HOW TO FILE GST RETURN
The biggest reform in the Indirect tax is now a step forward. Everyone is trying to know how his business process are going affected due to its likely upcoming from 1st April 2017. Here is an attempt to analyse the same in view of modal GST laws.
Since, GST is collected simultaneously by state government and central government so is the assessment? If so, will the same assessee may receive notices / orders from central government and as well as state government(s)
The answer is no. There will a clear demarcation of powers between central government and state government. There will a threshold limit, to say Rs 400 lacs, below which assessee will be assessed by state government and rest above it are assessed by central government. So for an assessee there will be no confusion. Either is answerable to state government or central government.
Return to be file
Under GST regime there will be in total 8 returns as provided below:
|Type||Description||Who will file||Due date|
|GSTR – 1||Details of outward supplies of taxable goods and/or services effected||All taxable person except those who are opting for compounding scheme or ISD suppliers||10th of next month|
|GSTR – 2||Details of inward supplies of taxable goods and/or services claiming input tax credit||15th of next month|
|GSTR – 3||Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax||20th of next month|
|GSTR – 9||Annual return||31st Dec of next financial year from the end of relevant year|
|GSTR – 7||Return for authorities deducting tax at source||Person mandated by central government or state government to deduct TDS, to say:1. Department of central government or state government2. Establishment of central government of state government
3. Local authority
4. Government agencies
5. Other persons as recommend by central government or state government
|10th of the next month|
|GSTR – 4||Quarterly Return for compounding Taxable persons||Registered taxable person having turnover does not exceed Rs 50 lacs and opted for compounding scheme||18th of the next month from the end of relevant quarter|
|GSTR – 5||Return for Non-Resident (foreign) taxable person||Non-Resident (foreign) taxable person||20th of the next month|
|GSTR – 6||ISD return||Input Service Distributor||15th of the next month|
All the above returns are technology driven. The above returns may be furnished by taxable person directly on the GST common portal or through the facilitation centre as may be notify by government. Here we will discuss GSTR – 1 in detail:
|1||GSTIN||A PAN based 15 digit unique alphanumeric GSTIN to be write here. The structure of GSTIN is given below:1. First 2 digits are state code2. Next 10 digits are PAN no of taxable person
3. 13th digit – Business vertical of the entities with same PAN in same sate
4. 14th digit left blank for future use
5. 15th digit is check digit
This is auto fill on log in.
|2||Name of the Taxable Person||This is auto fill on log in.|
|3||Aggregate Turnover of the Taxable Person in the previous FY||Turnover of previous financial year shall be mentioned here. For example for year 2017-18, aggregate turnover for 2016-17 shall be mentioned.This is manually punch in only for the first year. From next year this is auto fill based on annual return file in the previous year.|
|4||Period||Since GSTR is a monthly return. Here needs to mentioned for which month and year return is being filled. For example, for return for the month of Apr 2017 – write here as Month 04 Year 2017|
|5||Taxable outward supplies to a registered person||For B2B supplies: Supplies made to registered taxable person shall be given in this table. The following details needs to be given under this table:1. GSTIN / UIN (Column 1): In case sale is made to registered taxable person write GSTIN. In case sale is made special category person such as UNO, diplomats, foreign embassies etc. then write Unique Identification Number (UIN).2. Invoice details (Column 2-13): There write Invoice no, Date, value, Goods / Service, HSN / SAC code, Taxable value, IGST, CGST, SGST.
3. Point of supply (POS) (Column 14): To be fill the state code of receipt of service / goods only if recipient is located at different place.
4. Column 15: if supply attract reverse charge
5. Column 16: Check Box in case tax is paid under provisional assessment.
|5A||Amendments to details of Outward Supplies to a registered person of earlier tax periods||In case there is any change in details furnished under Sr. No. 5 of earlier tax period the details shall be furnished here.|
|6 & 6A||Taxable outward supplies to a consumer where Place of Supply (State Code) is other than the State where supplier is located (Inter-state supplies) and Invoice value is more than Rs 2.5 lakh||For B2C supplies: Use when following conditions are met:1. Inter-state supply of goods / services2. Invoice value is > Rs 2.5 lacs
3. If there is any amendment in invoices issued in earlier tax period use table 6A.
|7 & 7A||Taxable outward supplies to consumer (Other than 6 above)||This is rest category. If any supply is not fit in 5 and 6 mentioned it here.Note: In this table invoice wise value need not be given. Provide on aggregate basis.|
|8 & 8A||Details of Credit/Debit Notes||If any debit note or credit note issued by supplier furnishing the return the details of the same shall be mentioned here.|
|9||Nil rated, Exempted and Non GST outward supplies||Taxable person supplier has the option to furnished NIL rated, Exempted and non GST outward supply in relevant table no 5, 6, and 7 as the case may be.If the details are not mentioned under above table then aggregate value shall be mentioned in this table.
If the details of “nil”” rated and “exempt” supplies have been provided in Table 5, 6 and 7, then info in column (4) may only be furnished
|10 & 10A||Supplies Exported (including deemed exports)||An additional column = “ Description” is mentioned in this table. Here we have to segregate all export / deemed export supplies under – with payment of GST and without payment of GST|
|11 & 11A||Tax liability arising on account of Time of Supply without issuance of Invoice in the same period.||In case of advance payment or where point of supply is completed but invoice is not issued in the same tax period. Such cases shall be mentioned here.A transaction id would be generated by system for each transaction on which tax is paid in advance/on account of time of supply. In future tax period such transaction ID shall be motioned when invoice is actually issued in table no 12 to avoid double taxation.|
|12||Tax already paid (on advance receipt/ on account of time of supply) on invoices issued in the current period||Tax liability in respect of invoices issued in this period shall be net of tax already paid on advance receipt/on occurrence of time of supply|
|13||Supplies made through e-commerce portals of other companies|