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Returns under GST Regime

Goods and Service Tax - GST - By: - CA Madhav Kalani - Dated:- 10-11-2015 - Proposed GST Returns - Salient Features The Joint Committee constituted in consultation with Government of India, for looking into Business Processes for Goods and Service Tax (GST) has submitted its Report on GST Return. The salient features proposed in relation to GST Return are as follows: 1. There will be common E-Return for CGST, SGST, IGST and Additional Tax. 2. Every registered person is required to file a return .....

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registration nor required to file returns under the GST law. 3. Periodicity of Filing returns: Different periodicity for filing of return for different categories of taxpayers, after payment of tax due. The return can be filed without payment of self-assessed tax as per the return but such return would be treated as an invalid return. Returns for different categories of taxpayers and its periodicity is as follows: Return Particulars Due Date GSTR 1 Monthly return for Outward supplies made by ta .....

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er the date of expiry of registration GSTR 6 Return for Input Service Distributor (ISD) 15th of the next month GSTR 7 Return for Tax Deducted at Source 10th of the next month GSTR 8 Annual Return By 31st December of next FY ITC Ledger / Cash Ledger / Tax Ledger (These are running electronic ledgers maintained on the dashboard of taxpayer by GSTN) Continuous Normal / Regular taxpayers with multiple registrations (for business verticals) within a State would have to file GSTR-1, GSTR-2 and GSTR-3 .....

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oice level details in respect of every invoice whose value is more than ₹ 2,50,000/-. For invoices below ₹ 2,50,000/-, State-wise summary of supply statement will be filed covering those invoices where there is address on record. (The address of the buyer has to be mandatorily reflected in every invoice having a value of ₹ 50,000/- or more. Invoices for a value less than ₹ 50,000/- that do not have address on record will be treated as intra-state supply.) For all Intra-St .....

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invoice-level inward supply information pertaining to the tax period for goods and services separately The information submitted in GSTR-1 by the Counterparty Supplier of the taxpayer will be auto populated in the concerned tables of GSTR-2. It may be modified i.e. added or deleted by the Taxpayer while filing the GSTR-2. The recipient would be permitted to add invoices (not uploaded by the counterparty supplier) if he is in possession of invoices and have received the goods or services. Auto P .....

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GSTR-1 and GSTR-2. Excess payment, if any, will be carried forward to the next return period. The taxpayer will also have the option of claiming refund of excess payment through the return for which appropriate field will be provided in the return form. 4.4 Major Components of GSTR 6 - Final invoice-level inward supply information pertaining to the tax period separately for goods and services on which the ITC is being claimed. It will be auto populated on the basis of GSTR-1 filed by the Counter .....

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he audited copies of the Annual Accounts of the dealer and would be filed by 31st December following the end of the financial year for which it is filed. A separate reconciliation statement, duly certified by a Chartered Accountant, will have to be filed by those taxpayers who are required to get their accounts audited under section 44AB of Income Tax Act 1961. Currently this limit is ₹ 1 Crore. 6. Invoice Level information to be captured in the return has been specified. For example in ca .....

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