Overview of Returns in GST

CA Janardhana Gouda

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INDEX

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SUMMARY RETURN (GSTR 3)

FINAL RETURN

OUTWARD SUPPLIES (GSTR 1)

FIRST RETURN

INWARD SUPPLIES (GSTR 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.

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FIRST RETURN

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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 whenregistration is granted

Inward supplies From effective date of registration till end of month whenregistration is granted

Furnishing details of outward supplies(GSTR 1)

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Furnishing details of outward supplies(GSTR 1)

This e-return shall be filed within 10 days from the end of the tax period.

“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).

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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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Furnishing details of inward supplies(GSTR 2)

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Furnishing details of

inward supplies(GSTR 2)

Details of inward supplies include debit notes, credit notes and inward supplies liable for tax payment on reverse charge basis.

In respect of the return for outward supplies filed by the supplier of goods / services (under section 25) the receiver is required to match his receipts with the details of supplies filed by the supplier.

In fact, the receiver is required to –verify, validate, modify or even delete – the details furnished by the suppliers. Now, these details as accepted by the recipient will be filed in the return for inward supplies by the recipient.

This Return is not applicable to Input Service Distributor, Deductor of Tax (Section 37) and Taxable persons opting for Composition Levy (Section 8).

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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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Furnishing of Return (summary)(GSTR 3)

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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:

Paying tax under composition scheme shall furnish a return for each quarterly basis, electronically, in prescribed form manner, within 18 days after the end of such quarter:

If any taxable person after furnishing a return discovers any omission or incorrect particulars therein, shall rectify in the return to be filed for the month or quarter, during which such omission or incorrect particulars are noticed, subject to payment of specified interest as applicable.

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VALID RETURN

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VALID RETURN

RETURNS - SUMMARY

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Outward Supplies

STEPS FOR RETURN FILING

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Outward Supplies

ANNUAL RETURN

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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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FINAL RETURN

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FINAL RETURN

Every registered taxable person who applies for cancellation of registration shall furnish a final return within three months of the date of cancellation or date of cancellation order, whichever is later, in prescribed form and manner.

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Returns: Late Filing Fee

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Defaulted Return Late feeReturn on Outward Details (Ref: Sec 25)

Rs. 100 per day of delayMaximum 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 delayMaximum = 0.25% on AggregateTurnover

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CA Janardhana GoudaMob: +91 97 31.03.2014Email: ca.gouda@gmail.com

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