Returns of outward supplies under the GST Regime
The purpose of this article is to create awareness about the soon to be implemented Goods and Service Tax in India. This article deals with various aspects of return of outward supplies but does not deal with matching which is dealt in a separate article on the subject.
Who are required to file
As per section 37(1) of the CGST Act read with Returns Rules, every registered person except the following:-
i. An Input Service Distributor.
ii. A non-resident taxable person.
iii. A person paying tax under the composition scheme.
iv. A person paying tax under section 51 (TDS related provisions).
v. A person paying tax under section 52 (TCS related provisions).
are required to furnish electronically through the Common Portal either directly or through a Facilitation Centre notified by Commissioner, in FORM GSTR-1, the details of outward supplies of goods or services or both effected during a tax period on or before the tenth day of the month succeeding the said tax period.
The registered person shall not be allowed to furnish the details of outward supplies during the period from the eleventh day to the fifteenth day of the month succeeding the tax period.
The Commissioner may, for reasons to be recorded in writing, by notification, extend the time limit for furnishing such details for such class of taxable persons as may be specified therein. Any extension of time limit notified by the Commissioner of State tax or Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.
Contents of details of outward supplies
The details of outward supplies of goods or services or both furnished in FORM GSTR-1 shall include the following details:-
1) Invoice wise details of all
i) Inter-State and intra-State supplies made to registered persons.
ii) Inter-State supplies with invoice value more than two and a half lakh rupees made to unregistered persons.
2) Consolidated details of all
i) Intra-State supplies made to unregistered persons for each rate of tax.
ii) State wise inter-State supplies with invoice value less than two and a half lakh rupees made to unregistered persons for each rate of tax.
3) Debit and credit notes, if any issued during the month for invoices issued previously.
Communication of details of outward supplies with the recipient
The details of outward supplies furnished by the supplier shall be made available electronically to the concerned registered recipient in Part A of FORM GSTR- 2A, in FORM GSTR-4A (Composition Scheme) and in FORM GSTR-6A (Input Service Distributor) through the Common Portal after the due date of filing of FORM GSTR-1.
The author is a fellow member of the Institute of Chartered Accountants of India and also a qualified Company Secretary. The author has also done DISA (ICAI), certificate on IFRS (ICAI), Certificate on Forex and Treasury Management (ICAI), Certificate on Forensic Accounting and Fraud Prevention (ICAI). The author practices as a Chartered Accountant under the name and style of Rishabh Kumar Barmecha and Associates and is an expert in auditing, financial investigation, direct and indirect taxation.
The author can be reached at firstname.lastname@example.org or 91 9007909221 or Twitter @CARKBarmecha.
CA Rishabh Kumar Barmecha