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Returns under Revised GST Model Law-At a Glance

Goods and Services Tax - GST - By: - Ashish Mittal - Dated:- 17-1-2017 - Background: Submission of details of transaction that the business was indulged in for a given period, in prescribed manner can be termed as Return Every law when comes into force, defines some periodic statement called return to control and assess the transaction the organization has entered into. In context of GST, CBEC in collaboration with GST council has notified draft Model GST model Law (in short MGL ) as revised on .....

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or Various Class of Assessee Types of Return Return for Outward Supplies (Section 32 read with Rule-1 ) Return for Inward Supplies (Section 33 read with Rule-2 ) Monthly Return (Section 34 read with Rule-3 ) Annual Return (Section 39 read with Rule-21) 1 Registered Taxable Person (Specified in Schedule V of MGL) Applicable Applicable Applicable Applicable 2 Composition Supplier under Section 9 Not Applicable Not Applicable Applicable Applicable 3 Non-Resident taxable person (NR) Applicable Appli .....

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1 Return for Outward Supply: Original Form-FORM GSTR-1 Steps: First the form will be filled by supplier by 10th of the next month Later this form will be available to recipients in Part A of FORM GSTR-2A for verifying their details. Details updated by the recipient in his FORM GSTR-2 U/s 33 or FORM GSTR-4 U/s 34 shall be made available to supplier in FORM GSTR-1A and Supplier may accept or reject the amendment in full or part and accordingly FORM GSTR-1 of supplier shall stand amended. Rule 2 R .....

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mposition supplier under Section 9) Specific Provision: In case of Monthly return different Assessee has different form for return empowered by different rules of return which is mentioned as follows Assessee-wise. Rule-3 For Monthly Return Registered Taxable Person (Specified in Schedule V) Original Form-FORM GSTR-3 Part A: Auto Filed through GSTR-1, 2 still can modify Part B: Filled by the Assessee and pay tax and other dues or claim refund Note: If the due date of GSTR-1, 2 extended then for .....

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to deduct tax at source under Section 46 of MGL Original Form-FORM GSTR-7 Certificate of Deduction provided to deductee in FORM GSTR-7A Rule-8 for Supplies effected through e-Commerce Original Form-FORM GSTR-8 Verification of Certain Documents shall be conducted in accordance with Rule-20 and 21 similar procedure as defined in ITC related points. Frequency Various Returns: Different returns need to be filled at different frequency which also varies assessee-wise which has been summarized below .....

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20th of Succeeding month of relevant tax period Annually by 31th of December of subsequent F.Y. Special Point: Person Liable for Audit under 42(4) shall submit audit report and return and reconciliation statements 2 Composition Supplier under Section 9 N.A. N.A. Quarterly by 18th of Succeeding month of relevant tax period Annually by 31th of December of subsequent F.Y. 3 Non-Resident taxable person (NR) Monthly by 10th of Succeeding month of relevant tax period Monthly by 15th of Succeeding mont .....

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riod Monthly by 15th of Succeeding month of relevant tax period Monthly by 20th of Succeeding month of relevant tax period Annually by 31th of December of subsequent F.Y. Special Point: Person Liable for Audit under 53(4) shall submit audit report and return and reconciliation statements General/Common Provisions: Some Provisions which are common in nature has been herewith stated in Question and answer form for the sake of simplicity Certain General/Common Provision in Question and answer Form .....

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auto populated by supplier in its outward supplies. 2. Provide own details of inward supplies and credit or debit notes not show by supplier U/s 32 3. Details of inward supplies of taxable goods and/or services for which tax payable under RCM or under IGST 4. Credit or Debit notes received in respect of such supplies What is Content of Monthly Return U/s 34? Monthly Return includes U/s 34 inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and o .....

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n U/s 34 of the tax period in which the default was detected 3. But before Earlier of [Sept. monthly return u/s 34 of next F.Y or Annual return of F.Y] i.e. Correction possible max. till subsequent F.Y. Sept return or Annual return of relevant F.Y. Certain Condition for Monthly Return Condition for Monthly Return U/s 34 1. All dues of Tax must be paid before or on due date of filling respective returns 2. If no supply then also NIL return Mandatory 3. If tax not paid then return Invalid for allo .....

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ad with rules 10, 11, 12, 13, 14, 15, 16, 17, 18 of Return rules of MGL has been summarized herewith below point wise: 1. Provisionally ITC allowed as claimed in return but not for defective return under sec. 34 i.e. until the admitted proper tax liability is discharged. (Sec. 36) 2. Matching of Provisionally allowed ITC U/s 36 after due date (in case extension of date for Sec. 32 and 33 extension of date of ITC matching shall be done) of filling return U/s 34 with the details and various docume .....

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