TMI BlogFiling of Returns under GST- regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... dar format for ease of understanding as under: January 2018 February 2018 March 2018 April 2018 May 2018 Return Filing Dates 10 20 10 15 20 10 20 10 20 30 10 Up to 1. 5 Crore GSTR - 3B Dec 3B Jan 3B Feb 3B Mar 3B Apr 3B GSTR -1 Jul - Sep 2017 Oct - Dec 2017 Jan- Mar 2017 Greater than 1. 5 Crore GSTR - 3B Dec 3B Jan 3B Feb 3B Mar 3B Apr 3B GSTR -1 July to Nov 2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with turnover up to ₹ 1.5 Crore will be required to file FORM GSTR-1 on quarterly basis instead of on monthly basis. It is also clarified that the registered person may opt to file FORM GSTR-1 on monthly basis if he so wishes even though his aggregate turnover is up to ₹ 1.5 Crore. Once he falls in this bracket or if he chooses to file return on monthly basis, the registered person will not have the option to change the return filing periodicity for the entire financial year. In cases, where the registered person wrongly reports his aggregate turnover and opts to file FORM GSTR-1 on quarterly basis, he may be liable for punitive action under the GGST Act, 2017. 2. Applicability and quantum of late fee: 2.1 The late fee for the months of July, August and September for late filing of FORM GSTR 3B has already been waived off vide Notification No. 28/2017-ST dated 5th September 2017 and 50/2017-ST dated 24th October 2017. 2.2 It has been decided that for subsequent months, i.e. October 2017 onwards, the amount of late fee payable, by a taxpayer whose tax liability for that month was NIL , will be ₹ 20/- per day (Rs. 10/- per day each under CGS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be. It may be noted that while making adjustment in the output tax liability or input tax credit, there can be no negative entries in the FORM GSTR-3B . The amount remaining for adjustment, if any, may be adjusted in the return(s) in FORM GSTR-3B of subsequent month(s) and, in cases where such adjustment is not feasible, refund may 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. 5. Where the taxpayer has committed an error in submitting (before offsetting and filing) the information in FORM GSTR-3B , a provision for editing the same has been provided. The facility to edit the information can be used only before offsetting the liability and editing will not be permitted after offsetting the liability. Hence, every care should be taken to ensure the accuracy of the figures before proceeding to offset the liabilities. 6. It is further clarified 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 discre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re not sure of how to proceed. They added cash in the cash to the extent of their under reported liability. What can they do? The company may use the edit return facility to add such liability in their submitted return. Further, the company may generate a fresh challan under FORM GST PMT-06 to additional cash or utilize their credit and furnish their return. Company A has four units in Haryana, while filing their return for the month of July, they inadvertently, missed on details of a last minute order. The Company had filed their returns in order to not pay late fee and other penalties. What can they do? In this case, they may report this additional liability in the return of next month and pay tax with interest. Change in FORM GSTR-1 If such liability was not reported in FORM GSTR-1 of the month/quarter, then such liability may be declared in the subsequent month s/quarter s FORM GSTR-1 in which payment was made. Common Error - II Return liabilities / Input tax credit availed were confirmed and submitted and therefore no change can be done to the liability. No a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mended through amendments under Table 9 of FORM GSTR-1 Common Error - III Stage of Return Filing (GSTR - 3B) Stage 1 Stage 2 Stage 3 Stage 4 Confirmed Submission Cash Ledger Updated Offset Liability Return Filed Return liabilities / Input tax credit availed were confirmed and submitted and therefore no change can be done to the liability. No action was taken after this step. Cash was added to the electronic cash ledger as per the return liability. No action was taken after this step. All liabilities were offset by debiting the cash and credit ledger. No action was taken after this step. Return was filed. Liability was wrongly reported Use Edit facility to rectify wrongly reported liability. Use Edit facility to rectify wrongly reported liability and cash ledger may be debited to offset new liability, where sufficient balances are not available in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... / quarter s FORM GSTR-1. Common Error - IV Stage of Return Filing (GSTR - 3B) Stage 1 Stage 2 Stage 3 Stage 4 Confirmed Submission Cash Ledger Updated Offset Liability Return Filed Return liabilities / Input tax credit availed were confirmed and submitted and therefore no change can be done to the liability. No action was taken after this step Cash was added to the electronic cash ledger as per the return liability. No action was taken after this step. All liabilities were offset by debiting the cash and credit ledger. No action was taken after this step. Return was filed. Input tax credit was under reported Use 'Edit facility to add un-availed 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. No Action required in cash ledger Input tax credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... While filing their FORM GSTR 3B for the months of July, 2017, Company E inadvertently, reported their eligible input tax credit, as ₹ 20,00,000/- instead of ₹ 10,00,000/-. What can they do? Since, the company has submitted details of their input tax credit but not used such credit for offsetting their liabilities, they can reduce their input tax credit by using the edit facility. While filing their FORM GSTR 3B for the months of July, 2017, Company E inadvertently, reported their eligible input tax credit, as ₹ 20,00,000/- instead of ₹ 10,00,000/-. What can they do? Since, the company has submitted details of their input tax credit but not used such credit for offsetting their liabilities, they can reduce their input tax credit by using the edit facility. Since, they have deposited ₹ 10,00,000/- only in their input tax credit ledger they may deposit additional ₹ 10,00,000/- in the cash ledger by creating challan in FORM GST PMT-06. While filing their FORM GSTR 3B for the months of July, 2017, Company E inadvertently, reported their eligible input tax credit, as ₹ 20,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... They can use edit facility to correct central tax credit under the right head. For offsetting any integrated tax liability, additional cash may be deposited in the cash ledger by creating challan in FORM GST PMT-06 . While filing their FORM GSTR 3B for the months of July, 2017, Company E inadvertently, reported their Central Tax credit of ₹ 20,00,000/- as Integrated tax credit. In order to avoid late fee and penalties, they paid ₹ 20,00,000/- Central Tax in cash and did not utilize their Integrated tax credit. What can they do? Since, the company has filed the returns and there is an unutilized Integrated tax credit of ₹ 20,00,000/- which was inadmissible to them, they will have topay / reverse such credit in the return of subsequent month(s). Further, Central Tax credit of ₹ 20,00,000/- can be availed in return of subsequent month(s). Change in FORM GSTR -1 No Action Common Error - VII Stage of Return Filing (GSTR - 3B) Stage 1 Stage 2 Stage 3 Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
