Tax Management India. Com
                            Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals News SMS Articles Highlights
        Home        
 
Extracts
Home List
← Previous Next →

FILING OF RETURNS UNDER GST CLARIFICATION BY CBEC

Goods and Services Tax - GST - By: - Mr.M. GOVINDARAJAN - Dated:- 7-1-2018 Last Replied Date:- 8-1-2018 - Every registered person under GST is to file the required returns within the time stipulated. The following returns are required to be filed by the registered person- GSTR - 1 - Details of outward supplies of goods or services; GSTR- 2 - Details of inward supplies of goods or services; GSTR -3 - Monthly return. GSTR - 3B - in lieu of GSTR 3. The registered persons are facing many problems i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

submitting/filing of GSTR - 3B and other related queries. Return filing dates GSTR - 3B In respect of return GSTR - 3B it is to be filed by all registered persons on monthly basis. The due dates for filing return GSTR - 3B for the months from December 2017 to April 2018 are given as detailed below by all registered persons- December 2017 return - 20.01.2018; January 2018 return - 20.02.2018; February 2018 return - 20.03.2018; March 2018 return - 20.04.2018; April 2018 return - 20.05.2018. GSTR - .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the current financial year, in case of new registrants and file the return according to the due date. The registered person whose turnover is up to ₹ 1.5 crores may opt to file the return on monthly basis if he so wishes even though his aggregate turnover is up to ₹ 1.5 crore. Once he opts for this he will not have the option to change the return filing periodicity for the entire financial year. If the registered person wrongly reports his aggregate turnover and opts to file the ret .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

8 - 10.05.2018. It is further clarified that since the option of quarterly filing was not available earlier, many taxpayers have already filed their returns for the month of July. Such tax payers shall not file these details again and shall one file details for the month of August and September 2017. Those who have not filed their return for the month of July 2017, they shall file their GSTR - 1 return separately and then file the GSTR - 1 return on quarterly basis for the month August and Septe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rters the last date for filing this return within 18 days after the end of such quarter. For the quarter from October 2017 to December 2017 is to be filed on or before 18.01.2018. Late fee The late fee for belated filing of return ₹ 200/- per day if the tax liability if NIL for that month. The late fee for belated filing of return in other cases is ₹ 200/- per day. The late fee for the months of July, August and September for late filing of GSTR - 3B has been waived off. For subseque .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

filing Form GSTR - 1 and GSTR - 2 of the same month; the system will automatically reconcile the data submitted in Form GSTR -3B with Form GSTR - 1 and Form GSTR - 2; If there is any variation, it will be offset against the output tax liability or added to the output tax liability of the subsequent month. The circular indicated the system based reconciliation prescribed as above can only be operationalized after the relevant notification issued for GSTR - 2 and Form GSTR - 3 which has been worke .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ay be claimed. Where adjustments have been made in Form GSTR - 3B of multiple months, corresponding adjustments in Form GSTR - 1 should also preferably be made in the corresponding months. Common errors in GSTR - 3B The following are the common errors that are made while filing GSTR - 3B- Liability was under reported; Liability over reported; Liability wrongly reported; Input tax credit was under reported; Input tax credit was over reported; Input tax credit of the wrong tax was taken; Cash ledg .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

vailed input tax credit- input tax credit will be added to the credit ledger and may be used for offsetting this month or subsequent month s liability; the over reported input tax credit; the wrong credit was taken - new input tax credit will be added to the credit ledger; input tax credit reduced will be adjusted in the credit ledger without the any additional liability No action. Under Stage - 2 - Cash Ledger updated Use Edit facility to- add such liability and additional cash, if required i.e .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

if any may be either claimed as refund or used to offset; no action is required in case of input tax credit was under reported; deposit additional cash, if required in the cash ledger by creating challan in Form GST PMT - 06, if input tax credit was over reported; deposit additional cash, if required, in the cash ledger by creating challan in Form GST PMT - 06, if input tax credit of wrong tax was taken. In case of wrongly updated- add cash under the right tax head and seek cash refund of the c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e made in return may be claimed where adjustment is not feasible. In case of input tax credit was under reported - input tax credit which was not reported may be availed while filing return for subsequent month(s). Input tax credit was over reported- pay through cash/Reverse such over reported input tax credit with interest in return of subsequent month(s); Input tax credit of the wrong tax was taken - Pay through cash/Reverse any wrongly reported input tax credit in return of subsequent month(s .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

are should be taken to ensure the accuracy of the figures before processing to offset the liabilities. It is further clarified in the circular that the information furnished by the registered person in the return in Form GSTR - 3B would be reconciled by the department s system with the information furnished in Form GSTR - 1 and discrepancies, if any, shall be dealt with in accordance with the relevant provisions of the Act and the rules made thereunder. - Reply By KASTURI SETHI - The Reply = Sir .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.