Key Points of GST Return -(India)- You Must Know

By | October 5, 2016
(Last Updated On: October 5, 2016)

Key Points of GST Return -(India)

General Key Points about GST Return

  1. The registered taxable person is required to file details of outward supplies in Form GSTR-1 electronically. The recipient will receive GSTR 2A on the basis of details furnished by supplier in GSTR 1.
  2. The recipient will file details of inward supplies in GSTR 2 electronically on basis of details contained in GSTR 2A. The recipient shall specify the details of inward supplies for which he is not eligible for input tax credit and quantum of such ineligible input credit.
  3. Any discrepancy in the claim of input tax credit in respect of any tax period,  shall be made available to the registered taxable person making such claim and the supplier electronically in FORM GST ITC-1 through the Common Portal on or before the last date of the month in which the matching has been carried out.
    • A supplier to whom any discrepancy is made available  may make suitable rectifications in the statement of outward supplies to be furnished for the month in which the discrepancy is made available
    • A recipient to whom any discrepancy is made available  may make suitable rectifications in the statement of inward supplies to be furnished for the month in which the discrepancy is made available.
    • Where the discrepancy is not rectified  an amount to the extent of discrepancy shall be added to the output tax liability of the  recipient in his return in FORM GSTR-3 for the month succeeding the month in which the discrepancy is made available
  4. The registered taxable person (other than composition dealer) shall file monthly return in GSTR-3. Part of this return will be electronically generated from GSTR 1, GSTR 2, electronic credit ledger, electronic cash ledger and electronic liability register.
  5. A notice in Form GSTR 3A will be sent electronically to a registered taxable person who fails to file returns.GST Information Flow for GST Return

    Read also  GST Return filing Process in India

    Download Draft GST Return Rules Released by Govt

    Download Draft GST Return Formats released by Govt

Key points of GSTR-1 (Outward supplies by Tax payers)

This return form would capture the following information:

  1. Basic detailsof the Taxpayer i.e. Name along with GSTIN
  2. Periodto which the Return pertains
  3. GrossTurnover of the Taxpayer in the previous Financial Year. This information would be submitted by the taxpayers only in the first year and will be auto-populated in subsequent years.
  4. Final invoice-level supply information pertaining to the tax period separately for goods and services which has to be submitted as follows:
    • For all B2B supplies (whether inter-state or intra-state) invoice level specified details will be uploaded.
    • For all inter-state B2C supplies – invoice level details to be uploaded for invoices whose value is more than INR 2,50,000. For invoices below this value, state-wise summary of supply statement shall be filed.
    • Following parameters with respect to HSN code for goods and accounting codes for services will apply for submitting the information in return relating to invoice level information.
      • HSN code (4 digits) for goods and accounting code for services will be mandatory initially for all taxpayers with turnover in the preceding financial year above INR 5 crores.
      • HSN codes (8 digits) and accounting codes for services will be mandatory in case of exports and imports.
  1. Details relating to advance received against a supply to be made in future will be submitted in accordance with the Point of Taxation Rules as framed in the GST law.
  2. Details relating to taxes already paid on advance receipts for which invoices are issued in the current tax period will be submitted.
  3. Separate table for submitting details of revision in relation to outward supply invoices pertaining to previous tax periods.
  4. Separate table for effecting modifications/correcting errors in the returns submitted earlier.

Key points of GSTR-2 (Inward Supplies)

  • The information inGSTR 1 shall be auto-populated in concerned tables in GSTR-2. It can be modified by the taxpayer while filing GSTR-2.
  • The details of inwards supplies would be auto-populated in the Input Tax Credit (ITC) ledger on submission of return.
  • GST law should provide that ITC with respect to capital goods will be allowed over a period of 2 years in equal instalments. Further GST law should make appropriate provisions for availment of ITC in case of inputs received in one lot or in multiple lots.
  • Separate table for submitting details in relation to ITC received on an invoice on which partial credit has been availed earlier.
  • Separate table for ISD credit and TDS credit received by taxpayer.

Key Points of GSTR-3

  • It would capture the aggregate level outward and inward supply information which will be auto populated through GSTR-1 and GSTR-2.
  • Information about ITC ledger, cash ledger and liability ledger would be updated in real time on an activity in connection with these ledgers by the taxpayer.
  • Details of payment of tax under various tax heads of CGST, SGST, IGST and Additional tax separately would be populated from the debit entry in credit/cash ledger. GST law may have provision for maintaining 4 head-wise account for CGST, SGST, IGST and Additional tax and at associated minor heads for interest, penalty, fee etc.
  • Taxpayer will have the option of claiming refund of excess payment through the return for which appropriate field will be provided in the return form.
  • Details of ITC balance (CGST, SGST and IGST) at the end of the tax period will be auto-populated in the ITC ledger irrespective of mode of filing return.
  • The return would have a field to enable the taxpayer to claim the refund or to carry forward the ITC balance (CGST, SGST and IGST). GST law may provide that the refund will be processed quarterly.
  • It will be auto-populated through GSTR- 1 (of suppliers), own GSTR-2, ISD return, TDS return of deductor, own ITC ledger, own cash ledger and own tax liability ledger.

GST Return : Who … What….When….to File GST Return

Sr.NoFormWho to File ?What to file?When to File ?
1GSTR-1Registered taxable supplierOutward supplies10th of the month succeeding the tax period
2GSTR-2Registered taxable recipientInward supplies /Purchases15th of the month succeeding the tax period
3GSTR-3Registered taxable personOutward supplies , inward supplies, ITC availed, tax payable, tax paid and other particulars as prescribed20th of the month succeeding the tax period
4GSTR-4Composition supplierOutward supplies, inward supplies18th of the month succeeding the quarter
5GSTR-5Non-resident personOutward supplies, inward supplies20th of the month succeeding tax period & within 7 days after expiry of registration
6GSTR -6Input service distributordetails of tax invoices on which credit has been received13th of the month succeeding the tax period
7GSTR-7Tax deductorDetails of tax deducted10th of the month succeeding the month of deduction
8GSTR-8E commerce operator/tax collectorDetails of tax collected.10th of the month succeeding the tax period
9GSTR-9 Registered Taxable PersonsAnnual Return31st December of the next Financial Year]
10GSTR 9ATaxable Person paying tax u/s 8 (Compounding Taxable Person)Annual Return31st December of the next Financial Year]
11GSTR 9BRegistered Taxable Person (if Turnover Exceeds 1Crore)Audit Report with Reconciliation Statement31st December of the next Financial Year
12GSTR 10Taxable person whose registration has been surrendered or cancelledFinal returnwithin three months of the date of cancellation or date of cancellation order, whichever is later
13GSTR 11Persons having Unique Identity Number and Claiming RefundDetails of inward supplies28th of the month following the month for which statement is filed

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