gst - return dates and penalty for late filing

RETURN PROCESS UNDER GST

RETURN OVERVIEW

•A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period

What is return?

•There will be common e-return for CGST, SGST and IGST.

Whether diff. return under CGST, SGST & IGST?

•A registered taxable person shall not be allowed to furnish return for tax period if valid return for any previous tax period has not been furnished by him

What if return not filed in any previous period?

•Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period

What if there are no business during period?

Return Process Summary

Furnish detail of outward supplies on 10th

Furnish detail of inward supplies on 15th

Modify detail of Outward supplies by 17th

Monthly return by 20th of following Month

Annual Return by 31th of December of following year

FURNISHING DETAILS OF OUTWARD SUPPLIES (GSTR 1)

•Every register person except:•Input service Distributor, •Non-resident taxable person, •Composition Taxpayer, •Person deducting TDS or collecting TCS

Who is require to file?

•Detail of outward supplies of goods or services made during the month: I.e. detail of Invoice, Debit Note, Credit note & Revised invoice and same is require to communicate to recipient.

What are detail require to file?

•Due date of GSTR 1 is 10th of following month of relevant tax period

What is due date of filing GSTR 1?

FURNISHING DETAIL OF INWARD SUPPLIES ( GSTR 1A)



•Person can Verify, Validate , modify or Delete detail relating to outward supplies furnish by supplier in GSTR 1 which become auto drafted GSTR 1A

What is the process?

•15th of Month following the month of relevant tax period.

What is the due date?

ADDITIONAL INWARD SUPPLIES ( GSTR 2 & 2A)



•Recipient in GSTR 2 can add detail of inward supplies which has not been furnished by supplier in GSTR 1 and the same is require to communicated to supplier.

What is the process?

•15th of Month following the month of tax period


•Supplier in auto drafted GSTR 2A, accept, modify or delete detail furnished by recipient in GSTR 2 on or before 17th of month following the month of relevant tax period.

What is action require from supplier?

MISMATCH OF OUTWARD & INWARD SUPPLIES

Mismatch of Outward supplies•Supplier who has furnished GSTR 1 remain unmatched due to error or omission•Should rectify details in the return filed for the month in which error or omission found•And pay tax & interest if any short paid.

Mismatch of Inward supplies•Recipient who has accepted inward supplies furnished by supplier or add detail of inward supplies, remains unmatched due to error or omission•Should rectify details in the return filed for the month in which error or omission noticed•And pay tax & interest if any short paid.

Monthly Return for Normal Taxpayer



•Detail of outward supplies, inward supplies, Input Tax credit availed, Tax Payable, Tax paid and other particulars as prescribed.

What are the detail require to file?

•Monthly return is to be filed in GSTR 3 whether or not any supply has been effected during such a tax period ( nil Return if no supplies)

In which form?

•20th of Month following the month of tax period


FIRST RETURN

•A First Return file by Registered taxable person after grant of registration.

What is First Return?

•Person has to declare detail of outward supplies made during the period of person liable to register till date of registration is granted.

What are special point in First Return?

•Due date of 1st return is 20th of next month following the month of effective date of registration

What is due date of filing first return?

•Person has to declare Nil outward supplies in case there is no supplies in that period.

What if there are no business during that

period?

QUARTERLY RETURN FOR COMPOUNDING TAX PAYER

•Compounding tax payerWho is require to file?

•Detail of inward supplies of good and services, debit and credit notes, tax payable and tax paid and interest payable the other particulars as prescribed.


•Monthly return is to be filed in GSTR 4 whether or not any supplies has been effected during such tax period.In which form?

•18th of Month following the quarter.What is the due date?

MONTHLY RETURN OF TDS

•Every person who require to deduct tax at source(TDS)Who is require to file?

•TDS require to be deducted, TDS deducted, Value on which deducted, interest on belated payment.


•Monthly return is to be filed in GSTR 7In which form?•10th of Month following the month in which TDS is deducted.What is the due date?

•No return is to be filled for the month in which no TDS is deducted.

What if no TDS deducted during month

ANNUAL RETURN

•Every register person except:•Input service Distributor, •Casual Taxable person•Non-resident taxable person, •Composition Taxpayer, •Person deducting TDS or collecting TCS


•In Form GSTR 9In Which form?

•Detail of Expenditure & Purchase•Detail of Income & Supplies•Detail of Return reconciliation along with Refund if any

What are detail require to file?

•31st day of December following the end of financial Year.

What if due date ?

•Liable to pay late fees of One Hundred Rupee per day during which such default continue•Maximum penalty is Rs.5000

Fails to file on or before due date

-Outwards Supplies-Inward Supplies-Monthly Return

-Final Return

•Liable to pay late fees of One Hundred Rupee per day during which such default continue•Maximum penalty is 0.25% of turnover in a state

Fails to File Annual Return

Levy of Late Fees

ASK YOUR QUERY

CA Nikhil MalaiyaCell: 9545727818

E-mail: [email protected]

CA Mayur ZanwarCell: 9422855595

E-mail: [email protected]

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gst - return dates and penalty for late filing

Economy & Finance