No extension of last date for filing GSTR-1 for July, 2017

source: sns124.com / 9th October, 2017 

The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately.

2. Once a taxpayer files GSTR-1 by 10th October, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buyer shall finalize his GSTR-2 after making modifications (additions, corrections or deletions), if required, in GSTR-2A. The Input Tax Credit (ITC) shall be availed by the buyer based on his GSTR-2. If a taxpayer does not file GSTR-1 by 10th of October, then his buyer may face difficulty in availing ITC of the tax paid on his supplies. It is therefore advised that all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC and the return cycle can be completed in due course. 

Due dates revised for Filing of GST returns

The GST Council, in its 21^st meeting held at Hyderabad on 9^th September 2017, has recommended the following measures to facilitate taxpayers:

a)      In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved:

Sl. No.	Details / Return	Tax Period	Revised due date
1	GSTR-1	July, 2017	10-Oct-17
For registered persons with aggregate turnover of more than Rs. 100 crores, the due date shall be 3rdOctober 2017
2	GSTR-2	July, 2017	31-Oct-17
3	GSTR-3	July, 2017	10-Nov-17
4	GSTR-4	July-September, 2017	18-Oct-17 (no change)
Table-4 under GSTR-4 not to be filled for the quarter July-September 2017. Requirement of filing GSTR-4A for this quarter is dispensed with.
5	GSTR-6	July, 2017	13-Oct-17

Due dates for filing of the above mentioned returns for subsequent periods shall be notified at a later date.

b)      GSTR-3B will continue to be filed for the months of August to December, 2017.

c)      A registered person (whether migrated or new registrant), who could not opt for composition scheme, shall be given the option to avail composition till 30^th September 2017 and such registered person shall be permitted to avail the benefit of composition scheme with effect from 1^st October, 2017.

d)     Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has been decided to allow an exemption from registration to persons making inter-State taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lacs as long as the person has a Permanent Account Number (PAN) and the goods move under the cover of an e-way bill, irrespective of the value of the consignment.

e)      Presently, a job worker making inter-State taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration.  It has been decided to exempt those job workers from obtaining registration who are making inter-State taxable supply of job work service to a registered person as long as the goods move under the cover of an e-way bill, irrespective of the value of the consignment. This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71 which do not require e-way bill.

f)       FORM GST TRAN-1 can be revised once.

g)      The due date for submission of FORM GST TRAN-1 has been extended by one month i.e. 31^st October, 2017.

h)      The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18^th September 2017. However, the date from which TDS and TCS will be deducted or collected will be notified by the Council later.

2.         The GST Council has decided to set up a committee consisting of officers from both the Centre and the States under the chairmanship of the Revenue Secretary to examine the issues related to exports.

3.         The GST Council has also decided to constitute a Group of Ministers to monitor and resolve the IT challenges faced during GST implementation.

SOURCE: Press Information Bureau: 09-September-2017

GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal

source: Press Information Bureau / July 02, 2017

GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal; 

Excel template together with an offline tool will make uploading large numbers of invoices much easier and quick; 

Offline Tool to be unveiled on July 17, 2017. 

Goods and Services Network (GSTN) has unveiled a simple excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost.

The excel template is a part of GST Council’s approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to improve ease of doing business. This excel workbook template can be freely downloaded from the GST Common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis.

The Excel format can be used by businesses to start maintaining their data. The taxpayer can prepare the details of his outward supply on weekly or any other suitable regular interval which can then be uploaded on GST portal on or before the 10th of subsequent month. The GSTR1 excel template workbook can be used to prepare the data for GSTR 1 return without connecting to internet in offline mode. This also benefits taxpayers in remote areas where Internet connectivity might not be good.

The template comprises of eight worksheets. Summary of key values in each worksheet has been provided at the top to help taxpayers easily reconcile the data entered in the worksheets with that recorded in his accounting system/books to accurately prepare the return. Based on data entered in the Excel sheet, offline tool will prepare a file which will have to be uploaded by the taxpayer on GST Portal to create GSTR-1. Only while uploading the file on the GST portal, Internet connectivity will be required. 

RETURNS Under GST (Goods And Services Tax)

source: sns124

The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto-reversal of Input Tax Credit in case of mismatch.

The returns mechanism is designed to assist the taxpayer to file returns and avail ITC.

Under GST, a regular taxpayer needs to furnish monthly returns and one annual return.

There are separate returns for a taxpayer registered under the composition scheme, nonresident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/ TCS) and a person granted Unique Identification Number.

It is important to note that a taxpayer is NOT required to file all types of returns. In fact, taxpayers are required to file returns depending on the activities they undertake.

All the returns are to be filed online.

Returns can be filed using any of the following methods:

1. GSTN portal (www.gst.gov.in )

2. Offline utilities provided by GSTN

3. GST Suvidha Providers (GSPs) - If you are already using the services of ERP providers such as Tally, SAP, Oracle etc., there is a high likelihood that these ERP providers would provide inbuilt solutions in the existing ERP systems

Following table lists the various types of returns under GST Law:

GSTR-1

Monthly Statement of Outward supplies of Goods or Services

10th of the next month

GSTR-2

Monthly Statement of Inward supplies of Goods or Services

15th of the next month

GSTR-3

Monthly Return for a normal taxpayer

20th of the next month

GSTR-4

Quarterly Return Taxable Person opting for Composition Levy

18th of the month succeeding the quarter

GSTR-5

Monthly Return for a non-resident taxpayer Non-resident Taxpayer

20th of the month succeeding the tax period & within 7 days after expiry of registration

GSTR-6

Monthly Return for an Input Service Distributor (ISD) Input Service Distributor

13th of the next month

GSTR-7

Monthly Return for authorities deducting tax at source

Tax Deductor 10th of the next month

GSTR-8

Monthly Statement for E-Commerce Operator depicting supplies effecting through it

E-Commerce Operator 10th of the next month

GSTR-9

Annual Return

Registered Person other than an ISD, TDS/TCS Taxpayer, Casual Taxable Person and Non-resident Taxpayer

31st December of next Financial Year

GSTR-10

Final Return

Taxable Person whose registration has been surrendered or cancelled

Within three months of the date of cancellation or date of order of cancellation, whichever is later.

Filing Process

A normal taxpayer has to file the following returns:

1. GSTR-1 (Statement of Outward Supplies):

a. This return signifies the tax liability of the supplier for the supplies effected during the previous month.

b. It needs to be filed by the 10th of every month in relation to supplies effected during the previous month. For example, a statement of all the outward supplies made during the month of July 2017 needs to be filed by 10th August, 2017.

 2. GSTR-2 (Statement of Inward Supplies):

a. This return signifies accrual of ITC (Input Tax Credit) from the inputs received during the previous month.

b. It is auto-populated from the GSTR-1s filed by the corresponding suppliers of the Taxpayer except for a few fields like imports, and purchases from unregistered suppliers.

c. It needs to be filed by the 15th of every month in relation to supplies received during the previous month. For example, a statement of all the inward supplies received during the month of July 2017 needs to be filed by 15th August, 2017.

3. GSTR-3: This is a consolidated return.

It needs to be filed by the 20th of every month. It consolidates the following details

a. Outward Supplies (Auto-Populated from GSTR-1)

b. Inward Supplies (Auto-Populated from GSTR-2)

c. ITC availed

d. Tax Payable

e. Tax Paid (Using both Cash and ITC)

NOTE: Payment should be made on or before 20th of every month.

Annual Return

This return needs to be filed by 31st December of the next Financial Year. In this return, the taxpayer needs to furnish details of expenditure and details of income for the entire Financial Year.

The population of these returns is explained by the following graphic:

NOTE:

1. Taxpayer’s GSTR-2 is auto-populated from the Suppliers’ GSTR-1s

2. Taxpayer’s GSTR-3 is significantly auto-populated from tax payer’s GSTR-1 and GSTR-2

Revision of Returns:

The mechanism of filing revised returns for any correction of errors/ omissions has been done away with.The rectification of errors/ omissions is allowed in the subsequent returns. However, no rectification is allowed after furnishing the return for the month of September following the end of the financial year to which, such details pertain, or furnishing of the relevant annual return, whichever is earlier.

Penal Provisions Relating to Returns:

Any registered person who fails to furnish form GSTR-1, GSTR-2, GSTR-3 or Final Return within the due dates, shall be liable to pay a late fee of Rs. 100 per day, subject to a maximum of Rs. 5,000.

ITC Matching and Auto-Reversal:

1. It is a mechanism to prevent revenue leakage.

2. The process of ITC Matching begins after the due date for filing of the return (20th of every month). This is carried out by GSTN.

3. The details of every inward supply furnished by the taxable person (i.e. the “recipient” of goods and/or services) in form GSTR-2 shall be matched with the corresponding details of outward supply furnished by the corresponding taxable person (i.e. the “supplier” of goods and/or services) in his valid return. A return may be considered to be a valid return only when the appropriate GST has been paid in full by the taxable person, as shown in such return for a given tax period.

4. In case the details match, then the ITC claimed by the recipient in his valid returns shall be considered as finally accepted and such acceptance shall be communicated to the recipient. Failure to file valid return by the supplier may lead to denial of ITC in the hands of the recipient.

5. In case the ITC claimed by the recipient is in excess of the tax declared by the supplier or where the details of outward supply are not declared by the supplier in his valid returns, the discrepancy shall be communicated to both the supplier and the recipient. Similarly, in case, there is duplication of claim of ITC, the same shall be communicated to the recipient.

6. The recipient will be asked to rectify the discrepancy of excess claim of ITC and in case the supplier has not rectified the discrepancy communicated in his valid returns for the month in which, the discrepancy is communicated, then such excess ITC as claimed by the recipient shall be added to the output tax liability of the recipient in the succeeding month.

7. Similarly, duplication of ITC claimed by the recipient shall be added to the output tax liability of the recipient in the month in which, such duplication is communicated.

8. The recipient shall be liable to pay interest on the excess or duplicate ITC added back to the output tax liability of the recipient from the date of availing of ITC till the corresponding additions are made in their returns.

9. Re-claim of ITC refers to taking back the ITC reversed in the Electronic Credit Ledger of the recipient by way of reducing the output tax liability. Such re-claim can be made by the recipient only in case the supplier declares the details of the Invoice and/or Debit Notes in his valid return within the prescribed timeframe. In such case, the interest paid by the recipient shall be refunded to him by way of crediting the amount to his Electronic Cash Ledger.