Introduction To GST Returns

Dinesh Tejwani Annkur Agarwal DHRUV Patel Tirthesh GanatraChief Mentor CEO CTO AVP - Engineering

CA. Dinesh founded Fast Facts Computer Systems that produced popular TAX compliance solutions. Business of Fast Facts was acquired by Thomson Reuters in 2012.

Annkur brings over a decade of experience building Internet & e-commerce businesses in India. He is also a very active community member in the Indian startup ecosystem.

Dhruv has architected complex technology solutions across his career spanning over a decade. He founded Talster an advanced ATS for enterprises. He has also worked with NSE & Zycus.

Tirthesh co-founded Pricebaba and built the technology backbone that served over 100M users. His work at Pricebaba has impacted the online reach of small & large retailers alike.

MEET THE SahiGST TEAM

ABOUT US

Keyur leads business & partnerships at SahiGST. He previously founded online media venture GujjuTips & also leads Business Development for Pricebaba.

Keyur ShahLead - Business Development

The Goods and Services Tax is single indirect tax levied on goods and services. It is a destination based tax that means that revenue will accrue to the state where consumer resides.

What is GST?

Central Taxes

Service Tax

Excise Duty

Additonal Custom Duty

Special Additional Duty -

Customs

CenTral CESS &

Surcharges

State Taxes

VAT

CST

Octroi

Entry Tax

Luxury Tax

State Cess &

Surcharges

GST3

Structure of GST

Goods Supplied or

Services Provided

Intra State

CGST

(Central)

SGST/UTGST

(State)

Inter StateIGST

(Integrated)

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• Input credit means at the time of paying tax on sales (output), you can reduce the tax you have already paid on purchases (input).

• To claim input credit you must –• Have a tax invoice with your GSTIN mentioned• Should have received the goods/services• Tax charged on purchases has been paid to the government by supplier

How to avail input credit –

How Input Tax Credit Works?

To Pay

IGST Take input credit from IGST, CGST and SGST paid on purchases.

To Pay

CGST Take input credit from CGST and IGST paid on purchases.

To Pay

SGST Take input credit from SGST and IGST paid on purchases.

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• Supplier’s GSTIN, Name, Address, State of Invoice and Date.

• Serial No. of Invoice – Should be consecutive numbers, containing only alphabets and/or numericals. Only slash (/) and dash (-) are allowed as special characters. Invoice no. must be unique for a financial year.

• Details of receiver & consignee – state, state code & GSTIN/unique id – if the recipient is unregistered & taxable value of supply is more than Rs. 50,000, the state name and code are required. In case of inter-state supply, the state name is required.

• HSN/Accounting Code.

• Taxable Value – is the value after deducting discount or abetment (if any).

GST Invoice Rules

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• Issued in following cases

• Supply of exempted goods or services• Supplier is paying tax under composition scheme

• Requires the following details –

• GSTIN• Name• Address• Serial No. of Invoice • Details of Receiver (if registered) – Name, Address & GSTIN/Unique ID• Value after deducting discount/abetment (if any)

Bill of Supply

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• VAT/CST used to be applicable only in case of “sale” of goods but GST shall be applicable in cases of “supply”.

• Supply includes -

• All forms (sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made) of supply of goods/services with or without consideration

• Importation of services with or without consideration

• Person acting as an agent who, for an agreed commission/brokerage, either supplies or receives any goods on behalf of any principal

• Supply of any branded service by an aggregator

Supply V/S Sales

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The Technology backbone

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GST

Network

GSP

GSP

GSP

ASP

ASP

ASP

ASP

TaxPayers

GSP – GST Suvidha ProviderASP – Application Service Provider

List of GST Returns

1Details of outward supplies of taxable goods and/or services effected.

2

GSTR1

Details of inward supplies of taxable goods and/or

services claiming input tax credit.

GSTR2

3

Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.

GSTR3

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4Quarterly Return for compounding Taxable persons.

5

GSTR4

Return for Non-Resident foreign taxable person.

GSTR5

6 Return for Input Service Distributor (ISD).

GSTR6

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7 Return for authorities deducting tax at source.

8

GSTR7

Details of supplies effected through e-commerce

operator and the amount of tax collected.

GSTR8

9Annual Return (For Composition Scheme -GSTR 9A) and (For Audited Return - GSTR 9B).

GSTR9

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10

Details of inward supplies to be furnished by a person having UIN.

GSTR11

Final Return GSTR10

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Return flow (GSTR1-3)

GSTR1

10th of every month

GSTR2

15th of every month

GSTR3

20th of every month

11th of every month(auto-populated)

GSTR2A GSTR1A

16th of every month(auto-populated)

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• Extract data from accounting software and re-arrange in the pre-defined format given by SahiGST

• Validation shall be done at template level and with the help of control totals - invoice value + number of invoices

• Information Required -• GSTIN of recipient • HSN/SAC code at line level• Place of supply• Reverse charge applicable• GSTIN of e-commerce operator (if applicable)

GSTR1 – OUTWARD SUPPLIES

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GSTR2 (INWARD SUPPLY) - FLOW

STEP 1 STEP 2 STEP 3 STEP 4 STEP 5

Download GSTR2A on 11th day of every month

Upload Purchase Data in the given

format

Run reconciliation –GSTR2A with

Purchase Data

Update GSTR2A to create GSTR2

File GSTR2 by 15th

day of every month

Steps in creating GSTR2 –

1. Matched data shall be marked as accepted automatically2. In order to resolve any discrepancies in reconciliation, manually –

i. Add missing purchase dataii. Modify the data in case of errors identifiediii. Mark invoice as rejected or pending

3. Upload GSTR2 file for purchase data other than B2B/CDN

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GSTR1A & GSTR3

STEP 1 STEP 2 STEP 3 STEP 4 STEP 5

Download GSTR1A on 16th day of every month

Investigate the entries i.e. details of inward supplies

added, corrected or deleted by

recipient in GSTR2

Take action (accept/reject) and

finalise GSTR1

Use software to download GSTR3

and upload required details about refunds (if

applicable)

File GSTR3 by 20th

day of every month & make tax

payment

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GST Compliance & Reconciliation Solution

SahiGST.com

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Full-Fledged Platform for GST Compliance

FEATURES

Made To Scale Full GST COVERAGE Powerful reconciliation Integrated Approach

Unlimited Users Platform Support Secure Proactive Notifications

Activity Monitor Reporting Entity Masters Access Controls

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DEMO

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ANY QUESTIONS?

Visit http://sahigst.com/knowledgefor news, discussions & support on GST

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Reach out to SahiGST

+91 93412 25269

vivekshah@systechsoftwares.com Office Address:

No. 19/6, 2nd Floor, 10th Cross, Sampige Road, Malleshwaram, Bangalore - 560003

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