect in GST MIS01.
DISCREPANCY IN CLAIM
Reasons for Discrepancies can be:
� ITC claimed by the buyer is more than that declared by seller
� Corresponding sale is not declared by the seller
� Duplication of ITC claim by buyer
Communication of discrepancy (Say in Month 1):
� GST MIS1 to Purchaser
� GST MIS2 to Seller
(By 20th of Month 2)
- Either Seller rectifies his sales OR Purchaser reduces his purchase.
- Report of final matching will reflect in GST MIS01.
(By 20th of Month 2)
- Amount of mismatched credit is added to Output Tax Liability of purchaser in GSTR3 of Month 3.
ABOUT GAGAN KEDIA
All things considered,the blog has been written under the guidance of GST tax expert CA Gagan Kedia.
Firstly Gagan is a commerce graduate, a Chartered Accountant and a Company Secretary by qualification.Moreover he has dedicated over past 1 year of his life in GST research, working closely with various authorities.
Furthermore,Gagan has keen interest in training and has also conducted various training workshops with big corporate houses in the area of Taxation & Accounting.
Additionally,he is also a selected faculty member of the Indirect Tax Committee of ICAI for GST Trainings.
Moreover,he is an active member of the privileged Kolkata Study Group of Indirect Tax Committee of ICAI.This committee deals in – GST Research, Representations to Governments, Publication of Books, etc.
Additionally,he is the Managing Partner of the Firm M/s. MRG KEDIA & Co., looking after Transaction Advisory & Litigations in the field of Service Tax & GST for various clients.
Altogether,you can reach Gagan at email@example.com
Furthermore, all recent informations and changes relating to GST is also available on Zeroinfy.com.
Additionally to know about the basic concepts of GST,click here.
Correspondingly Information relating gst rates on goods and services,click here.
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