Report of Joint Committee on Business Processes for GST on GST Return

GST Return Return is a statement of Specified particulars relating to business activity undertaken by the taxable person during a prescribed period of time To declare tax liability and taxed paid for a given period of time There will be common e-return for SGST, CGST, IGST and Additional Tax in GST Regime GST Return will be filed and processed at common GST Portal i.e. GSTN (Goods and Service Tax Network)

Persons Liable to File GST Return Every Register Person even if there is no business activity i.e. NIL Return UN Agencies etc. required to file return for the month in which they make purchase i.e. Purchase Statement for claiming refund Persons not Liable to File GST Return Government Entities and PSUs not dealing with GST Supplies Persons exclusively dealing in exempted /NIL rated/non GST supplies Such Supplies will be treated at par with B2C supplies

GST Returns GSTR 1 For outward supplies made by taxpayer To be filed by all assesses except compounding and ISD Due Date : 10th of the Next Month GSTR 1.pdf

GST Returns GSTR 2 For inward supplies received by taxpayer To be filed by all assesses except compounding and ISD Due Date : 15th of the Next Month GSTR 2.pdf

GST Returns GSTR 3 Monthly Return To be filed by all assesses except compounding and ISD Due Date : 20th of the Next Month GSTR 3.pdf

GSTR 4 GST Returns Due Date : 18th of the Month next to Quarter Quarterly Return To be filed by compounding taxpayer Due Date : 18th of the Month next to Quarter GSTR 4.pdf

GSTR 5 GST Returns Periodic Return To be filed by Non Resident Foreign Taxpayer Due Date : Within 7 Days of Expiry of Registration If the registration is for a period of more than one month Monthly Return would be filed GSTR 5.pdf

GSTR 6 GST Returns To be filed by Input Service Distributor (ISD) Monthly Return To be filed by Input Service Distributor (ISD) Due Date : 15h of the next Month GSTR 6.pdf

GSTR 7 GST Returns Monthly Return All Assesses who deduct TDS in GST Due Date : 10h of the next Month GSTR 7.pdf

GSTR 8 GST Returns Annual Return All Normal Assesses Due Date : 31st December of Next F.Y. It will be based on financial records Intend to provide 360° view about the business activities

GST Returns GSTR 8 It provides reconciliation of the returns with audited financial statements It will capture details of pending arrears, refund claims, current status of orders etc Due Date : 31st December of Next F.Y. Audited Financial Statements would required to file with this return GSTR 8.pdf

Other Details GST Returns On continuous basis with returns To be filed by respective assesses ITC Ledger of Tax Payer Cash Ledger of Tax Payer Tax Ledger of Tax Payer

Other Important Points GST Returns Other Important Points Regular Tax Payers with multiple registration within a State would have to file Separate GSTR 1, GSTR 2, & GSTR 3 for each Registration The filing of return would be only through online mode. Offline Utility for filing return may be provided. There would be two separate return for Outward Supplies (GSTR 1) and Inward Supplies (GSTR 2) A consolidated return based on these two (GSTR 3)

Steps for E-filing GST Returns GSTN will facilitate the entire E filing of all GST Returns Step 1 The taxpayer will upload final GSTR 1 return The increase or decrease in supply invoices would be allowed only on the basis of details provided in GSTR 2 by counter party up to 17th day of the month Step 2 GSTN will auto draft the provisional GSTR 2 of taxpayer based on GSTR 1 of counter parties A taxpayer has option to download his provisional GSTR 2 Step 3 A purchasing taxpayer will accept/reject/modify auto drafted provisional GSTR 2

Steps for E-filing GST Returns Purchasing Tax Payer will also be able to add additional purchase invoice details in his GSTR 2 which have not been uploaded by Supplier provided he is in possession of Valid Invoice Step 5 Tax Payer can do reconciliation with counterparty during next 7 days. All the invoices will be auto populated in the ITC ledger of taxpayer Step 6 Tax Payer will finalize GSTR 1 & GSTR 2 and determine a) Tax liability on supplies b) Eligibility of ITC c) Net Tax Liability Step 7 Draft GSTR 3 will be auto generate at the portal including Previous and Current Year’s Details Step 8 Tax Payer will debit ITC ledger and Cash Ledger and mention debit entry No in GSTR 3 Return and would submit the same

GST Return monthly Due Dates for us 10th /NM GSTR : 1 GSTR : 7 15th /NM GSTR : 2 15th /NM GSTR : 6 17th /NM Finalization of GSTR 1 & 2 20th /NM GSTR : 3 11th N/M Auto Generation of GSTR :2 12th -15th N/M Add/Del/Alt of GSTR :2 16th – 17th N/M Adjustment in GSTR

GST Return Acknowledgment After verifying details in GSTR Transaction ID confirming receipt of data will be generated Final Acknowledgement will be generated after validation of data. It will also lock transaction ID. Acknowledgement would contains:- a) Acknowledgement Number b) Date, Time and Transaction ID c) GSTIN of Tax Payer d) Relevant Tax Period Details e) Gross Supplies, Taxable Supplies and Taxes Paid/Refund Claimed

Invoice Level Information Supply B2B Intra State Inter State Export/ Deemed Export Exempted/ Nil Rated Supply B2C Value More than Rs.2.5 Lacks Value Less than Rs.2.5 Lacks

Invoice Level Information Invoices Pertaining to B2B transactions (Intra State, Inter State & supply to UN Organizations) GSTIN/Unique ID issued to UN organizations/Embassies Invoice Number, Date and Value HSN Code for Goods and Accounting Code for services Tax Rate & Tax Amount for CGST, SGST, IGST and Additional Tax Place of Supply For Capital Goods there will be separate columns for Credit Due and Credit Availed For Different HSN code or Tax rate separate line wise details would be submitted

Invoice Level Information Invoices Pertaining to B2C transactions (Inter State Supplies whose taxable value is more then Rs.2.5 Lacks) Invoice Number, Date and Value HSN Code for Goods and Accounting Code for services Tax Rate & Tax Amount for CGST, SGST, IGST and Additional Tax Buyer’s Address (State Code) Department ID of Government Entities/PSUs not dealing in GST Supplies Persons Dealing in Exempted/NIL Rated/Non GST Supplies Place of Supply if different than Buyer’s Address

Invoice Level Information Invoices Pertaining to B2C transactions (Inter State Supplies whose taxable value is less then Rs.2.5 Lacks) Only aggregate taxable value of all such invoices will be submitted state wise & tax rate wise GST law may provide mandatory mention of address of the buyer if taxable value of invoice is more than Rs.50000/- Invoices Pertaining to B2C transactions (Intra State) Only aggregate taxable value of all such invoices will be submitted tax rate wise

Invoice Level Information Invoices Pertaining to Exports and Deemed Exports Invoice Number, Date and Value HSN Code for Goods and Accounting Code for services Tax Rate & Tax Amount for IGST in case export on payment of GST Shipping Bill Number / Bill of Export Number Invoices Pertaining to Exempted/NIL Rated Supply Aggregate Value of all Exempted / Nil Rated Supplies & Purchases made would be submitted

Invoice Level Information Bill of Entry relating to Import Bill of Entry Number, Date and Value Assessable Value for IGST 8 Digit HSN Code IGST Rate & Amount Importer's Address These details would be verified from data available at ICES/ICEGATE

Invoice Level Information Credit Note / Debit Note Credit / Debit Note Number Original Invoice Number and Date Taxable Value of Credit / Debit Note Tax Rate and Tax Amount of CGST/SGST/IGST and Additional Tax Credit/ Debit Notes will reflect in the monthly return in which they have been issued GST Law may provide time period within which only Credit / Debit Notes can be issued

Invoice Level Information Advance Received Against a Supply to be made in future Taxation point will be determine by Point of Taxation Rules in GST Law If tax is to be paid on advance receipt required details are to be given in GST return GSTIN/UID/GDI/Name of Customer HSN Code for Goods and Accounting Code for Services Amount of Advance Received Tax Rate & Tax Amount for CGST, SGST, IGST and Additional Tax State Code

Invoice Level Information Tax Deducted at Source GST Law may provide for provisions relating to TDS on certain specified Supplies In such case Tax Payer required to file TDS return GSTIN/GDI of Tax Payer GSTIN of Supplier Invoice Number , Date and Taxable Value TDS Certificate Number, Date and Amount Rate & Amount of TDS for CGST, SGST and IGST

Invoice Level Information Input Service Distributor (ISD) GST Law may retain the concept of ISD ISD would require to file monthly return Details of ISD i.e. GSTIN, Name and Address Details of Recipients i.e. GSTIN, Name and Address Details of Inward Supply Invoices on the basis of which ITC is Claimed Invoice or Documents details on the basis of which ITC is being distributed

NO REVISION OF RETURN IS ALLOWED Revision of GSTR NO REVISION OF RETURN IS ALLOWED All unreported invoices of previous tax period would be reflected in the return for the month in which they are proposed to included. Interest Applicable would be auto populated All unrecorded invoices and ITC revision would be required to be corrected by issuing Debit / Credit Notes All such Debit / Credit Notes would reflect in the return for the month in which adjustment carried out. There would be separate table for adjustment for which Debit / Credit Notes are not required to be issued

Thank You CA MILIND KALE +91-7666619356/milindkale@mkca.co.in