TMI BlogReturns Process and matching of Input Tax CreditX X X X Extracts X X X X X X X X Extracts X X X X ..... ls. A non-resident taxable person will also have to file returns for the period of activity undertaken. Q 3. What type of outward supply details are to be filed in the return? Ans. A normal registered taxpayer having aggregate turnover in the preceding or current financial year more than ₹ 1.5 Crore has to file the outward supply details in GSTR-1 in relation to various types of supplies made in a month, namely outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST supplies, exports, and advances received in relation to future supply. Q 4. Do taxpayers with an aggregate turnover less than ₹ 1.5 Crores also need to file GSTR-1 on a monthly basis? Ans. No. A special procedure has been prescribed for such taxpayers vide notification no. 57/2017-Central Tax dated 15.11.2017. Such taxpayers need to file GSTR-1 on a quarterly basis. The last date for filing GSTR-1 for such taxpayers for the period July-Sep 17 is 31.12.2017, Oct-Dec 17 is 15.02.2018 Jan-March 2018 is 30.04.2018 . It is also clarified that the registered person may opt to file FORM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th in which such discrepancy was communicated. Q 10. Does the taxable person have to feed anything in the GSTR-2 or everything is auto-populated from GSTR-1? Ans. While a large part of GSTR-2 will be auto-populated, there are some details that only recipient can fill like details of imports, details of purchases from non-registered or composition suppliers and exempt/non-GST/nil GST supplies etc. Q 11. What if the invoices do not match? Whether ITC is to be given or denied? If denied, what action is taken against supplier? Ans. If invoices in GSTR-2 do not match with invoices in counter-party GSTR-1, then such mismatch shall be intimated to the supplier. Mismatch can be because of two reasons. First, it could be due to mistake at the side of the recipient, and in such a case, no further action is required. Secondly, it could be possible that the said invoice was issued by supplier but he did not upload it and pay tax on it. In such a case, the ITC availed by the recipient would be added to his output tax liability, in short, all mismatches will lead to proceedings if the supplier has made a supply but not paid tax on it. Q 12. What will be the legal po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eductee wise details of all the deductions made by him in his return in Form GSTR-7 to be filed by 10th of the month next to the month in which deductions were made. The details of the deductions as uploaded by the deductor shall be auto populated in the GSTR-2 of the deductee. The taxpayer shall be required to confirm these details in his GSTR-2 to avail the credit for deductions made on his behalf. To avail this credit, he does not require to produce any certificate in physical or electronic form. The certificate will only be for record keeping of the tax payer and can be downloaded from the Common Portal. Q 17. Which type of taxpayers need to file Annual Return? Ans. All taxpayers filing return in GSTR-1 to GSTR-3, other than ISD s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, are required to file an annual return. Casual taxpayers, non- resident taxpayers, ISDs and persons authorized to deduct/collect tax at source are not required to file annual return. Q 18. Is an Annual Return and a Final Return one and the same? Ans. No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lt and will come with higher risk of possible failure and default. The second thing would be to ensure that taxpayers follow up on uploading the invoices of their inward supplies by their suppliers. This would be helpful in ensuring that the input tax credit is available without any hassle and delay. Recipients can also encourage their suppliers to upload their invoices on a regular basis instead of doing it on or close to the due date. The system would allow recipients to see if their suppliers have uploaded invoices pertaining to them. The GSTN system will also provide the track record about the compliance level of a tax payer, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. The Common Portal of GST would have pan India data at one place which will enable valuable services to the taxpayers. Efforts are being made to make regular uploading of invoices as easy as possible and it is expected that an enabling eco- system will be developed to achieve this objective. Taxpayers should make efficient use of this ecosystem for easy and hassle free complianc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing of GSTR-3B? Ans. The late fees for filing GSTR-3B for the months of July to September 2017 has been waived by the Government. Where such late fee was paid, it will be re-credited to taxpayer s Electronic Cash Ledger under Tax head instead of Fee head so as to enable them to use that amount for discharge of their future tax liabilities. 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 CGST SGST Acts) and will be ₹ 50/- per day (Rs. 25/- per day each under CGST SGST Acts) for all other taxpayers. Q 27. How does the taxpayer need to account for Advances in his GSTR-1? Ans. Where against an advance the invoice is issued in the same tax period, the advance need not be shown separately in Form GSTR-1 but the specified details of invoice itself can be directly uploaded on the system. Details of all advances against which the invoices have not been issued till the end of the tax period shall have to be reported on a consolidated basis in Table 11 of Form GSTR-1. As and when the invoices against these adv ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
