Standardised PPT on GST

INDIRECT TAXES COMMITTEE

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
 Disclaimer and Copy right 2
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provided in this presentation are subject to the provisions contained under different acts and
members are advised to refer to those relevant provision also. For clarifications write to us at
idtc@icai.in
© The Institute of Chartered Accountants of India
This standardised PPT may be used by any person with due
acknowledgement to the Indirect Taxes Committee of ICAI.

© Indirect Taxes Committee, ICAI

 3

Returns

© Indirect Taxes Committee, ICAI

 Returns under GST 4
FORM PARTICULARS DUE DATE APPLICABLE FOR
GSTR1 Outward Supplies 10th of the next month Normal / Regular Taxpayer
GSTR2 Inward Supplies 15th of the next month Normal / Regular Taxpayer
GSTR3 Monthly return [periodic] 20th of the next month Normal / Regular Taxpayer
GSTR4 Return by compounding tax payers 18th of the month next to the quarter Compounding Taxpayer
20th of the next month or within 7
Return by non resident tax payers Foreign Non-Resident
GSTR5 days after expiry of registration,
[foreigners] Taxpayer
whichever is earlier
GSTR6 Return by input service distributors 13th of the next month Input Service Distributor
GSTR7 TDS 10th of the next month Tax Deductor
GSTR8 TCS 10th of the next month E-Commerce
Normal tax payer(other
GSTR-9 Annual return 31st December next FY
than casual tax payer)
GSTR-9A Annual return 31st December next FY Compounding Taxpayer
Annual return along with the copy
Normal tax payer having
GSTR-9B of audited annual accounts and a 31st December next FY
turnover more than 1 crore
reconciliation statement
© Indirect Taxes Committee, ICAI
 Returns Process 5

Upload GSTR-1 Auto-drafted GSTR- Generate GSTR-2 by

2A based on details accepting / rejecting /
Can include missing from GSTR-1 filed by modifying details
invoice upto 17th other suppliers from GSTR-2A

Supplier to accept General net tax: Pay /

Add missing purchase
modifications by 17th carried forward in
invoices
but not before 15th GSTR 3

© Indirect Taxes Committee, ICAI

 Returns Process – Relaxation for first 2 months 6

 For the first two months of GST implementation, the tax would be payable based on a simple
return (Form GSTR-3B) containing summary of outward and inward supplies which will be
submitted before 20th of the succeeding month.
 The invoice-wise details in regular GSTR – 1 would have to be filed for the month of July and
August, 2017 as per the timelines given below –

Month GSTR – 3B GSTR - 1 GSTR – 2 (auto populated

from GSTR-1)

July, 2017 20th August 1st – 5th September* 6th – 10th September
August, 2017 20th September 16th – 20thSeptember 21st – 25th September

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.

 No late fees and penalty would be levied for the interim period.

© Indirect Taxes Committee, ICAI

 GST Returns – Important Points 7

 Every registered person to furnish returns

 Submission of return - Through online mode
 Return to be filed even if there is no business activity during the return period
i.e. nil return
 Error or omission may be rectified but no revision of returns
 B2B transactions proposed on invoice level – GSTIN, Invoice No. and date,
Value, Description, rate of tax and value of Tax.
 B2C invoice wise only for transaction above INR 2.5 lakh and is interstate.
 HSN Codes – Goods and Accounting Codes - Services
 Separate Tables for Debit / Credit Notes / Input Service Distributor Credit /
TDS etc.
 Common e-Return for CGST, SGST/ UTGST and IGST
 Shall not be allowed to furnish a return for a tax period if the return for any of
the previous tax period has not been furnished by him.
© Indirect Taxes Committee, ICAI
GSTR – 1 : Furnishing details of outward supplies –
Sec 37
This return form will include:
A.)Invoice details of all outward supply of goods or services or both
Registered Person All inter / Intra State
Unregistered person Inter state Supply > Rs 2.5 lacs
B.)Consolidated details of all-
Unregistered person Intra state supplies for each rate of tax
Unregistered person State wise inter state supplies < Rs 2.5
Lacs for each rate of tax
C) Debit and credit notes
 Changes due to GST in day to day business

 Invoice Information In Return:

A.) In case of Intra State Supply:
Mr. A carried out following transactions during tax period-

Sl No Buyer Registered or not Invoice value Rate of tax

1 B YES 1,000 5%
2 C NO 25,000 5%
3 D NO 5,000 5%
4 E NO 15,000 12%
5 H NO 3,00,000 12%
 Treatment In Return

Seller Registration Value of Invoice Value Tax

Status invoice no
B Registered Then invoice Yes Yes Yes
1000 wise details of
each invoice
irrespective of
invoice amount

C Unregistered 25000 Consolidated Rs.

details of Each 30,000
rate of tax-5%
D Unregistered 5000
E Unregistered 15000 Consolidate Rs.
details of rate of 3,15,000
F Unregistered 300000
tax of 12%
 Invoice Information In Return


B.) In case of Inter State Supply-

Mr. A carried out following transactions during tax period:

Sl Buyer Registered or State Invoice Rate of tax

No not value

1 Raj Yes Maharashtra 1,000 5%

2 Kamal No Gujarat 1,50,000 12%
3 Hirabai No Gujarat 50,000 5%
4 Modi No Gujarat 1,50,000 5%
5 Josef No Goa 3,50,000 5%
 Treatment In Return

Seller Registration Value of Invoic Value Tax

Status invoice e no
Raj Registered 1,000 Then invoice wise Yes Yes Yes
details of each invoice
irrespective of invoice
amount
Kamal Unregistered 1,50,000 Consolidated details of Rs
Each rate of tax-12% 1,50,000
for each state
Hirabai Unregistered 50,000 Consolidate details of
Modi Unregistered 1,50,000 rate of tax of 5% for 2,00,000
each state i.e Gujarat

Josef Unregistered As value is more than Yes 3,50,000 yes

3,50,000 2.5 lacs , individual
details of invoice
 GSTR – 1 : Furnishing details of outward
supplies 13

GSTR 2A / 4A / 6A GSTR 1
Will be auto
populated on basis of
Return can not be filed from 11th to 15th day of month succeeding the tax period

Details which were auto generated in GSTR 2A /

4A / 6A can be modified by Receiver in 3 ways

 Addition- Add if invoice not shown by Supplier

can add it
 Correction- If invoice details is wrongly entered by
Supplier than receiver can correct it
 Deletion – If invoice is mistakenly added receiver
can delete the invoice
© Indirect Taxes Committee, ICAI
 Outward and Inward Supplies – Return
(GSTR 3) 14

Consolidated Return of Outward Supplies and Inward Supplies Return

OUTWARD SUPPLIES includes [goods and / INWARD SUPPLIES includes [goods and / or
or services] services]

Debit Details to Inward Inward Details to

Inter-state
Zero notes, be supplies supplies be
/ Intra- Credit
Rated credit furnished of goods of goods furnished
state notes,
Supplies notes and by 10th day and / or and / or by 15th day
supplies debit
and suppleme succeeding services services succeeding
and goods notes
exports ntary the tax subject to subject to the tax
return
invoice period RCM IGST period

Note: Non resident taxable person, ISD and registered person opting composition scheme - not
required to file return of Inward Supplies
© Indirect Taxes Committee, ICAI
 GSTR – 3 : Form and manner of submission of
monthly return – Sec 39

Who is required to file Details required

return • inward and outward
• Registered person When is to be filed? supplies of goods or
services, or both
20th of following month
• input tax credit availed,
(including TDS and TCS
• tax payable
• tax paid
 Contents of GSTR – 3

Part A of the GSTR-3 shall be auto generated on the basis of the

information furnished through the Form GSTR-1 and GSTR-2, electronic
credit ledger, electronic cash ledger, electronic tax liability register of
such taxable person

Part B of GSTR-3 shall include details regarding liability towards tax,

interest, penalty, fees or any refund other amount payable under the Act
 Matching, Reversal and Re-credit
Matching
Details of inward supply
furnished by a receiver to be
matched with details of
output supplies furnished by
corresponding supplier
not rectified by supplier to be
Credit details of matching
supplies only to be accepted -
manner to be prescribed
© Indirect Taxes Committee, ICAI
17
Reversal Reclaim
Details not matching
resulting in excess to be
communicated to both
supplier and receiver
Details communicated but Recipient entitled to reduce
output tax liability if
added to the output tax supplier rectifies the return
liability of recipient within prescribed timelines
Duplication resulting in
excess also to be added to
output tax liability of
recipient
 Claim of input tax credit and provisional
acceptance – Sec 41

Entitled to take credit

of eligible input tax, as This credit can only
Registered Self-assessed, in his be utilized for
Person return on a provisional payment of self-
basis in his electronic assessed output tax
credit ledger
 Matching of claim of ITC – Sec 42

Details of every inward

supply furnished by a Be Matched with The corresponding details of
recipient for a tax period outward supply furnished by the
shall ‘supplier’ in his valid return

with the IGST paid under section 3

Following things will also be of the Customs Tariff Act, 1975 (51
matched of 1975) in respect of goods
1. GSTIN of supplier imported by him
2. GSTIN of recipient
3. Invoice or debit note no
4. Invoice or debit note date
5. Taxable value
6. Tax amount
 Reasons of mismatching

Where the ITC claimed by a recipient in respect of

an inward supply is in excess of the tax declared
by the supplier for the same outward supply or it
is not declared by the supplier in his valid returns,
the discrepancy shall be communicated (both
parties)

The duplication of claims of input tax credit (shall

be communicated to the recipient )
 Process of Communication

FORM GST MIS -1

Any discrepancy in
the claim of input tax Recipient
credit in respect of
any tax period

FORM GST MIS -2

Supplier
 Rectification of Discrepancy

A supplier to whom any discrepancy is made

available under sub-rule (1) may make
rectifications in the statement of outward supplies
to be furnished for the month in which the
discrepancy is made available

A recipient to whom any discrepancy is

made available under sub-rule (1) may make
suitable rectifications in the statement of
inward supplies to be furnished for the
month in which the discrepancy is made
available
 What would happen if discrepancy
communicated not corrected

ITC shall be added to the

output tax liability of the
recipient In his return for
the month
succeeding the
month in which
the discrepancy is
communicated
in his return to be
furnished in FORM
GSTR – 3
Final acceptance of input tax credit and communication
thereof

The final acceptance of claim of input tax credit in respect of any tax
period, specified in sub-section (2) of section 42, shall be available
electronically in FORM GST MIS -1 through the Common Portal

The claim of ITC in respect of any tax period which was earlier
mismatched but matched afterwards will be communicated in FORM
GST MIS - 1 through the Common Portal
 First, Annual and Final Return
First Return
(Sec 40)
Every registered
person who has made
outward supplies
between the date of
liability to register till
the end of the month*
when registration is
granted has to file his
first return after grant
of registration.
*Up to the quarter in
case of composition
levy.
© Indirect Taxes Committee, ICAI
25
Annual Return Final Return
(Sec 44) (Sec 45)
Every registered person to furnish
annual return by 31st December in
Form GSTR-9 except: Every registered
• ISD person whose
• casual taxable person registration has been
• Person deducting tax cancelled shall furnish
• Non-resident taxable person a final return within 3
months of date of
Every registered person whose is
cancellation or date of
required to get his accounts audited
order of cancellation ,
shall furnish annual return along
whichever is later, in
with the copy of audited annual
Form GSTR10.
accounts and a reconciliation
statement, duly certified in Form
GSTR – 9B
 GSTR – 9A : Annual Return

By
Annual return Compounding In GSTR – 9A
Taxpayer

For Format of all Returns Please visit www.aces.gov.in ,GST Section-

Draft Return Format
 GST Return – Important Points 27

NON FILLING
BLACK LISTING OF
RECTIFICATION (Sec 39) Cancellation of registration
DEALERS
allowed till September 30 of for non filing of returns for 3
Compliance rating to be
next year or date of filing of consecutive tax periods for
introduced. Fall below the
annual return, whichever is compounding dealer or 6
prescribed level would lead
earlier months for other taxable
to blacklisting
person

PENALTY- NON FILING OF RETURN Except GSTR9B (Sec 47)

Late Fees: INR 100 per day subject to a maximum of INR 5,000
PENALTY- NON FILING OF RETURN for GSTR9B (Sec 47)
Late Fee - Annual Return INR 100 per day subject to a maximum of 0.25 % of the
aggregate turnover of the state or union territory

© Indirect Taxes Committee, ICAI

 Goods and Service Tax Practitioners – Sec 48 28
•Eligibility
•Conditions
•Duties
•Obligations
•To be prescribed

•Can authorize GST practitioner to

furnish GST returns

• Responsibility for correctness of

particulars lies with Registered
person
Registered GST
Person practitioner
© Indirect Taxes Committee, ICAI
 29

Thank You
For any Clarification, Please Contact
Indirect Taxes Committee of ICAI
Email: idtc@icai.in, Website: www.idtc.icai.org
© Indirect Taxes Committee, ICAI