What are the various returns prescribed under the GST Laws? (PART-4)

Ans.

TDS Return [GSTR-7] [Sec. 39(3), CGST Act]

Components

There are separate tables, which seek details of:

1. TDS and Revision in TDS,

2. Liability payable and paid,

3. Refund Claimed.

4. Details of payments of any other amount interest/penalties/fee, etc.

Return submission or TDS certificate

Return shall be furnished in Form GSTR-7 electronically through the Common Portal either directly or through a Facilitation Centre within 10 days after the end of the month.

Details furnished in Form GSTR-7 shall be made available electronically to each of the suppliers in Part C of Form GSTR-2A on the Common Portal after the due date of filing of Form GSTR-7.

TDS Certificate shall be made available electronically to the deducted on the Common Portal in Form GSTR-7A on the basis of Form GSTR-7.

(1) Deposit of Tax: Tax Deductor shall pay the tax due as per such return not later than the last date on which he is required to furnish GSTR-7 (i.e., 10th of the next month).

(2) Rectification of return: If the registered person after furnishing Form GSTR-7 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.

Return by E-commerce Operator [GSTR-8]

[Rule 67(1), CGST Act]

Requirements

(1) Form GSTR-8 shall be furnished by e-commerce operator(s) providing facility of supplying goods and/or services of other suppliers through his portal, within 10 days after the end of the month.

(2) An e-commerce portal supplying goods through his own portal shall not be required to file this return in respect of such supplies.

(3) The details furnished by the operator shall be made available electronically to each of the suppliers in Part D of Form GSTR-2A on the Common Portal after the due date of filing of Form GSTR-8.

(4) Every operator who collects the TCS amount shall furnish annual statement, electronically, containing the details of outward supplies of goods or services or both effected through it, including the supplies of goods or services or both returned through it, and the amount collected during the financial year, before the 31st December following the end of such financial year.

Rectification of return

If the operator after furnishing Form GSTR-8 discovers any omission, 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.

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.

Annual Return [GSTR-9] [Sec. 44, CGST Act]

(1) Annual Return shall be filed by every registered person, other than:

(i) Input Service Distributor,

(ii) Deductor under of TDS,

(iii) Electronic Commerce Operator collecting TCS,

(iv) Casual Taxable Person, and

(v) Non-resident taxable person.

(2) Every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Cr., is required to get his accounts audited and shall submit:

Audited copy of the annual accounts,
Reconciliation statement duly certified, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement in Form GSTR-9B, and
Such other particulars as may be prescribed.

(3) Annual return in Form GSTR-9 shall be submitted electronically through Common Portal either directly or through a Facilitation Centre before the 31st day of December following the end of such financial year.

Final Return [GSTR-10] [Sec. 45, CGST Act]

Every registered person, who applies for cancellation of registration either on closure of business or where the taxpayer is no longer liable to pay tax, shall furnish a final return in Form GSTR-10 within:

3 months of the date of cancellation, or
Date of Cancellation Order,

Contents of the Final Return

Particulars of closing stock held on date of surrender/ cancellation: The amount of Put tax credit, relating to inputs lying in stock, inputs contained in semi-finished rand finished goods lying in stock, and capital goods lying in stock-each HSN- wise.

Amount of tax payable on closing stock.