GST Return | Goods Service Tax

Goods Service Tax Returns

Under the Goods Service Tax law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).

Features of the proposed returns filing procedures under GST

  • Common return would serve the purpose of both Centre and State Government.
  • There are eight forms provided for in the GST business processes for filing for returns. Most of the average tax payers would be using only four forms for filing their returns. These are return for supplies, return for purchases, monthly returns and annual return.
  • Small taxpayers: Small taxpayers who have opted composition scheme shall have to file return on quarterly basis.
  • Filing of returns shall be completely online. All taxes can also be paid online.

STEPS FOR FILING GST RETURN

STEP 1The taxpayer will upload the final GSTR-1 (Outward supplies made by a taxpayer other than compounding taxpayer and ISD) return form either directly through data entry in the GST Common Portal or by uploading the file containing the said GSTR-1 return form through Apps by the 10th day succeeding the month. The increase or decrease (in supply invoices) would be allowed, only on the basis of the details uploaded by the purchaser in GSTR-2 (Inward supplies received by a taxpayer other than a compounding taxpayer and ISD) up to the 17th day of the month i.e., within a period of 7 days.
STEP 2Common Portal (GSTN) will be auto-generated in the provisional GSTR-2 of a taxpayer.
STEP 3Purchasing taxpayer will have to either accept, reject or modify that provisional GSTR-2
STEP 4Purchasing taxpayer shall be able to add additional purchase invoice details in his GSTR-2 which have not been uploaded by the supplier as mentioned in Step 1&2, to ensure the valid invoice issued by the supplier and receiving of supplies
STEP 5Taxpayers will have the option to do reconciliation of inward supplies with suppliers during the next 7 days by following up with their counter-party taxpayers for any missing supply invoices in the GSTR-1 of the suppliers
STEP 6Taxpayers will finalize their GSTR-1 and GSTR-2 return by online Common, Portal or using the GSTN compliant offline facility in their accounting applications.
STEP 7Taxpayers will pay the amount as shown in the draft GSTR-3 (Monthly return other than compounding taxpayer and ISD) return generated automatically generated at the online Portal Post Finalization of activities mentioned above in Step 6
STEP 8Taxpayer will debit the both ITC, cash ledger, and mention the debit entry number in the GSTR-3 return and would submit the same

 

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