RETURNS & PRINCIPAL OF MATCHING IN GST REGIME

CA IMRAN SOMERA PARTNER

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FOR REGISTERED TAXABLE PERSONS

Type of

Return Due Date

GSTR - 1

Outward supplies of

taxable goods and/or

Services

10th of next

month Monthly

GSTR - 2 Inward supplies of taxable

goods and/or Services

15th of next

month Monthly

GSTR - 3 Monthly Return 20th of next

month Monthly

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Type of

Return Due Dates

GSTR - 4 Composition

Scheme

18th of Next Month

from end of Qtr Quarterly

GSTR - 5 NRTP

20th of Next Month or

within 7 days after

last day of period of

registration,

w.e. earlier.

Monthly

GSTR - 6 ISD 13th of Next Month Monthly

GSTR - 7 TDS 10th of the Next Month Monthly

GSTR – 8 TCS 10th of the Next Month Monthly

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Type of

Return Due Date

GSTR – 9 Annual Return

31st December

from end of

financial year

Annually

GSTR - 10

Final Return

(Taxable Person

whose registration

has been

surrendered or

cancelled.)

Within 3

months from

the date of

cancellation

or

date of

cancellation

order,

w.e. later.

GSTR - 11

Person having UIN

and

claiming refund

28th of the

month

following the

month for

which

statement is

filed.

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Section Particulars Return

Type

37 Furnishing Details of outward supplies GSTR - 1

38 Furnishing Details of Inward supplies GSTR - 2

39 Furnishing Returns GSTR - 3

40 First Return

41 Claim of Input Tax Credit and provisional

acceptance thereof

42 Matching, reversal and reclaim of ITC

43 Matching, reversal and reclaim of reduction in

OTL

44 Annual Return GSTR - 9

CHAPTER IV OF CGST ACT: RETURN

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Section Particulars Return Type

45 Final Return GSTR - 10

46

Notice to return defaulters GSTR - 3A

47 Levy of Late Fee

48 Goods and services tax practitioners

GST PCT - 01

to

GST PCT - 05

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SECTION 37- FURNISHING DETAILS OF OUTWARD SUPPLIES

Sub-Section (1)

•Every registered person except ISD,

NRTP, person liable to pay u/s. 10 or

51 or 52.

•Shall furnish return electronically by

10th of next month (GSTR 1)

•Such details shall be communicated to

the recipient from 11th (GSTR 2)

•Not allowed to furnish anything

between 11th and 15th of the next

month

•Commissioner may extend this period

by notification for notified class of

persons

Sub-Section (2)

•Outward Supplies- declared by Recipient (GSTR 1A)

•Either Accept or Reject the details

•Up to 17th day but not before 15th day, of the month succeeding the tax period and

•The details furnished shall stand amended automatically

Sub-Section (3)

•Person who has furnished details as per sub-sec (1) and which have remained unmatched u/s. 42/43 shall

•Rectify the error/omission in the prescribed manner and

•Pay the Tax and Interest

•Such error/omission allowed to be rectified before

•Annual return filing date or

•Return u/s. 39 filing date for September of succeeding year to the relevant tax period

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SECTION 38 – FURNISHING DETAILS OF INWARD SUPPLIES

•Every registered person except ISD, NRTP, person liable to pay u/s. 10 or 51 or 52

•Shall verify, validate, modify or delete, if required, the details communicated u/s. 37(1)

•Outward supply becomes inward supply for recipient, who shall prepare details of his inward supplies and CN/DN and

•May include details of inward supplies not declared by the supplier u/s. 37(1)

Sub-Section (1)

•Furnish details of inward supply of RCM, inward supplies taxable under IGST Act and CN/DN

•Furnish such details after 10th but before 15th of succeeding month.

•Commissioner may, for reasons to be recorded in writing, extend this period by notification for notified class of persons.

Sub-Section (2)

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SECTION 38 – FURNISHING DETAILS OF INWARD SUPPLIES

•Details of supplies modified, deleted or included by the recipient and furnished under sub-section (2) i.e. RCM & IGST, shall be Communicated to the supplier Sub-Section (3)

•Details of supplies modified, deleted or included by the recipient in return u/s 39 (2) i.e Composition or 39(4) i.e. ISD , shall be Communicated to the supplier

Sub-Section (4)

•Person who has furnished details as per sub-sec (2) and which have remained unmatched u/s. 42/43 shall

•Rectify the error/omission in the prescribed manner and

•Pay the Tax and Interest

•Such error/omission allowed to be rectified before -

•Annual return filing date or

•Return, u/s. 39, filing date for September of succeeding year to the relevant tax period

Sub-Section (5)

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SECTION - 39 FURNISHING OF RETURNS

Every registered person except ISD or Composition dealer or NRTP or TDS or

TCS shall furnish return on or before 20th day of the next month.

Composition supplier shall file return electronically for each quarter within 18

days after end of such quarter.

Person liable to deduct TDS shall furnish a return electronically 10th of next

month.

Every ISD shall furnish a return electronically on or before 13th of next month

Every registered NRTP shall furnish a return electronically 20th of next month or

within 7 days after the last day of registration period, w/e is earlier.

Commissioner may extent this period to notified class of persons by notification.

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SECTION - 39 CONTINUE..

Tax payment due date :-- on or before due date of filling of return.

Registered person who are covered under sub section (1) & (2) are require to file a

return irrespective of fact that there are no supplies of goods/services or both.

As per Sec. 39(9), If any registered person after filling returns as per above sub-

sections , the registered person discovers any omission or incorrect particulars, other

than result of scrutiny etc., he shall rectify such error/omission in the return for the

period in which such error/omission is noticed along with payment of interest.

Above rectification can be made till due date of furnishing return of September

following end of financial year or actual date of furnishing relevant annual

return, whichever is earlier.

No return filing shall be allowed for a period if the return for any previous period has

not been furnished

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SECTION – 40 FIRST RETURN

Every registered person who has made outward supplies

In the period between the date on the date on which he became liable to registration till the date on which registration has been granted shall

Declare the same in the first return furnished by him after grant of registration.

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SECTION 41 – CLAIM OF ITC AND PROVISIONAL

ACCEPTANCE THEREOF

Every registered person shall be

• entitled to take the credit of eligible input tax in

his return and

• shall be credited on a provisional basis to his

electronic credit ledger

The credit referred above shall be

utilized only for payment of self-

assessed output tax

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SECTION 42 – MATCHING, REVERSAL AND

RECLAIM OF ITC

The details of every inward supply furnished by recipient for a tax period

Matched with

Outward

supply

furnished by

Supplier

IGST paid

u/s 3 of

Customs

Tariff Act

Duplications

of claim of

ITC

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SECTION. 42(2) ..

The Claim of ITC in respect of invoices or DN relating to

inward supply

that match

With corresponding outward supply

finally accepted

Such acceptance shall be communicated to the recipient (GST MIS -1 ).

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SECTION. 42 (3), (5) & (8) ..

ITC Claimed by recipient

is in excess of

declared by supplier

Discrepancy communicated to both

Recipient Supplier

(GST MIS-1) (GST MIS-2)

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If not rectified

by supplier

Shall be Added

to the OTL of

the recipient in

succeeding

month

shall be liable to pay

interest at the rate

not exceeding 18%.

SECTION. 42 (4), (6) & (8) ..

Duplication of claim of ITC

Communicated to recipient in GST MIS- 1

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Shall be added to the output tax liability of the recipient

shall be liable to pay interest at the rate not exceeding 18%.

SECTION. 42 (7), (9) & (10) ..

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If supplier rectify error or omission within time specified u/s. 39(9)

Interest paid u/s. 42(8)

shall be refunded to the

recipient in his

electronic cash ledger

If output tax liability

reduced in

contravention of

sec.42(7)

Shall be liable to pay

interest not exceeding 24%.

CA Imran Somera

SECTION 43 – MATCHING, REVERSAL AND RECLAIM

OF REDUCTION IN OTL

The details of every credit note relating to outward supply furnished by

supplier for a tax period

Matched with

Corresponding

reduction with

claim of ITC by

recipient

Duplications

of claim of

reduction in

OTL

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SECTION. 43(2) ..

The Claim of reduction in OTL

that match

with corresponding reduction in claim of ITC

finally accepted

such acceptance shall be communicated to the recipient (GST MIS -1 ).

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SECTION. 43 (3), (5) & (8) ..

Reduction in claim of OTL

is in excess of

corresponding reduction in claim of ITC

Discrepancy communicated to both

Recipient Supplier

(GST MIS-2) (GST MIS-1)

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If not rectified

by recipient

Shall be Added

to the OTL of

the supplier in

succeeding

month

shall be liable to pay

interest at the rate not

exceeding 18%.

SECTION. 43 (4), (6) & (8) ..

Duplication of claims of reduction in OTL

Communicated to recipient in GST MIS- 1

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Shall be added to the output tax liability of the supplier

shall be liable to pay interest at the rate not exceeding 18%.

SECTION. 43 (7), (9) & (10) ..

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If recipient rectify error or omission within time specified u/s. 39(9)

Interest paid u/s. 43(8)

shall be refunded to the

supplier in his electronic

cash ledger

If output tax liability

reduced in

contravention of

sec.43(7)

Shall be liable to pay

interest not exceeding 24%.

CA Imran Somera

SECTION 44 – ANNUAL RETURN

Every registered person shall be –

Require to file annual return for every year

On or before 31st December following end of such financial year

List of Excluded persons :-

NRTP, CTP, ISD, Person paying tax u/s. 51 or 52

Person require to be audited u/s. 35(5) shall

furnish Annual Return under sub-section (1)

and copy of the audited annual accounts and a

reconciliation statement and such other

particulars as may be prescribed

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• Furnish a return

u/s. 39(1) and

• whose registration

has been cancelled

SECTION 45 – FINAL RETURN

Every registered person

who is required to

• within three months of the date

of cancellation or

• date of order of cancellation

• whichever is later

shall furnish a final return

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SECTION 46- NOTICE TO RETURN DEFAULTERS

Where a registered

person fails to furnish

Notice shall be issued

within fifteen days

a return

u/s.

39/44/45

requiring

him to

furnish such

return

in

prescribed

form and

manner

(GSTR 3A)

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SECTION 47 – LEVY OF LATE FEE

• who fails to furnish

• details of outward or inward

supplies u/s. 37/38 or

• returns u/s. 39/45

• by the due date

• shall pay a late fee of Rs. 100

per day subject to a maximum

amount of Rs. 5000

Any registered person

• who fails to furnish

• returns u/s. 44 (Annual

Return)

• by the due date

• shall pay a late fee of Rs. 100

per day subject to 0.25% of his

total turnover in the State or

Union Territory

Any registered

person

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SECTION 48 – GOODS AND SERVICES TAX PRACTITIONERS

Person can make application in GST PCT-01 for registering himself as GST Practitioner,

subject to following conditions:-

• Citizen of India , a person of sound mind, is not adjudicated as insolvent, not been

convicted by competent court.

• Retired officer of commercial tax department or CBEC , department of revenue, GOI not

lower in rank of group B gazetted officer for a period of not less than 2 years or

• Sales tax practitioner or tax return preparer under existing law for not less than 5 years.

• He has passed a graduate or post graduate or its equivalent examination having degree

in commerce, law, banking, business administration or business management from

recognized university.

• He has passed final examination of CA, CWA or CS.

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A registered person may authorize an approved GST practitioner

• furnish the details of outward and inward supplies,

• furnish monthly, quarterly, annual or final return,

• make deposit for credit into the electronic cash ledger,

• file a claim for refund and

• file an application for amendment or cancellation of registration

the responsibilities for correctness of any particulars furnished in the

return or other details

• shall continue to rest with the registered person on whose behalf

such return and details are furnished

CA Imran Somera

Nature of taxpayer Must file

Taxpayer under regular scheme Monthly GSTR-1, GSTR-2, GSTR-3 &

Annual Return

Taxpayer under composition scheme Quarterly GSTR-4 &

Annual Return

Casual Taxpayer

GSTR-1, GSTR-2, GSTR-3 during validity period of

registration and

GSTR-5 on expiry of registration

Non-resident Foreign Taxpayer

GSTR-1, GSTR-2, GSTR-3 during validity period of

registration and

GSTR-5 on expiry of registration

Input Service Distributor Monthly GSTR-6

TDS Monthly GSTR-7

WHO SHOULD FILE WHAT

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LIST OF FORMS

Sr. No. Form No. Title of Forms

1 GSTR - 1 Details of outwards supplies of goods or services

2 GSTR - 1A Details of auto drafted supplies of goods or services

3 GSTR - 2 Details of inward supplies of goods or services

4 GSTR - 2A Details of supplies auto drafted from GSTR-1 or GSTR-5 to

recipient

5 GSTR - 3 Monthly return

6 GSTR - 3A Notice to return defaulter u/s 46

7 GSTR - 4 Quarterly return for registered persons opting composition

levy

8 GSTR - 4A Auto drafted details for registered persons opting

composition levy

9 GSTR - 5 Return for Non Resident Taxable Persons

10 GSTR - 5A Details of supplies of online information and database access

or retrieval services by a person located outside India made

to non-taxable persons in India 31

CA Imran Somera

Sr. No Form No. Title of Forms

11 GSTR - 6 Return for input service distributors

12 GSTR - 6A Details of supplies auto drafted from GSTR-1 or GSTR-5 to

ISD.

13 GSTR - 7 Return for Tax Deduction at Source

14 GSTR - 7A Tax Deduction at Source Certificate

15 GSTR - 8 Statement for Tax Collection at Source

16 GSTR - 11 Inward supplies statement for persons having Unique

Identification Number (UIN)

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LIST OF FORMS

CA Imran Somera

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GST

EXPECTATION REALITY

THANKING YOU

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CA IMRAN SOMERA

PARTNER

imran@aimsassociates.co.in

+91 97220 78680

web:- www.aimsassociates.co.in