What are the various returns prescribed under the GST Laws? (PART-2)
What are the various returns prescribed under the GST Laws? (PART-2)
Ans.
Monthly return [GSTR-3] [Sec. 39(1) CGST Act]
Persons liable to furnish GSTR-3
Every registered person other than
(i) An Input Service Distributor,
(ii) A Non-Resident taxable person,
(iii) Person paying tax under the composition scheme,
(iv) TDS deductor,
(v) Electronic Commerce Operator collecting TCS.
Broad component
(i) Monthly return completely auto-generated from the information furnished in GSTR-1 and GSTR-2;
(ii) Additional information furnished in the return relates to:
(a) The utilization of ITC, and
(b) Debit of cash ledger for payment of taxes.
Deposit of Tax
The registered person shall pay to the Government the tax due as per such return not later than the last date on which he is required to furnish Form GSTR-3 (i.e., 20th of the next month).
Nil Return
Form GSTR-3 shall be furnished whether or not any supplies of goods and/or services have been made during the tax period.
Rectification of return
If the registered person, after furnishing GSTR-3 discovers any omission or incorrect particulars therein, he shall rectify such omission or incorrect particulars in the return to be furnished for the month during which such omission or incorrect particulars are noticed, subject to payment of interest under the GST law.
Such rectification, however, is not permitted after the due date for furnishing of return for the month of September following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier.
Monthly Return [GSTR-3B] [Sec. 39(1) CGST Act]
Filing of GSTR-3B form is mandatory for all those who have registered under GST. Even if no transaction during month, still need to file. However, individuals such. Input Service Distributors, Composition Dealer, Suppliers of Online Information and Database Access or Retrieval (OIDAR) services do not have to file GSTR-3B. This is a simple return form introduced by CBIC. It is a must that GSTR-3B is filed for each GSTN. In this form total values of each field is mentioned, invoice level information is not required. This is like a self-declaration return.
Annual Return by Composition Tax Payers [GSTR-4]
[Sec. 39(2) CGST Act]
There are separate tables, which seek following details of (i) Current tax period; and (ii) Amendments in earlier tax periods:
1. Inward supplies including supplies received from unregistered persons,
2. Goods/Capital goods received from outside India (Import of goods), and services received from a supplier outside India (Import of services),
3. Outward supplies made (intra-State and non-GST),
4. Details of credit/debit notes issued and received,
5. TDS credit received,
6. Tax liability under reverse charge arising on account of the time of supply without receipt of Invoice,
7. Tax already paid on account of the time of supply for invoices received in the current period relating to reverse charge,
8. Liability towards interest, penalty fees or any other amount payable;
9. Liability Payable/Tax Payment/Refund Claimed.
The return in the end, enquires whether the person is likely to cross composition limit before the date of next Financial Year.
(1) Outward supplies: Suppliers making inter-State supplies shall not be allowed composition benefit.
(2) Inward supplies:
(i) Receipts from unregistered dealers (Composition taxpayers shall normally make purchases from registered taxpayers but if they make any purchase frox unregistered taxpayers, it shall attract tax on reverse charge).
(ii) Option to add receipts not uploaded by the counter-party supplier-if in possession of taxable invoice and have received supply of goods or services.
(3) Following information shall be auto-populated in Form GSTR4A;
(i) Invoice-level purchase information for the purchases from registered persons including inter-State purchases.
(ii) Credit/debit notes.
(iii) TDS credit receipts.
(4) Composition dealers shall, after adding, correcting or deleting the details contained in Form GSTR-4A, furnish the Annual return in Form GSTR-4 electronically through the Common Portal, either directly or through a Facilitation Centre within 31 December of next Financial Year.
(5) A registered person, who has opted to pay tax under composition levy from the beginning of a financial year, shall furnish the details of outward and inward supplies and return relating to the period during which the person was liable to furnish such details and returns till the due date of furnishing the return for the month of September of the succeeding financial year.
(6) Deposit of Tax: Composition taxpayer shall pay the tax due as per such return not later than the last date on which he is required to furnish Form GSTR-4.
(7) Nil Return: Form GSTR-4 shall be furnished whether or not any supplies of goods and/or services have been made during the tax period.
(8) Rectification of return: If the registered person after furnishing Form GSTR-4 discovers any omission or incorrect particulars therein, he shall rectify such omission or incorrect particulars in the return subject to payment of interest under the GST Law.
Such rectification, however, is not permitted after the due date for furnishing of return for the 2nd quarter following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier.
