GST Returns – Analysis of Draft rules released by India
Key Points about Draft Rules Related to GST Returns
- Eighteen forms (Form GSTR-1 to GSTR-11) and Seven separate forms for Tax Return Preparer (Form GST-TRP-1 to GST-TRP-7) are released for GST returns.
- A Reconciliation Statement to be certified under Section 42 of Model GST Law in Form GSTR 9B. There are three Forms (Form GST ITC-1A, 1B and 1C) for GST Input Tax Credit Mismatch report.
- Separate GST Return forms are prescribed for outward supplies, inward supplies and the discrepancies noted between the two.
- Separate GST Return form are prescribed for periodical returns by Regular Taxable Persons, Persons who have opted for Composition, Non-Resident Taxable Persons, Persons who are required to deduct or collect tax at source etc.
- Separate GST Return form are prescribed for communicating the input tax mismatches, final acceptance, mismatches adding to the output liability etc.
- GST Annual Returns is mandatory for all registered persons. Apart from GST Annual Returns, CA Certified audit report has to be filed for persons whose turnover crosses the threshold limit.
Education Guide on Goods & Service Tax (GST)