OVERVIEW of GOODS AND SERVICES TAX (GST) Hosted By CUSTOMS, CENTRAL EXCISE & SERVICE TAX COMMISSIONERATE, WARDHA at ICAI BHAVAN on 12th May 2017 Prepared By: CA KEYUR S DEDHIA SAGAR KAWNA & CO. CHARTERED ACCOUNTANTS Phone : 0724 - 2430283, +91-9011090524, +91-9823290524 E-mail : keyurdedhia@gmail.com

RETURNS under various Acts GOODS AND SERVICES TAX RETURNS under various Acts Prepared By : CA Keyur S Dedhia, Akola

RETURNS under GST Salient Features of GST Returns Filing of returns would only be through online mode. Facility of offline generation and preparation of returns will also be available. The returns prepared in the offline mode will have to be uploaded. (Just like the same which we can do for Service Tax and Excise Returns) There will be a common e-return for CGST, SGST, and IGST. A registered Tax Payer shall file GST Return at GST Common Portal either by himself or through his authorised representative i.e. TRP’s. No provision to revise a return but there is a provision for rectification of a return by way of debit / credit notes. Last date for rectification of a return is 30th September following the end of the financial year or before furnishing the annual return, whichever is earlier. Prepared by: CA Keyur S Dedhia

RETURNS under GST Salient Features of GST Returns GST is based on transaction wise i.e. need to give bill wise details relating to sales and purchases relating to goods and invoice-wise details relating to services. System is so designed that the Input Tax Credit will be matched automatically. Input Tax Credit which is unmatched will be auto-reversed. Revision of returns is not possible. Only rectification can be done. Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX RETURNS UNDER GST Types of Returns: Sr. No. FORM PARTICULARS 1 GSTR 1 Statement of Outward supplies 1a GSTR 1A Details of inward supplies accepted, rejected, deferred, corrected by recipient 2 GSTR 2 Statement of Inward Supplies 2a GSTR 2A Details of outward supplies by suppliers will be available in GSTR 2A Part A : Supplies by Regular tax payers Part B : Supplies by Input Service Distributors Part C : Details of Tax deducted at source Part D : Details of Tax collected at source 3 GSTR 3 Monthly Return Part A: Details of GSTR 1 & 2 – auto populated Part B: Tax liability -Electronic Cash/Credit ledger 3a GSTR 3A Notice to non fillers (Monthly return /Final return) Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX RETURNS UNDER GST Types of Returns (contd): SR. NO. FORM PARTICULARS 4 GSTR 4 Composition Dealer – Quarterly return 4a GSTR 4A Details of inward supplies to composition dealer 5 GSTR 5 Return by Non resident taxable person 6 GSTR 6 ISD - details of credit received and those issued 6a GSTR 6A Details of inward supplies to ISD 7 GSTR 7 Return by person required to deduct tax at source 7a GSTR 7A TDS certificate 8 GSTR 8 Return by e-commerce operator– TCS 9 GSTR 9 Annual return by registered taxable person 9a GSTR 9A Annual return by composition dealers 9b GSTR 9B Audited annual account & reconciliation statement (duly certified by CA/ICWA) 10 GSTR 10 Final Return 11 GSTR 11 Details of inward supplies by person having UIN Prepared by: CA Keyur S Dedhia

BASIC FRAMEWORK OF GST RETURNS GOODS AND SERVICES TAX BASIC FRAMEWORK OF GST RETURNS GSTR 1 - Outward Supplies (Sec. 32) – Upload invoice level SALES details GSTR 2 - Inward Supplies (Sec. 33) – Upload invoice level PURCHASE details Matching of ITC (Sec. 37) – On online portal – finalize SALES & PURCHASE details GSTR 3 – Monthly Return (Sec. 34) – Filling of returns with payment of tax liability GSTR 9 – Annual Return (Sec. 39) – Yearly return (with or without audit as applicable) 7 Prepared by: CA Keyur S Dedhia

GSTR 1 – Statement of Outward Supplies GOODS AND SERVICES TAX GSTR 1 – Statement of Outward Supplies Basic details of the Taxpayer i.e. Name along with GSTIN To be filed by 10th of the next month Invoice level details ; GSTIN of recipient Invoice details – Number, date, HSN/SAC, ….Value, Taxable value…. POS Tax – IGST, CGST, SGST/UTGST – Rate and Tax amount Invoice level information for all B2B invoice (whether inter-state or intra-state) Invoice level information for B2C invoice < Rs. 2.5 lacs Consolidated information of all B2C supplies sufficient 8 Prepared by: CA Keyur S Dedhia

GSTR 2 – Statement of Inward Supplies GOODS AND SERVICES TAX GSTR 2 – Statement of Inward Supplies The details of inwards supplies would be auto-populated in the Input Tax Credit (ITC) ledger on submission of GSTR-1 by the respective dealers. To be filed by 15th of the next month TCS/ TDS GSTR1s of the suppliers GSTR-6A ISD GSTR 2 To be Fed by Taxpayer Reverse Charge receipts from unregistered supplies Imports GSTR 5 Non Resident TP 9 Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX GSTR 3 – Monthly return 10 In GST return, maximum data of this return is auto populated from sales and purchase registers (GSTR-1 and GSTR-2). Only adjustment entries and challan information will enter after these entries. Only details of payment of tax under various tax heads of CGST, SGST and IGST separately would be populated from the debit entry in credit/cash ledger. 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. Due Date - 20th of the next month 10 Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX First Return u/s 35 Every registered taxable person paying tax under the provisions of section 10 is required to file his first return as soon as he obtains his registration. Following points need to be considered: Transaction to be reported Consideration involved a) Outward supplies From date of liability to register till the end of month* when registration is granted b) Inward supplies From effective date of registration till end of month* when registration is granted Key Components of GSTR-10 (Final Return u/s 40) Every registered taxable person who applies for cancellation of registration shall furnish a final return along with the application for cancellation of registration in such form and in such manner as may be prescribed. Due Date – Three months from date of cancellation or date of cancellation order whichever is earlier 11 Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX Due Dates of various Returns: FORM PARTICULARS GSTR 1 Statement of Outward supplies 10th of next month GSTR 2 Statement of Inward Supplies 15th of next month GSTR 3 Monthly Return 20th of next month GSTR 4 Quarterly Return – Compounding dealer 18th of month of next quarter GSTR 5 Non resident taxable person 20th of next month or 7th day after expiry of registration, whichever is earlier GSTR 6 Return by Input Service Distributor 13th of next month GSTR 7 Return - Tax deducted @ source GSTR 8 Return - TCS by e-comm. operator GSTR 9 Annual Return 31st December of next FY GSTR 10 Final Return 3 months from date of cancellation Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX RETURNS under GST TAXPAYER TOTAL RETURNS No of Returns TAXPAYER TOTAL RETURNS Regular registered Tax payer 3 returns * 12 months = 36 + 1 Annual return = 1 Total = 37 Regular registered Tax payer with TDS & ISD 5 returns * 12 months = 60 + Total = 61 Regular registered Tax payer with TDS, TCS & ISD 6 returns * 12 months = 72 + Total = 73 To be filled for each state separately through common single login within 20 days of next month with no provision for revision of return Prepared by: CA Keyur S Dedhia

GOODS AND SERVICES TAX TRANSITIONAL PROVISIONS Migration Of Existing Tax-Payers Certificate will be issued on Provisional basis to all existing registered person. Provisional certificate will be valid for 6 months or extended period. Need to submit prescribed documents within the prescribed time. Final Registration certificate will be issued on submission of documents. If failed to submit the documents, the registration will be cancelled. CENVAT Credit Carry forward of CENVAT Credit / Input Tax Credit will be allowed as shown in last return filed. Un-availed CENVAT Credit of Capital Goods to be allowed in certain cases. Credit of inputs and inputs contained in semi-finished / finished goods will be allowed, if not availed earlier due to either non registration, claiming exemption or paying under composition scheme. However, credit will be allowed only for invoices of last 12 months. If exempted or duty paid goods are returned within 6 months from the appointed day, no tax under GST will be payable. However, if goods were returned after 6 months, tax will be payable under GST regime. Prepared by: CA Keyur S Dedhia