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RETURNS UNDER GST

GST RETURNS

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.

  • Matching

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

Date Form of
Return
Person
to
Attend
Details/Action required
Before 10th
of the
month
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.
Before 15th
of the
month
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.
Before 20th
of the
month
GSTR­3  Seller +
Buyer
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

MATCHED

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

RECTIFIED
(By 20th of Month 2)
  • Either Seller rectifies his sales OR Purchaser reduces his purchase.
  • Report of final matching will reflect in GST MIS­01.
NOT RECTIFIED
(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 cagkedia@gmail.com

 ABOUT ZEROINFY

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.

For this reason,you can visit our site zeroinfy.com for more updates….

Zeroinfy.com is India’s Largest Online Platform for Exam Preparation, with over 200+ HD quality video courses, 25+ best Professors.Above all, presently it covers exams like CA, CS, CMA, UPSC CSE, IIT-JEE.

 

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