Returns
Section 37- GSTR-1- outward supplies- Every registered person required to furnish the details in such form and manner as may be prescribed, 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.
Exclude ISD (38), A non-resident taxable person, composition levy, TDS (51), TCS (52)
GSTR-1 includes details of Invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies made during any tax period.
Registration person shall not allowed to furnish any details of outward supplies during the period from the 11th to 15th of the month succeeding the tax period.
In case of delay late filing fee of Rs.100 per day subject to a maximum to Rupees five thousand only.
The details provided by the supplier shall be auto – populated and available electronically to the recipient, for matching purposes, in a FORM GSTR2A.
In case any error or omission is discovered in the course of matching shall be effected and tax and interest.
Such rectification, however, is not permitted after filing of annual return or September of the following financial year whichever is earlier.
| Activity | Due Date |
| The return for outward supplies shall be filed in FORM GSTR–1 | Before 10th day of the month succeeding the tax period |
| The details of FORM GSTR-1 furnished by the supplier shall be made available to the recipients in PART-A of FORM GSTR-2A | 11th to the 15th day of the month succeeding the tax period |
| The FORM GSTR-2A shall be reviewed and modified by the recipient of the supply and based on the same a FORM GSTR-2 shall be filed by them. In case any outward supplies are not matched with the respective recipients' return of inward supplies (discussed under section 38), the return for outward supplies requires rectification. All such modifications made by the recipient and filed in FORM GSTR-2, shall be made available to the outward supplier in FORM GSTR-1A. | Before end of 15th day of the month succeeding the tax period |
| Accept or reject the details communicated by GSTN | Before end of 17th day of the month succeeding the tax period |
| Submission of FORM GSTR-2 will cause auto-population of FORM GSTR-1A which shall be reviewed by the supplier and relevant corrections shall be effected in FORM GSTR-1 which will be the final details as filed. The supplier may either accept or reject the modification, deletion or inclusion made by the recipients on or before 17th day of the succeeding month. Such amendments shall be incorporated in the original details filled by the supplier. The revised details shall feature in the returns filed under Sec 39 in the FORM GSTR-3 | Before end of 20th day of the month succeeding the tax period |
This return form would capture the following information:
· GSTIN
· Name
· Period to which the return pertains
· Aggregate turnover of the previous Financial Year (First return)
· At an invoice / consolidated level
| Type | Supplies made to | Invoice Value | Level of submission |
| Interstate | Registered Persons | Any | Invoice level |
| Intrastate | Registered Persons | Any | Invoice level |
| Interstate | Unregistered Persons (stated as Consumer in the return) | > Rs.2,50,000 | Invoice level |
| Type | Supplies made to | Invoice Value | Level of submission |
| Intrastate | Unregistered Persons (stated as Consumer in the return) | Any | Consolidated |
| Interstate | Unregistered Persons (stated as Consumer in the return) | < Rs.2,50,000 | Consolidated |
· Amendments to details of Outward Supplies to a registered person of earlier tax periods at invoice level
· Details of Credit/Debit Notes showing reverse charge and non-reverse charge separately
· Nil rated, Exempted and Non-GST outward supplies
· Supplies Exported
· Tax liability arising on account of Time of Supply without issuance of Invoice
· Tax already paid
· Supplies made through e-commerce portals of other companies
· Invoices issued for supplies received from unregistered persons
All the above based on HSN & SAC codes only. HSN & SAC codes not required up to 1.50 Crores. 1.50 Crores to 5.00 Crores HSN 2 digits for first year their after 4 digit. All exports 8 digits
Section-38-GSTR-2 -15th –inward supply
· PART-A outward supply made by supplier contains Inward supplies, Amendments of previous months, Details of Credit/Debit Notes and amendments.
· PART-B, C & D shall contain respectively details relating to ISD and TDS and TCS.
· In additions GSTR-1 you shall also provide import of goods & Services details, Supplies received from composition taxable person/unregistered person.
· Payments not made to supplier within 180 days from invoice corresponding input credit shall be reverse.
·
Section-39-GSTR-03-20th –Final Return
GSTR-04-18th – quarterly return for composite dealer
GSTR-7-10th – TDS
GSTR-6-13th –ISD
GSTR-5-20th –Non resident
· Payment also on due date of filing
· Registered person & composite dealer required to furnish a return even though taxable supply NIL.
· The registered person shall not be allowed to furnish a return for a tax period if the returns for any pervious tax periods has not been furnished him
· Cash ledger, ITC ledger & liability ledger
· Procedure filing of returns
o Fling of GSTR-1 on 10th and modification based on GSTR-1A between 15 to 17th
o Auto populated GSTR-2A
o Accept or reject GSTR-2A either by online or offline
o Recipient will also be able to add additional purchase invoice
o reconciliation
o Finalization of GSTR-1 & 2
o Adjustment of liability ledger with ITC ledger & cash leger
o Arriving net liability & Payment of tax
o
Section-40-First Return
Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration. Only outward supplies
Section-41-ITC
Section-42 & 43 - Matching, reversal and reclaim of input tax credit
· The discrepancy shall be communicated to both such persons in such manner as may be prescribed. (FORM GST MIS 1-receipt) (FORM GST MIS 1-supplier)
The matching is done following parameters GSTIN of the supplier & recipient, Invoice or Debit note No & date, taxable value & tax amount.
· If not rectified added to the output tax liability of the recipient, in his return of succeeding the month in which the discrepancy is communicated.
· Shall be liable to pay interest @18% from the date of availing of credit till the corresponding additions.
Section-44-Annual return-GSTR-09-31st December of subsequent year
· Copy of audit annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement.
Section-45-Annual return-GSTR-09-cancilation within three months--
Kondapaneni Mallikarjuna
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