GST Returns Queries Asked by Clients to Chartered Accountant

GST Returns Queries Asked by Clients to Chartered Accountant: GST has been implemented in the country from July 1 (excluding Jammu and Kashmir). GST has been the biggest tax reform in the country since independence. Revenue Secretary Hasmukh Adhia tweeted on Sunday about the issues and questions related to the Goods and Services (GST). Said – Do not ignore rumors. Honest taxpayers will benefit from GST. Aadhiya tweeted the 7th myth about GST (rumors, falsehoods) and tweeted the picture. Said – its implementation process is completely transparent. They said that every 3 times a month will have to file a return only once.

Mr. A: Good Day Mr B, how are you?

CA : Hi Mr. A, I am doing fine, how about you?

Mr. A: Doing Good, So today can you tell me about what are returns requirement under GST? CA : Sure

Mr. B, following are returns needs to be furnished under GST law by respective person:

Form Nature Particulars
GSTR -1 Sales – Normal business To be filed by the 10th of the Next Month by the supplier of Goods/Services, this Return shall contain:

Invoice wise details
  • i) Registered persons – All supplies (Interstate + Intra state).
  • ii) Unregistered persons – All Inter state supplies exceeding 2.5 Lacs per invoice
Consolidated details for unregistered persons for each rate of tax
  • i) Intra state – All Supplies
  • ii) Inter state – State wise details for all supplies less than 2.5 Lacs

Further, details of any debit/credit notes issued for the sales made previously.

 Invoice wise details
  • i) Registered persons – All supplies (Interstate + Intra state).
  • ii) Unregistered persons – All Inter state supplies exceeding 2.5 Lacs per invoice
 Consolidated details for unregistered persons for each rate of tax
  • i) Intra state – All Supplies
  • ii) Inter state – State wise details for all supplies less than 2.5 Lacs
Invoice wise details
  • i) Registered persons – All supplies (Interstate + Intra state).
  • ii) Unregistered persons – All Inter state supplies exceeding 2.5 Lacs per invoice
Consolidated details for unregistered persons for each rate of tax
  • i) Intra state – All Supplies
  • ii) Inter state – State wise details for all supplies less than 2.5 Lacs
GSTR -2 Purchase – Normal Business To be filed by the 15th of the Next Month by the recipient of Goods/Services, this Return shall contain:

  • 1. Invoice wise details of all Inter-State & Intra-Sate supplies received from registered persons or unregistered persons
  • 2. Import of Goods/Services during the period
  • 3. Details of any debit/credit notes if any received from the supplier.
GSTR -3 Tax details – Normal Business To be Filed by the 20th of the Next Month by the recipient and supplier of Goods/Services (i.e. every registered taxpayer), this Return is divided into 2 parts A & B and it shall contain the following details:

PART-A

  1. Turnover Details bifurcated between Taxable Turnover, Export Turnover, Nil rated & Exempted Turnover, Non-GST Turnover
  2. Details of Outward Supplies
  3. Details of Inward Supplies
  4. Total Tax Liability for the Month with separate value for CGST, SGST, and IGST.
  5. Input Tax Credit Received during the month

PART-B

  1. Details of Tax, Interest, Late Fee and Penalty Paid through challans or Credit Adjustments
  2. Refunds Claimed from Cash Ledger
GSTR -4 Composition user To be Filed by the 18th of the month succeeding the quarter by Composition Dealers having annual turnover below Rs 75 Lakhs. This Return shall contain Details such as:

  1. Details of Inward Supplies including supplies received from unregistered persons and any amendments thereto
  2. Import of Goods/Services during the period and any amendments thereto
  3. Outward Supplies Made which shall include both intra-state and Non-GST Supplies
  4. Tax Liability under reverse charge arising on account of the time of supply without receipt of Invoice
  5. Details of GST Payable and Paid Details
  6. Refund Claim Details If any
  7. Declaration whether you are likely to cross composition limit before the date of next return.
GSTR – 5 Registered Non resident taxable person It shall contain business details for non-resident including the details of outward supplies and inward supplies and on the basis of such information registered foreign taxpayer shall pay the tax, interest, penalty, fees etc. within 20 days after the end of a tax period or within seven days after the last day of the validity period of registration, whichever is earlier.
GSTR – 6 Return for Input Service distributor This form will contain details of tax invoices on which credit has been received. GSTR-6 needs to be furnished by 13th of the month succeeding the tax period.
GSTR – 6 Return for Input Service distributor This form will contain details of tax invoices on which credit has been received. GSTR-6 needs to be furnished by 13th of the month succeeding the tax period
GSTR – 7 Return for authorities deducting TDS Here the tax deductor is required to provide various details. These details include:

  1. GSTIN on the deductee
  2. Contract details
  3. Invoice details
  4. Date of payment to deductee
  5. Value on which TDS is to be deducted.

Based on this information TDS on IGST, CGST and SGST will get calculated. This needs to be filled by 10 of next month.
GSTR – 8 E-commerce operator
  1. This return shall contain details of supplies made and the amount of tax collected as required under the Model GST Law.
  2. Merchants registered on e-commerce marketplace are required to furnish details of supplies made to registered taxable person through the e-commerce operator.
  3. Here marketplace sellers are required to furnish details of GSTIN of the supplier, Merchant ID issued by e-commerce operators along with the gross value of supplies etc.
  4. Further also the Details of supplies made by the e-commerce marketplace merchant to unregistered persons through the e-commerce operator needs to be reported here

Once all the details are furnished, the system will auto-calculate the tax liability and tax credit available and details of Tax / Interest / Penalty Paid needs to be filled in.

This return should be filed by E-commerce Operators/Tax collectors by 10th of next month.
GSTR – 9 Annual Return To be filed by the 31st December of the Next Financial Year by every registered taxable person

Every registered taxable person is required to furnish an annual return under GST law, electronically in FORM GSTR-9. Likewise, a taxable person registered as a composition dealer shall furnish the annual return in FORM GSTR-9A. GST law also states that every registered taxable person whose aggregate turnover during a financial year exceeds TWO Crore rupees shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

This Return shall contain Details such as:

  1. Applicability of Statutory Audit or Not and if yes, Auditor Details for the Tax Period.
  2. Details of Expenditure incurred with bifurcation in the taxable value of goods and/or services taken.
  3. Details of all the supplies made in a tax year differentiating between goods and/or services.
  4. Return Reconciliation Statement where the system will auto-reconcile the transactions and will determine tax liability payable against the tax actually paid
  5. Breakup of gross profit, profit after tax and net profit for the tax year for which return is filed.
GSTR – 10 Final Return To be filed within three months of the date of cancellation of registration or date of cancellation order, whichever is later by a taxable person whose registration has been surrendered or cancelled.

This Return shall contain Details such as:

  1. Application Reference Number which will be communicated to the taxpayer at the time of passing the cancellation order.
  2. Effective Date of Surrender/Cancellation along with the Unique ID of Cancellation order as contained in the order if the cancellation order has been passed
  3. Particulars of Closing Stock. Also any amount of credit lying in such stock needs to be paid along with this return. This amount shall be auto-computed on the basis of the declaration of closing stock of goods.
GSTR – 11 Purchases – Persons having UIN Every person, who has been issued a Unique Identity Number and claims a refund of the taxes paid on his inward supplies, shall furnish the details of such supplies of taxable goods and/or services in this form.

Unique Identity Number is a special classification made for foreign diplomatic missions and embassies which are not liable to taxes in Indian territory. Any amount of tax direct or indirect collected from such bodies is refunded back to them.

This needs to be filed by 28 of the next month
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For annual return, late filing fees shall be Rs. 100 per day of delay (maximum 0.25% of aggregate turnover).

*These penalty rates are only for CGST, similarly the penalty mentioned in specific SGST act will be added to it

MJL & Co, Jaipur (Chartered Accountants)
Email – [email protected] (ph – 0141-4915113)

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