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By Milan {B.COM (Honrs),Consultant Income Tax and GST Practitioner}
Presented By
Indirect Taxes (40 Marks)
2
GST (75 Marks)
10/9/2018
3
4
Why
Returns ?
Transfer of
Information.
Compliance
Verification.
Finalization
of Tax
Liabilities
Tax Liability
of others
(Means
purchaser)
Working Sheet
5
Basic
Features
Electronic filing
of return.
Uploading
invoice level
information.
Auto-population
ITC
Matching ITC
and auto reversal
Definition
• A return is a statement of specified particulars relating to
business activity undertaken by the taxable person
during a prescribed period. A taxable person has a legal
obligation.
• To declare his tax liability for a given period in the return;
• Furnish details about the taxes paid in accordance with that
return; and
• File correct and complete return within stipulated time frame.
10/9/2018 6
Valid Return Sec-2(117)
• “Valid Return” means a return
– Furnished under 39(1)
– On which self-assessed tax has been paid in full
10/9/2018 7
8
Section(37- 41)
Outward Supplies
(sec-37)
Inward Supplies
(Sec-38)
Furnishing of
Returns
(Sec-39)
First Return
(Sec-40)
ITC Claim
(Sec-41)
Section(42-48)
Matching &
Reversal
(Sec-42 & 43)
Annual Return
(Sec-44)
Final Return
(Sec-45)
Notice to Return
Defaulters
(Sec-46)
Levy of Late Fee
(Sec-47)
GST Practitioner
(Sec-48)
Type of Returns
Rules(59-70)
9
Form/Manner
Outward Supply
(Rule-59)
Form/Manner
Inward Supply
(Rule-60)
GSTR-3 & 3B
(Rule-61)
Composition
Scheme
(GSTR-4)
(Rule-62)
Non- Resident
(GSTR-5 )
(Rule-63)
Online
Database
(GSTR-5A)
(Rule-64)
ISD (GSTR-6)
(Rule-65)
TDS(GSTR-7)
(Rule-66)
TCS (GSTR-8)
(Rule-67)
Notice to Return
Defaulters
(Rule-68)
Matching of ITC
(Rule-69)
Final Acceptance
of ITC.
(Rule-70)
Rules(71-84)
10
Reversal of ITC
(Rule-71)
Claim of ITC
more than once.
(Rule-72)
Reduction in
output tax
liability
(Rule-73 -76)
Refund of Int
paid reclaim of
reversal
(Rule-77)
Matching GSTR-8
vs GSTR-1
(Rule-78)
Rectification
(MIS-3 & MIS-4)
(Rule-79)
Annual
Return(GSTR-
9,9A,9B,9C)
(Rule-80)
Final Return
(Rule-81)
UIN No.
(GSTR-11)
(Rule-82)
GST Practitioner
(Rule- 83- 84)
S. No. Return Form For To be filed by
1 GSTR 1 Outward supplies (other than ISD,
NR,CD,TDS/TCS)
10th of the next
month (N-57)
2 GSTR 2 Inward supplies (other than ISD,
NR,CD,TDS/TCS)
15thof the next month
3 GSTR 3 & 3B Monthly return (other than ISD,
NR,CD,TDS/TCS)
20thof the next month
4 GSTR 4 (N-59, 24-
12)
Quarterly return for compounding Taxpayer 18th end of quarter
5 GSTR 5 (N-60, 11-
12)
GSTR-5A
(N-61 ,15-12)
Periodic return by Non-Resident Foreign
Taxpayer
20th of the next
month & within
7 day after expiry
of registration .
Which ever is
earlier
10/9/2018 11
10/9/2018 12
6 GSTR 6 Return for Input Service Distributor (ISD) 13th of the next
month (N-
62,31.12.2017)
7
8
GSTR 7
GSTR 8
Return for TDS
Return (TCS)
10th of the next
month
9 GSTR 9
GSTR 9A
GSTR 9B
GSTR9C
Annual Return (other than ISD,
TDS/TCS,CTP, NR,CD)
Annual Return by CD (Sec-10)
In case of E- Commerce
RS(In Case of Audit)
By 31st December of
next FY
10 Section-45 Final Return (GSTR 10)
(At the time of Cancelation of Registration.)
(Within 3 Months from
date of cancelation.)
11 Section-40 First Return (From date of liability to register till
Changes due to GST in day to day business
• Invoice Information In Return:
A.) In case of Intra State Supply:
Mr. A carried out following transactions during tax
period-Sl No Buyer Registered or not Invoice value Rate of tax
1 B YES 1,000 5%
2 C NO 25,000 5%
3 D NO 5,000 5%
4 E NO 15,000 12%
5 H NO 3,00,000 12%
Treatment In Return
Seller Registration Status Value of invoice Invoice
no
Value Tax
B Registered
1000
Then invoice wise
details of each
invoice irrespective
of invoice amount
Yes Yes Yes
C Unregistered 25000 Consolidated
details of Each rate
of tax-5%
Rs. 30,000
D Unregistered 5000
E Unregistered 15000 Consolidate details
of rate of tax of
12%
Rs.
3,15,000
F Unregistered 300000
•
B.) In case of Inter State Supply-
Mr. A carried out following transactions during tax period:Sl No Buyer Registered or
not
State Invoice
value
Rate of tax
1 Raj Yes Maharashtra 1,000 5%
2 Ramu No Gujarat 1,50,000 12%
3 Chotu No Gujarat 50,000 5%
4 Rahul No Gujarat 1,50,000 5%
5 Deepa No Goa 3,50,000 5%
Invoice Information In Return
Treatment In Return
Seller Registration Status Value of
invoice
Invoice
no
Value Tax
Raj Registered 1,000 Then invoice wise
details of each invoice
irrespective of invoice
amount
Yes Yes Yes
Ramu Unregistered 1,50,000 Consolidated details of
Each rate of tax-12% for
each state
Rs
1,50,000
Chotu Unregistered 50,000 Consolidate details of
rate of tax of 5% for
each state i.e Gujarat
Rahul Unregistered 1,50,000 2,00,000
Deepa Unregistered
3,50,000
As value is more than
2.5 lacs , individual
details of invoice
Yes 3,50,000 yes
Section 39:- Returns.
• (7)Registered taxable person without payment of full tax shall
not be treated as a valid return.
• (8)A Nil Return have to be filed also.
• (10)A Registered taxable person shall not be allowed to
furnish return for a tax period, if valid return for any previous
tax period has not been furnished by him.
Section:-40 First Return
• (1)registered taxable 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 has been
granted shall declare the same in the first return filed by him
after grant of registration.
18
19
Outward Supplies
(FORM GSTR-1)
FORM GSTR-
2A/4A/6A
FORM GSTR-
2/4/6
Added/Corrected
FORM GSTR-1A
Accept or Reject
(FORM GSTR-1)
10TH of Next
Month
GSTR
10/9/2018 20
Claim of ITC and provisional
acceptance -Section 41
Registered
Person
Entitled to take credit of
eligible input tax, as Self-
assessed, in his return on a
provisional basis in his
electronic credit ledger
This credit can only be
utilized for payment of self-
assessed output tax
Matching of claim of ITC – Sec 42
Details of every inward
supply furnished by a
recipient for a tax period
shall
The corresponding details of outward
supply furnished by the ‘supplier’ in
his valid return
Be Matched with
with the IGST paid under section 3 of
the Customs Tariff Act, 1975 (51 of
1975) in respect of goods imported by
him
Following things will also be
matched
1. GSTIN of supplier
2. GSTIN of recipient
3. Invoice or debit note no
4. Invoice or debit note date
5. Taxable value
6. Tax amount
Matching, Reversal and Re-credit-42
© Indirect Taxes Committee, ICAI
22
Matching
Details of inward supply
furnished by a receiver to
be matched with details of
output supplies furnished
by corresponding supplier
Credit details of matching
supplies only to be
accepted - manner to be
prescribed
Reversal
Details not matching resulting in
excess to be communicated to
both supplier and receiver
Details communicated but not
rectified by supplier to be added to
the output tax liability of recipient
Duplication resulting in excess
also to be added to output tax
liability of recipient
Reclaim
Recipient entitled to
reduce output tax
liability if supplier
rectifies the return
within prescribed
timelines
Process of Communication
Supplier
Recipient
Any discrepancy
in the claim of
input tax credit in
respect of any tax
period
FORM GST MIS -1
FORM GST MIS -2
What would happen if discrepancy
communicated not corrected
ITC shall be added to
the output tax liability
of the recipient
In his return to be
furnished in FORM
GSTR – 3
In his return for
the month
succeeding the
month in which
the discrepancy is
communicated
Section 44:- Annual Return.
• (1)Every Registered taxable person, other than an ISD, a person paying tax
under section 51(TDS) or section 52 (TCS) a CTP and a NR shall furnish an
annual return for every financial year electronically in GSTR-9 on or before
the 31st December following the end of such financial year.
• (2)Every registered taxable person who is required to get his accounts audited
under Section 35(5) (Accounts & Records) shall furnish, electronically annual
return along with the audited copy of the annual accounts and a reconciliation
statement, reconciling the value of supplies declared in the return furnished
for the year with the audited annual financial statement, and such other
particulars as may be prescribed.
25
GSTR – 9A : Annual Return
Annual return
By
Compounding
Taxpayer
In GSTR – 9A
Section 45:- Final Return
• (1)Every Registered taxable person who applies for
cancellation of registration shall furnish a final return within 3
Month of the date of cancellation or date of cancellation
order, whichever is later, in form GSTR-10.
27
Notice to Return Defaulters.
(Section 46)
• Where a registered taxable person fails to furnish a
return under Section 39 (Periodic Return) or Section
44 (Annual Return) or Section 45 (Final Return) a
notice shall be issued requiring him to furnish such
return within 15 days and in such form and manner
as may be prescribed.
28
10/9/2018 29
Section 47:- Levy of Late Fee
30
Defaulted Return Late Fee
Return on outward Details (Sec-37) Rs. 100 per day of Delay
Maximum Rs. 5000/- (N-64)
Return on Inward Details (Sec-38)
Periodic Returns (Sec-39)
Final Return (Sec-45)
Annual Return (Section 44) Rs. 100 per day of Delay
Maximum = 0.25% on
Aggregate Turnover
Section 48:- GST Practitioners.
• A registered taxable person may, authorize an approved GSTP.
• Responsibility for correctness of any particulars furnished in the
return by GSTP shall continue to rest with the registered taxable
person on whose behalf such return are filed.
31
Consultant 🎓 Income Tax and
GST Practitioner

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FILING OF RETURNS [SECTION 37 TO 48]

  • 1. By Milan {B.COM (Honrs),Consultant Income Tax and GST Practitioner} Presented By
  • 4. 4 Why Returns ? Transfer of Information. Compliance Verification. Finalization of Tax Liabilities Tax Liability of others (Means purchaser) Working Sheet
  • 5. 5 Basic Features Electronic filing of return. Uploading invoice level information. Auto-population ITC Matching ITC and auto reversal
  • 6. Definition • A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. A taxable person has a legal obligation. • To declare his tax liability for a given period in the return; • Furnish details about the taxes paid in accordance with that return; and • File correct and complete return within stipulated time frame. 10/9/2018 6
  • 7. Valid Return Sec-2(117) • “Valid Return” means a return – Furnished under 39(1) – On which self-assessed tax has been paid in full 10/9/2018 7
  • 8. 8 Section(37- 41) Outward Supplies (sec-37) Inward Supplies (Sec-38) Furnishing of Returns (Sec-39) First Return (Sec-40) ITC Claim (Sec-41) Section(42-48) Matching & Reversal (Sec-42 & 43) Annual Return (Sec-44) Final Return (Sec-45) Notice to Return Defaulters (Sec-46) Levy of Late Fee (Sec-47) GST Practitioner (Sec-48) Type of Returns
  • 9. Rules(59-70) 9 Form/Manner Outward Supply (Rule-59) Form/Manner Inward Supply (Rule-60) GSTR-3 & 3B (Rule-61) Composition Scheme (GSTR-4) (Rule-62) Non- Resident (GSTR-5 ) (Rule-63) Online Database (GSTR-5A) (Rule-64) ISD (GSTR-6) (Rule-65) TDS(GSTR-7) (Rule-66) TCS (GSTR-8) (Rule-67) Notice to Return Defaulters (Rule-68) Matching of ITC (Rule-69) Final Acceptance of ITC. (Rule-70)
  • 10. Rules(71-84) 10 Reversal of ITC (Rule-71) Claim of ITC more than once. (Rule-72) Reduction in output tax liability (Rule-73 -76) Refund of Int paid reclaim of reversal (Rule-77) Matching GSTR-8 vs GSTR-1 (Rule-78) Rectification (MIS-3 & MIS-4) (Rule-79) Annual Return(GSTR- 9,9A,9B,9C) (Rule-80) Final Return (Rule-81) UIN No. (GSTR-11) (Rule-82) GST Practitioner (Rule- 83- 84)
  • 11. S. No. Return Form For To be filed by 1 GSTR 1 Outward supplies (other than ISD, NR,CD,TDS/TCS) 10th of the next month (N-57) 2 GSTR 2 Inward supplies (other than ISD, NR,CD,TDS/TCS) 15thof the next month 3 GSTR 3 & 3B Monthly return (other than ISD, NR,CD,TDS/TCS) 20thof the next month 4 GSTR 4 (N-59, 24- 12) Quarterly return for compounding Taxpayer 18th end of quarter 5 GSTR 5 (N-60, 11- 12) GSTR-5A (N-61 ,15-12) Periodic return by Non-Resident Foreign Taxpayer 20th of the next month & within 7 day after expiry of registration . Which ever is earlier 10/9/2018 11
  • 12. 10/9/2018 12 6 GSTR 6 Return for Input Service Distributor (ISD) 13th of the next month (N- 62,31.12.2017) 7 8 GSTR 7 GSTR 8 Return for TDS Return (TCS) 10th of the next month 9 GSTR 9 GSTR 9A GSTR 9B GSTR9C Annual Return (other than ISD, TDS/TCS,CTP, NR,CD) Annual Return by CD (Sec-10) In case of E- Commerce RS(In Case of Audit) By 31st December of next FY 10 Section-45 Final Return (GSTR 10) (At the time of Cancelation of Registration.) (Within 3 Months from date of cancelation.) 11 Section-40 First Return (From date of liability to register till
  • 13. Changes due to GST in day to day business • Invoice Information In Return: A.) In case of Intra State Supply: Mr. A carried out following transactions during tax period-Sl No Buyer Registered or not Invoice value Rate of tax 1 B YES 1,000 5% 2 C NO 25,000 5% 3 D NO 5,000 5% 4 E NO 15,000 12% 5 H NO 3,00,000 12%
  • 14. Treatment In Return Seller Registration Status Value of invoice Invoice no Value Tax B Registered 1000 Then invoice wise details of each invoice irrespective of invoice amount Yes Yes Yes C Unregistered 25000 Consolidated details of Each rate of tax-5% Rs. 30,000 D Unregistered 5000 E Unregistered 15000 Consolidate details of rate of tax of 12% Rs. 3,15,000 F Unregistered 300000
  • 15. • B.) In case of Inter State Supply- Mr. A carried out following transactions during tax period:Sl No Buyer Registered or not State Invoice value Rate of tax 1 Raj Yes Maharashtra 1,000 5% 2 Ramu No Gujarat 1,50,000 12% 3 Chotu No Gujarat 50,000 5% 4 Rahul No Gujarat 1,50,000 5% 5 Deepa No Goa 3,50,000 5% Invoice Information In Return
  • 16. Treatment In Return Seller Registration Status Value of invoice Invoice no Value Tax Raj Registered 1,000 Then invoice wise details of each invoice irrespective of invoice amount Yes Yes Yes Ramu Unregistered 1,50,000 Consolidated details of Each rate of tax-12% for each state Rs 1,50,000 Chotu Unregistered 50,000 Consolidate details of rate of tax of 5% for each state i.e Gujarat Rahul Unregistered 1,50,000 2,00,000 Deepa Unregistered 3,50,000 As value is more than 2.5 lacs , individual details of invoice Yes 3,50,000 yes
  • 17. Section 39:- Returns. • (7)Registered taxable person without payment of full tax shall not be treated as a valid return. • (8)A Nil Return have to be filed also. • (10)A Registered taxable person shall not be allowed to furnish return for a tax period, if valid return for any previous tax period has not been furnished by him.
  • 18. Section:-40 First Return • (1)registered taxable 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 has been granted shall declare the same in the first return filed by him after grant of registration. 18
  • 19. 19 Outward Supplies (FORM GSTR-1) FORM GSTR- 2A/4A/6A FORM GSTR- 2/4/6 Added/Corrected FORM GSTR-1A Accept or Reject (FORM GSTR-1) 10TH of Next Month GSTR
  • 20. 10/9/2018 20 Claim of ITC and provisional acceptance -Section 41 Registered Person Entitled to take credit of eligible input tax, as Self- assessed, in his return on a provisional basis in his electronic credit ledger This credit can only be utilized for payment of self- assessed output tax
  • 21. Matching of claim of ITC – Sec 42 Details of every inward supply furnished by a recipient for a tax period shall The corresponding details of outward supply furnished by the ‘supplier’ in his valid return Be Matched with with the IGST paid under section 3 of the Customs Tariff Act, 1975 (51 of 1975) in respect of goods imported by him Following things will also be matched 1. GSTIN of supplier 2. GSTIN of recipient 3. Invoice or debit note no 4. Invoice or debit note date 5. Taxable value 6. Tax amount
  • 22. Matching, Reversal and Re-credit-42 © Indirect Taxes Committee, ICAI 22 Matching Details of inward supply furnished by a receiver to be matched with details of output supplies furnished by corresponding supplier Credit details of matching supplies only to be accepted - manner to be prescribed Reversal Details not matching resulting in excess to be communicated to both supplier and receiver Details communicated but not rectified by supplier to be added to the output tax liability of recipient Duplication resulting in excess also to be added to output tax liability of recipient Reclaim Recipient entitled to reduce output tax liability if supplier rectifies the return within prescribed timelines
  • 23. Process of Communication Supplier Recipient Any discrepancy in the claim of input tax credit in respect of any tax period FORM GST MIS -1 FORM GST MIS -2
  • 24. What would happen if discrepancy communicated not corrected ITC shall be added to the output tax liability of the recipient In his return to be furnished in FORM GSTR – 3 In his return for the month succeeding the month in which the discrepancy is communicated
  • 25. Section 44:- Annual Return. • (1)Every Registered taxable person, other than an ISD, a person paying tax under section 51(TDS) or section 52 (TCS) a CTP and a NR shall furnish an annual return for every financial year electronically in GSTR-9 on or before the 31st December following the end of such financial year. • (2)Every registered taxable person who is required to get his accounts audited under Section 35(5) (Accounts & Records) shall furnish, electronically annual return along with the audited copy of the annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the year with the audited annual financial statement, and such other particulars as may be prescribed. 25
  • 26. GSTR – 9A : Annual Return Annual return By Compounding Taxpayer In GSTR – 9A
  • 27. Section 45:- Final Return • (1)Every Registered taxable person who applies for cancellation of registration shall furnish a final return within 3 Month of the date of cancellation or date of cancellation order, whichever is later, in form GSTR-10. 27
  • 28. Notice to Return Defaulters. (Section 46) • Where a registered taxable person fails to furnish a return under Section 39 (Periodic Return) or Section 44 (Annual Return) or Section 45 (Final Return) a notice shall be issued requiring him to furnish such return within 15 days and in such form and manner as may be prescribed. 28
  • 30. Section 47:- Levy of Late Fee 30 Defaulted Return Late Fee Return on outward Details (Sec-37) Rs. 100 per day of Delay Maximum Rs. 5000/- (N-64) Return on Inward Details (Sec-38) Periodic Returns (Sec-39) Final Return (Sec-45) Annual Return (Section 44) Rs. 100 per day of Delay Maximum = 0.25% on Aggregate Turnover
  • 31. Section 48:- GST Practitioners. • A registered taxable person may, authorize an approved GSTP. • Responsibility for correctness of any particulars furnished in the return by GSTP shall continue to rest with the registered taxable person on whose behalf such return are filed. 31
  • 32. Consultant 🎓 Income Tax and GST Practitioner