gst return mechanisum

1. GST- RETERN
Dept. of Business administration
NIT KKR.

2. Returns:
A return is a statement of specified particulars relating to
business activity undertaken by the taxable person during a
prescribed period.
There will be common e-return for CGST, SGST,IGST and
Additional Tax.
Every registered person is required to file a return for the
prescribed tax period. A return needs to be filed even if there
is no business activity (i.e. Nil Return) during the said tax
period.
A registered taxable person shall not be allowed to furnish
return for tax period if valid return for any previous tax
period has not been furnished by him

3. FIRST RETURN

4. FIRST
RETURN
• After obtaining registration, the taxable person
is required to file his very first return. This
section provides for the aspects that need to
considered while filing this first return, namely:
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Transaction to be
reported
Consideration
Involved
Outward supplies From date of liability
to register till the end
of month when
registration is
granted
Inward supplies From effective date
of registration till end
of month when
registration is
granted

5. Furnishing details of outward supplies
(GSTR 1)
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6. Furnishing
details of
outward
supplies
(GSTR 1)
 This e-return shall be filed within 10 days of the
succeeding month.
 “Details of outward supplies” which shall include
details relating to zero-rated supplies, inter-state
supplies, return of goods received in relation to/
in pursuance of an inward supply, exports, debit
notes, credit notes and supplementary invoices
issued during the said tax period.
 This Return is not applicable to Input Service
Distributor, Deductor of Tax (Section 37) and
Taxable persons opting for Composition Levy
(Section 8).
 Late filing would be permitted on payment of
late fees only.
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7. Furnishing
details of
outward
supplies
(GSTR 1)
Revision / Rectification of Original
Return :
 In case any outward supplies are not matched
with the respective recipients’ return of inward
supplies, the return for outward supplies
requires rectification which is allowed.
 Such rectification, however, is not permitted
after filing of annual return or the return for the
month of September of the following year
whichever is earlier.
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8. Furnishing of Return
(GSTR 2)
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9. Furnishing details of inward
supplies (GSTR2)
 This e-return should be filed within 15 days of the next
month.
 . The information submitted in GSTR-1 by the Counterparty
Supplier of the taxpayer will be auto populated in the
concerned tables of GSTR-2.
 The same may be modified i.e. added or deleted by the
Taxpayer while filing the GSTR-2.
 The details of inward supplies would be auto-populated
in the ITC ledger of the taxpayer on submission of his
return.
 In respect of capital goods, there will be a field to
capture appropriate information regarding availment of
ITC over a period from the date of accountal of capital
goods.

10. • There will be a separate table for the ISD credit
received by the taxpayer.
• There would be a separate table for TDS Credit
received by the taxpayer.
• Auto Population in this return from GSTR-1 will be
done on or after 11th of the succeeding month.
• Addition or Deletion of the invoice by the taxpayer will
be permitted between 12th and 15th of the succeeding
month.
• The return (GSTR-2) would be filed by 15th of the
succeeding month.
• Late filing would be permitted on payment of late fees
only.

11. Furnishing
details of
inward
supplies
(GSTR 2)
Revision / Rectification of Original Return :
• In case the return for inward supplies requires
rectification, it is allowed.
• Such rectification, however, is not permitted after
filing of annual return or the return for the month
of September of the following year, whichever is
earlier.
• The information submitted in GSTR-1 by the
Counterparty Supplier of the taxpayer will be
auto-populated in the concerned tables of GSTR-
2. The same may be modified i.e. added or
deleted by the Taxpayer while filing the GSTR-2.
The recipient would be permitted to add invoices
(not uploaded by the counterparty supplier) if he
is in possession of invoices and has received the
goods or services.
• This e-return shall be filed within 15 days from the
end of the tax period.
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12. Furnishing of Return (summary)
(GSTR 3)(monthly return)
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13. Furnishing
of Return
(Summary)
(GSTR 3)
 Every Registered Taxable Person for every
calendar month Shall furnish the following:
– (a) of inward and outward supplies of goods
and/or services,
– (b) input tax credit availed,
– (c) tax payable,
– (d) tax paid and
– (e) other particulars as may be prescribed
– (f) within 20 days after the end of such month:
 It will contain Final aggregate level outward and
inward supply information. These details will be auto
populated from GSTR-1 and GSTR-2.
 There will be separate tables for calculating tax
amounts on outward and inward supplies based on the
information contained in various tables in the GSTR-3
return
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14. It will also contain-
 Details of other payments - Interest/Penalties/Fee/Others,
etc. This will be auto populated from the Debit entry in Cash
ledger .
 Details of ITC balance (CGST, SGST and IGST) at the end of
the tax period will be auto-populated in the ITC ledger
irrespective of mode of filing return. Details of cash balance
(CGST, SGST, IGST and Additional tax)
 Information regarding quantity of goods (as per Unique
Quantity Code) supplied will not be contained in the
monthly return.
 However, the same would be submitted by the taxpayer in
the annual return.
 The return would be filed by 20th of the succeeding month.
Late filing would be permitted on payment of late fees

15. VALID RETURN
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16. RETURNS - SUMMARY
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Outward
Supplies

17. QUARTERLY RETURN(GSTR-4)
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18. GSTR4
 After crossing the exemption limit, the taxpayers may
opt for compounding scheme wherein they would be
required to pay taxes at fixed rate without any ITC
facilities.
 Exemption limited refers to the firms whose turnover is
less than rs.20,00,000 for all the regions except for
north-east states
 and
 For north-eastern states , It is Rs. 10,00,000
 Such taxpayers would be required to file a simplified
quarterly return (GSTR-4).
 In this return the taxpayer is only required to indicate
the total value of supply made during the period of
return
and
 the tax paid at the compounding rate .

19. GTSR-8(ANNUAL
RETURN)

20. Annual
Return
 Taxable persons who get their accounts
audited under section 42(4) are required to
electronically file annual return under this
section along with a copy of the audited
accounts as well as a reconciliation statement
reconciling value of supplies declared in the
return furnished for the year along with the
audited annual financial statement and such
other prescribed particulars.
 Input Service distributor, deductor of tax,
casual taxable person and Non-Resident
taxable person are not required to furnish
annual return.
 Every registered tax payer shall file Annual
Return on or before 31st December
following the end of the financial year.
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21. Returns: Late Filing Fee
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Defaulted Return Late fee
Return on Outward Details (Ref:
Sec 25)
Rs. 100 per day of delay
Maximum Rs. 5,000
Return on Inward Details (Ref: Sec
25)
same as above
Return on Input credit (Ref: Sec 27) same as above
Final Return for prescribed three
months (Sec 31)
same as above
Annual Return (Sec 30) Rs. 100 per day of delay
Maximum = 0.25% on Aggregate
Turnover

22. STEPS FOR RETURN FILING
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Outward
Supplies

23.  AFTER STUDYING THE RETURN
FIING BY A RESIDENT TAXPAYER
 WE SHOULD ALSO GO THROUGH
THE RETURN FILING BY NON-
RESIDENT TAXPAYER

24. GSTR-5( RETURN BY NON-
RESIDENT TAXPAYER)
 Non-Resident foreign taxpayers would be required to
file GSTR-5 for the period for which they have obtained
registration within a period of seven days after the
date of expiry of registration.
 In case registration period is for more than one month,
monthly return would be filed and thereafter return for
remaining period would be filed within a period of
seven days as stated earlier.