What are the various returns prescribed under the GST Laws? (PART-1)

Ans.

Returns for Outward Supplies [GSTR-1] [Sec. 37(1) CGST Act]

Persons liable to furnish GSTR-1

Every registered person other than following shall file this return by 10th of the succeeding month:

(i) An input service distributor,

(ii) A non-resident taxable person,

(iii) Person paying tax under the composition scheme, and

(iv) Electronic Commerce Operator, collecting TCS.

Value for each transaction to be fed

Value for each transaction shall have to be fed unless consolidated information asked in the return form; Not only value but taxable value shall also have to be fed.

In some cases, both may be different. In case there is no consideration, but it is considered as supply the taxable value shall be uploaded.

Rectification of Return

1. In case any outward supplies are not matched with the respective recipients’ return of inward supplies, the return for outward supplies requires rectification due to error or omission, which is allowed. The supplier shall pay tax and interest payable, if any, in case there is short payment due to such mistake or error after rectification in the prescribed manner.

2. Such rectification, however, is not permitted after filing of annual return or filing of the return for the month of September of the following year, whichever is earlier.

Information availability to Recipients

The details of GSTR-1 shall be made available electronically to the concerned registered person (recipients) after the 10th of the next month through the GSTN Portal, in

1. Form GSTR-2A Part A (Normal Taxpayer);

2. Form GSTR-4A (Compounding Taxpayer); and

3. Form GSTR-6A (Input Service Distributor).

Corrections by Recipients and Acceptance

1. The details of inward supplies added, corrected or deleted by the recipient his Form GSTR-2 (i.e., Normal tax payer) or Form GSTR-

4 (i.e., Composition tax payer) or the details pertaining to inward supplies of ISD shall be made available to the supplier electronically in Form GSTR-1A through the Common Portal.

2. Supplier may either accept or reject the modifications made by the recipient during 15th to 17th of the next month.

3. Form GSTR-1 furnished earlier by the supplier shall stand amended to the extent of modifications accepted by him.

To ease the compliance requirements for small taxpayers, the GST Council allowed taxpayers with annual aggregate turnover upto 1.5 crore to file details of outward suppliers in Form GSTR-1 on a quarterly basis instead of monthly basis.

Returns for Inward Supplies [GSTR-2]

(Sec. 38, CGST Act, 2012)

Persons liable to furnish GSTR-2

Every registered person other than:

(a) An input service distributor,

(b) A non-resident taxable person,

(d) Electronic Commerce Operator collecting TCS.

Corrections by Recipients and Acceptance

1. The details of inward supplies added, corrected or deleted by the recipient in his Form GSTR-2 (Normal taxpayer) or Form GSTR 4 (Composition tax payer) or the details pertaining to inward supplies of ISD shall be made available to the supplier electronically in Form GSTR-1-A through the Common Portal, and

2. Supplier may either accept or reject the modification made by the recipient during 15th to 17th of the next month.

Rectification of return

3. In case any inward supplies are not matched with the respective supplier’s return of outward supplies, the return for inward supplies requires rectification due to error or omission, which is allowed. The recipient shall pay tax and interest payable, if any, in case there is short payment due to such mistake or error after rectification in the prescribed manner;

4. Such rectification, however, is not permitted after filing of annual return or filing of the return for the month of September of the following year, whichever is earlier.