a | BELG ALO RETURNS ‘ — 2 a 6S fe INTRODUCTION The term “Return” ordinarily means statement of information (facts) furnishe, the taxpayer, to tay administrators, at regular intervals The information furnished in the return generally comprises of the detail pertaining to the activities/business operations forming the subject matter of taxation; the me SBsation such as sale price, turnover, or value; deductions and exemptic, Getermination and dischange of tax liability for a given period. | In any tax law, ling of returns” constitutes the most important comp| Procedure which enables the Government/tax-administrator to estimate collection for a particular Period and determine the correctness and comple: the tax compliance of the taxpayers. ‘Return’ is a very important aspect of GST as all control over tax paid and tax credit availed, is on the basis of returns filed by taxable persons. A ret document that a tax Payer is required to file as per law. PURPOSES OF RETURN (1) Return provides a framework for working out the tax that becomes payabl the prescribed period, applying the legal principal to the transactions, laid down un. the tax law during the period. (2) GST is a self-assessed, destination based taxation system, (3) A taxable person has a legal obligation to declare his tax liability for a Period in the return, furnish details about the taxes paid in accordance with thit return, and file correct and complete return within the stipulated time fase (4) Returns under the GST are totally electronic without any requirem physical submission. (5) Return is an important tool for, administration, providing necessary inputs for taking a policy decision, manages: of audit and antievasion programs of tax administration and finalization of t= liabilities of the taxpayer within the stipulated limitation period. PERSONS RESPONSIBLE FOR FILING OF RETURNS Registered person ; To file a return for the prescribed tax period, a person on registered, then he would be liable to file even ‘Nil’ return if no activity has been carne? out during the tax period. 7 Exemptions Government entities/PSUs, etc. rated/non-GST goods or services « Neither to obtain registration nor to file returns under the GST. t ° State tax authorities may assign a departmental ID to such govern departments/PSUs/persons to ask the suppliers to quote the department the supply invoices for all inter-State purchases being made to them. the te urn compliance verification program of * exclusively dealing in exempted!—$——————— RETURNS F-— guch supplies shall be at par with busine ; + Such be overned b Tare eer peinana to consumer (B2C) supplies and They _ eae eels of fea r purchases made during a period as and t ion 0 » CS portal for compliance verification purponen. Umaeden the GST common MAIN GST RETURNS jpn bio. _To be filled by Detaila to be filled | Due Date pe Quarterly statement of all oulwward! By 13th of the supplics (where aggregate turnover in the | month succeeding, preceding Finaneial Year or current Financial | the quarter Year is upto % 6 crores) | 243, rm uppli 7 ame | Supplicr Jit of all outward supplies (where|By Lith of aggregate turnover in tho preceding| suceceding month Finaneial Year or current Financial Year is | _ _| more than @ 5 corores) | | |The details so modified by the Recipient | Between 15th and Form Supplier | shall be communicated and made available | 17th of succeeding gSTR-1A | | to Supplier for acceptance or rejection month a 7 The details of outward supplies so validated | Between 11th and Foro | Recipient and accepted including the modifications 15th of succeeding gsTR2 | shall reflect as inward supplies in GSTR-2 | month (presently suspended) Details of outward supplies filed by supplier | Between th and rom | Recipient _ {Will be communicated andmade availableto 15th of succeeding (gTR2A pen Recipient to verify, validate, modify, add or | month delete Consolidated monthly return after|By 20th of Form finalizing their respective outward and| succeeding month Both inward supplies based on the previous forms | (presently along with tax payment details. suspended) Summary of outward and inward supples|By 20th of Form Supplier _ | liable for RCM, cligible ITC, Payment of tax. succeeding month GSTR-3B GSTR-3B does not require invoice-wise data. | _ om | Taxable person opting for Composition | By 30th of Apel im i heme under section 10 following the end o} onw| Tire such Financial Year ‘Non-resident tax-payer Monthly Form Supplier ve By 13th of eres —_ succeeding month Fi registered 7 Return ‘On or before 31st cstive person (other — December of the form | than ISD, TDS succeeding §STR.9A | ‘TCS taxpayer, Financial Year for * | casual taxable eee person and Non- 1¢) | resident taxpayer a Taxable person Final Return Within 3 months from the date of cancellation or date or date of order of cancellation. Porm | Whose registration| SSR | has been surrendered or cancelled.DS AND SERVICES TAX _ 244 GOO! _ FILING OF RETURN el Filing GST return under GST regime is most critical business activity ay ine also determine compliance rating and timely refund. i Return shall be filed for every PIN. If a person has more than ‘ane GSTIN ing state, he shall file multiple returns. The filing of return shall be only Uhrouh onlin Valid Return “Valid return” means a return filed under the CGST Aet, on y) selfrassessed tax has been paid in fall. ‘Thus a return is not valid unless all tay qe, ue, shown in the return (including of previous period, interest and penalty) are paig i hy Optional Filing of Annual Return 2017-18 and 2018-19! Registered persons whose aggregate turnover ina financial year does not e,, £2 crores shall have an option not to furnish the annual return for Financia, 2017-18 and 2018-19. In other words, such persons may choose not to furnish op annual returns for the said If the ual return is not furnished by thea. date (i.c.. the option is exercised, not to furnish the annual return), it shall be deen to have furnished. 4 Amendments made by the Finance Act, 2022 Every registered person furnishing return under the proviso to sub-section (Dy) section 39 shall pay to the Government, in such form and manner, and wit time, as may be prescribed : (a) an amount equal to the tax due taking into account inward and outmey supplies of goods or services or both, input tax eredit availed, tax payable ani such other particulars during a month; or in lieu of the amount referred to in clause (a), an amount determined in sud manner and subject to such conditions and restrictions as may be prescribed Where any registered person after furnishing a return under sub-section Qe sub-section (2) or sub-section (8) or sub-section (4) or sub-section (5) of section % discovers any omission or incorrect particulars therein, other than as a result ¢ scrutiny, audit, inspection or enforcement activity by the tax authorities, he shel rectify such omission or incorrect particulars in the return to be furnished for t month or quarter during which such omission or incorrect particulars in such fom and manner as may be prescribed, subject to payment of interest under this Act: No such rectification of any omission or incorrect particulars shall be allowed aft 30th day of November following the end of the financial year to which such detsi® porta or the actual date of furnishing of relevant annual return, whichever § varlier. A registered person shall not be allowed to furnish a return for a tax period if® eturn for any of the previous tax periods or the details of outward supplies und ub-section (1) of section 37 for the said tax period has not been furnished by hit The Government may, on the recommendations of the Council, by notificati®s abject to such conditions and restrictions as may be specified therein, allo" 2gistered person or a class of registered persons to furnish the return, even if he ot furnished the returns for one or more previous tax periods or has not furti e details of outward supplies under sub-section (1) of section 37 for the s8! riod. thin sug b) By nofification dated 31.07.2021 the Central Board of Indirect 38Trregistered taxpayers with annual turnover upto? 2 erorain Figs ‘orm GSTR-9. ott! Taxes and Customs (CBIC) bas Te! incial Year 2020-21 from filing Ann’245 , s notified that) On the central government has pe ) Persons whose aggregate turnover of outward supplies ral ‘year | in financial year 2017-18 or 2018-19) or in curr nncial year | rege Fecommendation of the council, °Bister financial youd. does not excagy' = i f outward suppli 1.5 crore shall file the statement of outwa r . voding | month afiee P8Sis. This statement cca, puafement ol upto 13th of the succeeding St the end of relevant quarter, / 7 LATE FILING : file “mandatory under GST, Even if there is no transaction, must file Retu i : Hence, inet Fle if provious monthvquarter’s return don't file. / . i e filing of GST return will have a cascading effect leading to heavy Penalty, . INTEREST AND LATE FEE fe i 1 dat unt ofan Per annum. It has to be calculated by the tax-payer on the amant of ‘igtanding ‘ax to be paid. ‘Time period will bo from the next day i ate of payment leaving frat 1s days for small tax payees having annual turnover upto 2 5 crore, : Late! ee for filing GSTR-1, GSTR-3B, GSTR-4, GSTR-5 and GSTR-6 after the de : ; as been Nyduced to 50 per day of delay. + Tate fee for filing NIL returns hare t delay fe tax-payers for GSTR.1, GSTR-gB, GSTRA ss eee _ mee 48rd GST Council Meeting 28/05/2021 MEASURES FOR TRADE FACILITATION Late fee for GSTR SB Returns @auly 2017 to April 2021) Nil Tex Liability Other Cases Maximum % 600 Maximum ® 1,000 Condition : The reduced rate of late fee would apply if GSTR 3B returns for these ‘ex periods are furnished between Ist June 2021 to Stat August 2021 Rationalization of late fee for future period to f 1dune, 2021 Nil Tax Liability Other Cases Maximum ® 600 Regular T. Pr Composition Taxpayer TDS Deductor suey Texpave Maximum & 2,000 Maximum % 2,000 Tote norer. Turnover beteoen piiorer in to Or. 1.6 Cr. to6 Cr. 5 Stow 2.009 Maximum & 6,000 ‘Maximum € 10,000