Basics of Returns under GST

Basics of Returns under GST

This presentation is on the Basics of Returns under GST. It is drafted by CA Venugopal Gella. This presentation covers the basic details regarding various returns and their legal provisions, such as:

• GSTR 1 is a Monthly/Quarterly Return that should be filed by every registered dealer.
•  Following dealers are not required to file GSTR 1

➢Input Service Distributor

➢Non-Resident Taxable person

➢Composition scheme Taxpayer under section 10

➢Tax Deductor at Source under Section 51

➢Tax Collector at Source under Section 52

• GSTR 1 needs to be filed even if there is no business activity (Nil Return) in the tax period.
•  Due date – 10th of the subsequent month / 30th of the subsequent quarter

Coverage:

It covers the following returns

• GSTR 3B – to be filed on a monthly basis
• GSTR 1 – to be filed on a monthly/quarterly basis
•  GSTR 2 & 3 – Deferred indefinitely (new system)
•  Sec 41 – Provisional ITC claim
• Sec 42 & 43 – Matching concept through GSTR 2 (2A,1A)

Other returns

• GSTR 4 – Rule 62 Composition Dealer
• GSTR 5 – Rule 63 NRTP
• GSTR 5A – Rule 64 – OIDAR
• GSTR 6 – Rule 65 – Input Service Distributor
• GSTR 7 – Rule 66(1) – TDS
• GSTR 8 – Rule 67(1) – TCS
• GSTR 9/9A/9C – Rule 80 – Annual
• GSTR 10 – Rule 81 – Final Return
• GSTR 11 – Inward Supplies of UIN

In this presentation Rule 62-81 of the CGST Rules shall be discussed.

Relevant Definitions

• “electronic cash ledger” means the electronic cash ledger referred to in subsection (1) of section 49 – [Sec 2(43)]

• “electronic credit ledger” means the electronic credit ledger referred to in sub-section (2) of section 49 – [Sec 2(46)]

• “common portal” means the common goods and services tax electronic portal referred to in section 146 – [Sec 2(26)]

• “return” means any return prescribed or otherwise required to be furnished by or under this Act or the rules made thereunder – [Sec 2(97)]

• “registered person” means a person who is registered under section 25 but does not include a person having a Unique Identity Number – [Sec 2(94)]

• Outward supply 2(83)-in relation to a person, –

• shall mean the supply of goods or services,

• whether by sale, transfer, barter, exchange, license, rental, lease or disposal or any other means

• made or agreed to be made by such person

• in the course or furtherance of business

• Tax period – 2(106)

• means the period for which the tax return is required to be filed. The tax period for the outward supply means a calendar month.

• Supplier – 2(105)

• means in relation to any goods or services or both, shall mean the person supplying the said goods or services or both and shall include an agent acting as such on behalf of such supplier in relation to the goods or services or both supplied.

• Registered person 2(94)

• means a person who is registered under section 25 but does not include a person having a Unique Identity Number

Sections covered:

Section 37– Outward Supplies – GSTR 1

Section 38 – Inward Supplies – GSTR 2

Section 39 – Monthly Return – GSTR 3

Section 41 – Provisional ITC claim 

Section 42 & 43 – Matching concept through GSTR 2 (2A,1A)

Section 43A – Procedure for furnishing return

Section 44 – Annual Return

Section 45 – Final return – GSTR 10

Section 46 – Notice to Defaulters

Section 47 – Late Fees

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