As per law, a taxpayer is required to file a document with the administrative authority which is commonly known as a “return”. There are various types of returns under GST like the Monthly return, Return for Composition Scheme, TDS return, Return for Input Service Distributor, Annual return and final return. Under GST, everything will be online and will be updated regularly. Get Complete updates for Filing of GST Returns, Revision of return, Short Filing of Return, Procedure for Filing of GST Returns, Procedure for Revision of GST Return, Short filing of GST Return, Processing of GST Return from below.Recently we provide complete details for Key components of GSTR-1, GSTR-2 and GSTR-3, Annual Return (GSTR-8), and Steps for Return Filing. Now you can scroll down below n check more details for Filing of GST Returns, Revision of return, Short Filing of Return
Filing of GST Returns, Revision of return, Short Filing of Return
Filing of tax returnsEvery registered taxable person will be required, to file a monthly return, electronically, of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars as may be prescribed within 20 days after the end of such month.
- A registered taxpayer shall file the return at the GST Common Portal either himself or through his authorised representative using the user ID and password allotted.
- Taxpayer may prepare and submit his returns himself or can use services of Tax Return Preparer (TRP) or facilitation centre (FC).
- TRPs will have to be approved by the tax administration and allotted a unique ID. The registration of TRP/FC will be done by CBEC/respective State authorities and the registration data will be shared with GSTN.
- Taxpayer can sign the return using one-time Digital Signature Certificate (DSC). This will do away with the requirement of print-out of acknowledgement of return.
Steps for Return GST Filing
Step 1: Filing of GSTR-1The taxpayer will upload the final GSTR-1 either directly through data entry at the common portal or by uploading the file containing the details through an offline utility/tool or through third party applications or software by 10th day of the month succeeding the month during which the supplies have been made.
- The GSTR 1 Excel worksheet can be used to prepare data for GSTR 1 without connecting to Internet in offline mode.
- Taxpayer can upload invoices in GSTR 1, more than once, at any time during the day/week/month.
- Offline tool also performs certain computations and validation to minimize errors in return preparation.
- Can fill in invoices data up to 19,000 line items using excel utility in offline mode.
Step 2: Auto-population of GSTR-2AGST common portal will auto-populate GSTR-2A of taxpayer based on the invoice details reported by the counter-party taxpayers (suppliers) on a near real-time basis. While every taxpayer will be able to see the invoices uploaded by their suppliers, they will be able to finalise their GSTR-2 only after the last date of filing GSTR-1. After filing of GSTR-1, the taxpayers will be able to view/download their GSTR-2A for further steps.
Step 3: Finalisation and filing of GSTR-2
Step 4: Reconciliation of outward and inward supplies
Step 5: Finalisation of GSTR-3Finalisation of GSTR-1 and GSTR-2 would enable taxpayers in finalizing their GSTR- 3. The GST common portal would auto-generate Part A of GSTR-3 for the taxpayer. GSTR-3 would show the amount that will be credited/debited to the ITC ledger of the taxpayer. The taxpayer will fill in the details of ITC that he intends to utilise for payment of taxes. Any balance amount will have to be paid by the taxpayer as cash. The return would also show the late fee and interest payable, if any.
Step 6: Payment of taxes and submission of GSTR-3
Which return Composition dealer has to file?
Revision of GST Returns
- It is proposed that there would be no revision of returns.
- All unreported invoices of previous tax period would be reflected in the return for the month in which they are proposed to be included. Interest, if applicable will be auto-populated.
- All under-reported invoice and ITC revision will have to be corrected using credit / debit note. These credit / debit notes would be reflected in the return for the month in which such adjustment is carried out.
- GST Law may also provide for imposition of automatic late fees for non-filers and late filers which can also be in-built in the notices. It may also provide for adequate penal provisions for non-filing of return.
Short filing of GST Return
- E-return should be allowed to be uploaded, even in case of short payment for the limited purpose of having the information about self- assessed tax liability even though not paid. However, it will be treated as an invalid return.
- Any invalid return (including the one not supported by full payment) will merely be recorded with unique transaction ID, but not accepted in the system.
- GST Law may provide adequate penal provisions for short filing of return.
Processing of GST ReturnOnce the GST return has been uploaded, the portal will undertake the following activities:
- Acknowledge the receipt of the return and generate acknowledgement number
- Forward return to tax authorities of Central and appropriate State Government through the established IT interface.
- The ITC claim will be confirmed to purchasing taxpayer in case of matched invoices after 20th of the month succeeding the month of the tax period month provided counter party supplying taxpayer has submitted the valid return (and paid self-assessed tax as per return).
- Communicate to the taxpayers about the macro-results of the matching.
- Auto-populate the ITC reversals due to mismatching of invoices in the taxpayer’s account in the return for the 2nd month after filing of return for a particular month.
- Aggregate cross-credit utilization of IGST and SGST for each State and generate settlement instructions based on IGST model and as finalized by the Payments Committee.