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Proposed Return Process - GST

Goods and Services Tax - GST - Dated:- 19-12-2015 - PROPOSED RETURN PROCESS PRESENTATION PLAN…. Basic Features Periodicity of Return Filing Contents of GSTR-1 Return Contents of GSTR-2 Return Contents of GSTR-3 Return Contents of Compounding Taxpayer Return (GSTR-4) Contents of Foreign Non-Resident Return (GSTR-5) Contents of ISD Return (GSTR-6) Contents of TDS Return (GSTR-7) Contents of Annual Return (GSTR-8) HSN Codes & SAC Typical Invoice Details Invoice matching & Cre .....

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ferent cut-off dates to allow auto-population of return & automated matching of invoices Payment of due tax is must for filing valid return Returns can be submitted with short payment but shall be treated as invalid - not taken into account for invoice matching & inter-Government fund settlement Provision for filing revised information Differential Tax liability to be captured through Debit Note / Credit Note/ Supplementary invoices / correction mechanism Maintenance of electronic Cash L .....

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3 Compounding taxpayers to file quarterly return: by 18th day of succeeding month of the Quarter - GSTR-4 Foreign Non-resident Taxpayers to file monthly return: within 7 days after expiry of registration - GSTR-5 Input Service Distributors (ISD) taxpayers to file monthly return: by 15th day of succeeding month -GSTR-6 Tax Deductors to file monthly TDS return: by 10th of succeeding month - GSTR- 7 Casual taxpayers to file same return as for normal taxpayer but with monthly periodicity and / or li .....

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with information as per annual audited accounts Reconciliation statement to be filed by taxpayers who are required to get accounts audited under Section 44AB of the Income Tax Act, 1961 CONTENTS OF GSTR-1 RETURN…. Taxpayer details Return period details Invoice level specified details All B2B supplies Line-item level data in case multiple tax rate or HSN / Service Accounting Code in one invoice Inter-State B2C supplies only if Taxable Value per invoice is ≥ INR 250000/- Aggregate State .....

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te, credit note & changes in supply information for earlier tax periods with consequential increase/decrease in tax liability Details of tax liability on receipt of advance Details of subsequent issuance of invoices issued w.r.t. advance receipt CONTENTS OF GSTR-2 RETURN…. Taxpayer details Return period details Invoice level inward supply details received from registered taxpayer To be auto-populated from GSTR-1 of counterparty supplier Recipient to have option to add receipts not dec .....

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eived from unregistered person Details of ITC received from ISD Details of cash credit received on account of TDS CONTENTS OF GSTR-3 RETURN…. Taxpayer details Return period details To be auto-populated from GSTR-1 & GSTR-2 Aggregate values of all B2B outward supplies Aggregate value of all B2C outward supplies Aggregate value of all exports including deemed exports Aggregate value of all inward supplies Aggregate value of all imports Information about adjustments for earlier periods D .....

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ip;. Taxpayer details Return period details Inward supply details Auto-populated from GSTR-1 of counter-party supplier Option to add receipts not uploaded by counter-party supplier Receipts from unregistered dealers to be added Includes supply attracting tax payment on reverse charge basis Details of import of goods and services Details of outward supply: intra-state, exports & non-GST Details of all liabilities (Tax, interest, penalty, late fee, etc.) Details of payment of tax and other sta .....

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etails of ITC Auto-populated from GSTR-1of counter-party supplier Option to add receipts not declared by counterparty supplier - if in possession of taxable invoice & have received supply of goods or services Includes supplies attracting reverse charge Information about ITC available in the month for Distribution Details of credit of CGST, SGST & IGST distributed Details of ISD ledger Opening and closing balance of ITC ITC received, reversed and distributed CONTENTS OF TDS RETURN (GSTR-7 .....

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ove ₹ 5 Crore in preceding FY 2-digit HSN Code for taxpayers with turnover between ₹ 1.5 Crore & ₹ 5 Crore in preceding FY - optional in 1st Year and mandatory from 2nd Year 8-digit level mandatory for exports & imports Accounting Codes for services - in invoice level details Mandatory for those services for which Place of Supply Rules are dependent on nature of services Mandatory for exports & imports Service Accounting Code to be prefixed with s for differentiatin .....

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