So, let’s get started and go at length with types of GST returns.

1. GSTR-1

We all know that GSTR-1  is the return which is furnished for reporting details of all outward supplies of goods and services made within a  tax period. In simple words, it reports all the details of sales transactions made during a tax period. It also includes details of debit and credit notes, invoices and revised invoices issued during the tax period. If any amendments pertaining to sales invoices are made, even in regard to previous tax periods then they should also be reported in the GSTR-1 return.

GSTR-1 is to be filed by all the registered taxpayers. It is to be filed monthly, with an exception in the case of small taxpayers with a turnover up to Rs.1.5 crores in the previous financial year, who are allowed to file it quarterly.

2. GSTR-2

As we know it, GSTR-2 is the return wherein the reporting of the inward supplies of goods and services, that is,  the purchases made during a tax period. GSTR-2 return details are auto-populated from the Form GSTR-2A. The GSTR-2 return is editable unlike GSTR-2A.

GST Tip: The filing of GSTR-2 return has been suspended ever since the inception of GST.

3. GSTR-2A

GSTR-2A return is auto-populated from the GST portal based on data filed by the suppliers in their GSTR-1. It is non-editable and a read-only return. It is the return which has the details of all inward supplies of goods and services i.e. purchases made from registered suppliers during a tax period. The data is auto-populated based on data filed by the suppliers in their GSTR-1 return.

4. GSTR-3

As we discussed in the last article, GSTR-3 is a monthly summary return providing the summarized details of all outward supplies made, inward supplies received and input tax credit claimed, in addition to the details of the tax liability and taxes paid. The return is auto-generated based on the GSTR-1 and GSTR-2 returns that have been filed.

GST Tip: The filing of the GSTR-3 has been suspended ever since the inception of GST.

5. GSTR-3B

GSTR-3B is a monthly return containing details of tax collected on outward supplies and details of tax paid on input supplies. In simple words, it is a self-declaration containing the summarized details of all outward supplies made, input tax credit claimed, tax liability  and taxes paid. GSTR-3B is to be filed by all the registered taxpayers.

GST Tip: If there is no business activity for any period under tax, in such cases NIL return is to be filed.

6. GSTR-4 / CMP-08

GSTR-4 is the return that was to be filed by the registered taxpayers who opted for the Composition Scheme. But this return has now been replaced by CMP-08 return. The Composition Scheme is the scheme which requires taxpayers with turnover up to Rs.1.5 crores to opt into and pay taxes at a fixed rate on the turnover declared.

GST Tip: The CMP-08 return is a self-assessed statement-cum-payment done on a quarterly basis by the composition dealer.

7. GSTR-5

GSTR-5 is the GST return which is to be filed by non-resident foreign taxpayers, who carry out business transactions in India and are registered under GST. The return contains all business details from all of the outward supplies made to inward supplies received to credit/debit notes to  tax liability and taxes paid.

The GSTR-5 return is to be filed on a monthly basis, for each month the taxpayer is to be registered under GST in India.

8. GSTR-6

GSTR-6 is a monthly return which is to be filed by an Input Service Distributor (ISD). It contains the details of input tax credit received and distributed by the ISD. It also contains the details of all the documents issued for distribution of input credit and the manner of distribution. The return is to be filed before the 13th of next month.

9. GSTR-7

GSTR-7 is a monthly return to be filed by persons who are required to deduct TDS (Tax deducted at source) under GST. GSTR 7 contains all the details of TDS deducted, the TDS liability payable and paid and TDS refund claimed, if any.

10. GSTR-8

GSTR-8 is a monthly return to be filed by e-commerce operators under GST who are required to collect tax at source (TCS). GSTR-8 contains all the details of supplies made through the E-commerce platform, and the amount of TCS collected on such supplies.

11. GSTR-9

GSTR-9 is the annual return to be filed once in a year by the taxpayers registered under GST. It contains the details of all outward supplies made, inward supplies received during the year under different tax heads i.e. CGST, SGST & IGST and HSN codes. It also consists of all the details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns, i.e., GSTR-1, GSTR-2A, GSTR-3B filed during the year.

Exceptions to GSTR-9 are the taxpayers under the Composition Scheme, Casual Taxable Persons, Non-resident Taxable Persons, Input Service Distributors and the persons paying TDS under section 51 of the CGST Act.

GST Tip: The 37th GST Council meeting has decided GSTR-9 filing to be optional for the businesses with turnover up to Rs.2 crore in FY 17-18 and FY 18-19.

12. GSTR-9A

GSTR-9A is an annual return to be filed by the taxpayers who have opted for the Composition Scheme in a financial year. It consolidates the information of all the quarterly returns filed during the financial year.

GST Tip: The 37th GST Council meeting took the decision to waive off filing of GSTR-9A for Composition taxpayers for FY 2017-18 and FY 2018-19.

13. GSTR-9C

GSTR-9C is a reconciliation statement to be filed by all the registered taxpayers under GST whose annual turnover exceeds Rs.2 crores. The statement of reconciliation is between the figures as per audited financial statements of the taxpayer and the annual return GSTR-9 that has already been filed. It is certified by  a Chartered/Cost Accountant and is similar to that of a tax credit report provided under the Income-tax act.

GST Tip: GSTR-9C is to be filed for every GSTIN, thus, one PAN can have multiple GSTR-9C returns being filed.

14. GSTR-10

GSTR-10 is to be filed by a taxable person whose registration has been cancelled or surrendered under the GST. The return is also known as  final return and is required to be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.

15. GSTR-11

GSTR-11 is a return to be filed by persons who have been issued a Unique Identity Number(UIN) in order to get a refund under GST for the goods and services purchased by them in India. GSTR-11 contains the details of inward supplies received and refund claimed.

GST Tip: UIN is a classification especially made for the foreign diplomatic missions and embassies not liable to tax in India with the purpose of getting a refund of taxes.

So here are the types of GST returns and every extra information about them. Stay tuned for more such GST enhanced blogs.

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In today’s blog, we will talk about GST Return, its types and how to file them. All registered businesses are required to file monthly, quarterly and/or annual GST Returns based on the type of business to take the benefit of Input Tax Credit. Let’s dive deeper in the coming sections.

What is a GST Return?

A GST return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. The detailed document is then used by tax authorities to calculate tax liability. In simple words, it showcases the income of the registered taxpayers.

As per the GST Act, a registered dealer has to file GST returns that include:

• Sales

• Output GST (On sales)

• Purchases

• Input tax credit (GST paid on purchases)

To file GST returns, a taxpayer needs to have GST compliant sales and purchase invoices.

Who all are required to file GST Returns?

Any regular business is required to file two monthly returns and one annual return in the GST regime. Hence, making it 26 returns in a financial year.

Now, with the advanced technology, a taxpayer only has to manually enter details of one monthly return – GSTR-1 and the other return – GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by the taxpayers and his/her vendors.

However, there are special cases under GST who need to furnish separate returns and these include –

• Input Service Distributors

• Non-resident taxable persons

• Persons allotted with Unique Identification Number (UIN)

• Taxpayers registered under Composition Scheme

• Persons required to deduct TDS or collect TCS under GST

What are the various types of GST Returns?

Following is the list of all the returns to be filed as prescribed under the GST Law along with their purpose and frequency.

1. Form GSTR – 1 :  It contains the details of outward supplies of taxable goods or/and services affected. One needs to file it monthly.

2. Form GSTR – 2 :  It contains the details of inward supplies of taxable goods or/and services affected claiming the ITC. One needs to file it monthly.

3. Form GSTR – 3 :  It is a monthly return on the basis of finalization of details of outward and inward supplies along with tax payment. One needs to file it monthly.

4. Form GSTR – 3B :  It is a simple return in which summary of outward supplies along with ITC is declared and tax payment is affected by a taxpayer. One needs to file it monthly.

5. Form GSTR – 4 :  It is a return filed by a taxpayer registered under the composition levy. One needs to file it quarterly.

6. Form GSTR – 5 :  It is a return that is required to be filed by a Non-Resident foreign taxable person. On needs to file it on a monthly basis.

7. Form GSTR – 6 :  This is the return for an Input Service Distributor which requires a monthly filing.

8. Form GSTR –  7 :  It is a return to be filed for the authorities deducting tax at source and requires a monthly filing.

9. Form GSTR – 8 :  It is a simple return which contains the details of supplies effected through e-commerce operators and the amount of tax collected. One needs to file it monthly.

10. Form GSTR – 9 :  A very important and only return that requires annual filing for the financial year by a normal taxpayer.

11. Form GSTR – 9A :  It is also an annual return which needs to be filed by a taxpayer registered under the composition levy anytime during the year.

12. Form GSTR – 10 :  This return has to be filed only once, when GST registration is cancelled or surrendered and is a Final Return.

13. Form GSTR – 11 :  A return which has the details of inward supplies needed to be furnished by a person with UIN  and claiming a refund. One needs to file it monthly.

GST Tip: It is important to know that all the returns are not in function and some of these were introduced but were suspended.

What is the late fee for not filing returns on time?

As we know, there are always provisions for not following the prescribed time frame, so is the case with GST returns. If one misses the time limit and does not file them within the time then he/she would stand liable to pay interest and a late fee.

The interest is 18% per annum and is calculated by the taxpayer on the amount of outstanding tax that has to be paid. The time period for the interest starts from the very next day of the last day of filing to the date of payment.

The provisions for a late fee is Rs. 100 per day per Act, meaning it is Rs. 100 under CGST and Rs. 100 under SGST, making it a total of Rs. 200 per day. The maximum amount is Rs.500.

GST Tip: There is no late fee on IGST.

For more in-depth information on topics related to GST and GST Returns, stay tuned!

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• Who all can opt-in for Composition:

• Steps to opt-in for Composition:

1. Log in to the Taxpayers’ Interface.
2. Go to Services > Registration > Application to opt for Composition Levy
3. Fill the form as per the form specification rules.
4. Click on Submit.

• Submission of Stock Intimation Details:

• Who comes under eligible taxpayers:

1. Rs. 1.5 Crore for normal taxpayers.
2. Rs. 75 lakh in the case of an eligible registered person, registered States, namely: –(i) Arunachal Pradesh, (ii) Manipur, (iii) Meghalaya,(iv) Mizoram,(v) Nagaland,(vi) Sikkim,(vii) Tripura,(viii) Uttarakhand.
3. For taxpayers dealing in only services or mixed supplies, this quantum is Rs. 50 Lakh.

• Who comes under non-eligible taxpayers:

1. any supply of goods which are not liable to be taxed under this Act.
2. inter-state outward supplies of goods.
3. supplies through electronic commerce operators who are required to collect tax under section 52.
4. a manufacturer of notified goods.
5. a casual dealer.
6. a Non-Resident Foreign Taxpayer.
7. a person registered as Input Service Distributor (ISD).
8. a person registered as TDS Deductor/Tax Collector.

• Return or Payment:

The post Advisory for Opting in for Composition – Filing of Form GST-CMP-02 for the Financial Year 2020-21 w.e.f. 1st April 2020 first appeared on ITC Reconciliation, GSTR 2A Reconciliation - Digitax Automation.

• Perks of GST for business and industry – 

1.    Easy compliance: A robust and comprehensive IT system is the core foundation of the GST regime in India. Henceforth, all the taxpayer services such as registrations, returns, payments, etc. are available to the taxpayers online, which make the compliance pretty easy and transparent.
2.  Removal of cascading: GST is providing a reduction in the hidden costs of doing business. Developed as a system of seamless tax-credits throughout the value-chain, and across boundaries of States, it ensures that there is minimal cascading of taxes. 
3. Uniformity of tax rates and structures: GST has increased the ease of doing business and certainty by ensuring that indirect tax rates and structures are common across the country. Basically, GST has made business in the country tax neutral, irrespective of the choice of place of conducting business.
4. Gain to manufacturers and exporters: GST has reduced the cost of locally manufactured goods and services which in turn has increased the competitiveness of Indian goods and services in the international market and giving a boost to Indian exports as the compliance cost has been reduced due to GST. 
5. Improved competitiveness: Due to the introduction of GST, there has been a significant reduction in the transaction costs of doing business which has eventually lead to an improved competitiveness for the trade and industry.

• Perks of GST for Central and State Governments – 

1. Better controls on leakage: GST has resulted in better tax compliance due to a strong IT infrastructure. And the seamless transfer of input tax credit (ITC) from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that has incentivized tax compliance by traders.
2. Simple and easy way to administer: Multiple indirect taxes at the Central and State levels have already been replaced by GST. With a strong end-to-end IT system, GST has made it simpler and easier to administer it than all other indirect taxes of the Centre and State that had been levied so far.
3. Higher revenue efficiency: GST has resulted as an effective measure in decreasing the cost of collection of tax revenues of the Government, and, therefore, has lead to higher revenue efficiency.

• Perks of GST for the consumer – 

1. GST turn out to be a transparent tax proportionate to the value of goods and services: GST has helped in removing the hidden tax on the commodities which has made transparency possible between the manufacturer and consumer, leading a way of paying one tax to the final consumer.
2. A big relief in overall tax burden: Due to the efficiency gains and prevention of leakages, the overall tax burden on most commodities have come down benefitting the consumers.

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Nowadays, the GST portal has started showing monthly summary reports of Liability declared and credit claimed by the registered persons in a financial year. Following reports can be viewed in the GST site – 

1.   Liability statement other than export and reverse charge

2.   Liability due to reverse charge

3.   Liability due to export and SEZ supplies

4.   ITC credit claimed and due.

Out of these 4 reports, the ITC credit claimed and due report is one of the most important reports which is useful in the preparation of ITC related information in GSTR-9.

This report shows a monthly summary of ITC claimed in 3B and appearing in GSTR-2A auto-populated for that month.

Case Study

The following is a sample view of ITC credit claimed and due report of a particular case.

        ITC Credit Claimed and Due Report

However, when we see the auto-populated figure in point no. 8 of GSTR-9 of the same GSTIN, that figures are slightly different from the above report. The following is what appears on the screen. 

                Auto populated figures in point no. 8 of GSTR-9

As you can see that the auto-populated figures of 2A as showing in point number 8 of GSTR-9 and figures as showing in the ITC Credit claimed and due report, there is a difference in IGST figure. Total of IGST in ITC claimed and due report is 63,43,276.76 whereas in point no. 8 of GSTR-9 it is shown as 61,91,525.11. There is a difference of Rs. 1,51,751.65 in these 2 figures.

One may think, how this can be possible, where one report on the GST site shows one figure and the same GST site is showing another figure in another report.

How Digitax helps in finding this difference?

In Digitax G-Recs ITC reconciliation software you can see the consolidated 2A report for the whole financial year in various formats.

1.   Invoice Wise 2A report classified into Regular Invoices, Amended Invoices, Credit Note Debit Notes and Reverse Charge Invoices

2.   GSTIN Wise 2A report

3.   GSTIN wise 2A summary

4.   Month wise 2A Summary

Now, let’s see in the above case, how the difference can be easily seen.

When we see the invoice wise 2A report for the financial year in Digitax, the software classifies the Regular Invoices, Credit Notes, Debit Notes, Amended Invoices and Reverse Charge Invoices appearing in 2A for the whole financial year.

In the above case, when we see the 2A report for the FY 2017-18, the following classification comes.

From above it becomes clear that in the point no. 8 of GSTR-9, the auto-populated figures of ITC does not include Reverse Charge Invoices on which tax is liable to be paid on reverse charge basis. However, the credit claimed and due report, the credit of reverse charge invoices is included.

Sorting out the above difference without the help of any tool is quite challenging, whereas, with the right tool, you can save your valuable time and energy while preparing for GSTR-9.

For more information on Digitax G-Recs ITC reconciliation software, you can write to support@digitaxindia.com.

Stay tuned for more such information about GST and G-RECS.

The post Difference between auto-populated data of GSTR-2A shown in GST Login: A Case Study first appeared on ITC Reconciliation, GSTR 2A Reconciliation - Digitax Automation.

• Budget 2020 has considered three prominent themes –

• The other aspect of the Budget is that the FM has encouraged the state governments to undertake the implementation of below-mentioned model laws issued by the government of India.

• Aspirational India

1. Encouraging farmers to set up solar power generation units, solar pumps on their fallow or barren lands.
2. Proposing a plan to help farmers use proper manure and an irrigation system which uses little water.
3. NABARD would engage in mapping and geo-tagging all the warehouses of India. Additionally, Food Corporation of India and Warehousing Corporation of India would build warehousing facility on their land.
4. A proposal has been put forward to help farmers to use all kinds of fertilizers in a balanced way.
5. FM has proposed village storage scheme.
6. FM proposes to build up the seamless national cold supply chain for perishables, along with, seamless national cold storage chain; surging logistics companies.
7. Indian Railways would set up a ‘Kisan Rail’ through Public-Private Partnership.
8. FM proposes the framework for the development, management and conservation of marine fishery to raise fish production to 200 lakh tons and involving youth in fish farmer producer organisations.
9. Horticulture projected at the district level would be given more importance. The Online portal of Jaivik Kheti would be strengthened.
10. The government plans to double the milk processing capacity by 2025.
11. Integrated farming systems in rainfed areas would be expanded.
12. All Kisans to be covered under the Kisan Credit Card Scheme.
13. FM planned to expand Mission Indradhanush and add hospitals to Ayushman Bharat; What the doctor ordered
14. The FM proposed around Rs 3.6 lakh crore for piped water supply to households, recharging existing sources and rainwater harvesting during the current year.
15. The government announced an outlay of Rs 99,300 crore for the education sector and Rs 3,000 crore for skill development in the year 2020-21.
16. The FM has announced to work to eliminate foot and mouth diseases.
17. Viability gap funding through PPP model funding for 112 districts where there are no empanelled hospitals under Ayushman Bharat and proceeds from taxes, direct and indirect, on medical devices planned to be used for funding the schemes.
18. Swaccha Bharath Mission got allocated Rs12,300 crore in the budget.
19. FM allocated Rs 69,000 crore including the funds for PM Jan Aarogya Yojana.
20. To sustain ODF behaviour and to ensure no one is left behind, the government proposes the ODF+ scheme.
21. Project Preparation Facility for the working-age population, to be set up to prepare for infrastructure projects, actively involving young engineers and management graduates.
22. New education policy to be announced with the possibility that FDI funds would be obtained for education.
23. Government proposes to set up investment clearance cell for entrepreneurs, approximately 150 higher education institutions to provide apprenticeship embedded degree courses and to start degree level full-fledged programmes.

•  Economic Development 

1. Development of smart cities and the promotion of manufacturing units to generate investment and employment opportunities.
2. Focusing on the manufacturing of network products and encouraging the electronics manufacturing industry.
3. All ministries are ordered to issue quality standards and the government would focus on the adoption of technical standard.
4. A brand new scheme Nirwik, exclusively for exporters has been proposed which will digitally refund duties and taxes imposed locally and the scheme would be launched from the Fiscal Year 2020-21.
5. Development of various districts as export hubs and promotion of government e-marketplaces (GEM).
6. National logistics policy to be released with a single-window e-logistics market.
7. Before 2024, 12 lots of highway bundles of over 6,000km would be monetized.
8. Large solar power capacity on the land owned by railways would be set up.
9. FM proposed to bring in more TEJAS like trains as well as Bengaluru suburban train.
10. Increasing the number of airports to 100 by the year 2022.
11. Power discoms sector – The government plans to introduce prepaid smart meters within the next 3 years in all states and UTs with the freedom to choose the supplier of electricity and the rate as per requirement. 
12.  Rs. 22000 crore proposed to power and renewable energy sector by the government.
13. FM proposes to expand the national gas grid from 16,200 km to reach 27,000 km to grow the gas markets in India.
14. Digital India Announcements: Government proposes to adopt technology to directly transfer the finances with the beneficiaries. Various policies to be launched soon enabling the private sector to build data centre parks. FTTH connections will link 100,000-gram panchayats within a year. In the year 2020-21, Rs 6,000 crore has been allocated for Bharat Net Program. Knowledge translation clusters would be set up across different sectors. Quantum Technologies will be opening up new frontiers with 8000 crores of outlay in the next 5 years with the vision to provide public institutions bed with digital connectivity. 

• Caring Society

1. More than 600,000 Anganwadi workers would be equipped with a smartphone to upload the nutritional status of the students of India.
2. Government proposes Rs 35,600 crore for nutrition-related programmes in the year 2020-21.
3. Government has identified suitable technology to eliminate manual cleaning of sewer systems and septic tanks.
4. The government has allocated Rs. 85,000 crores for the welfare of Scheduled Castes and Other Backward Classes and 53,700 crore rupees for Scheduled Tribes.
5. Senior citizens: Government allocated Rs. 9,500 crore rupees for Senior citizens and Divyangs. 
6. Culture: Government proposed to develop 5 archaeological sites as iconic sites with the on-site museum. A Tribal Museum to be set up in Ranchi, Jharkhand. A New currency museum to be embedded in the Kolkata Mint – The oldest mint in India. Ministry of culture got allocated Rs 3,150 crore in 2020-21. 
7. Environment and climate change: India will comply with the promises made at Paris accord from January 1st, 2021. 

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Conditions To Claim Input Tax Credit under GST – 

• The due date of filing the GST Return for September of the next Financial year

• the date of filing the Annual Returns for that Financial year.

• Effecting exempted and taxable supplies
• Business and non-business related activities

Items on which Credit can not be availed – 

• It is made obligatory by the government for employers to provide such to the employees.
• Goods or services are taken to deliver the same category of services or as a part of composite supply. For example, Mr Abid uses the service of rent-a-cab to supply to Mr Zakir, a client, then the credit of ITC paid on purchases will be allowed.

The post ITC: Conditions To Claim Input Tax Credit under GST first appeared on ITC Reconciliation, GSTR 2A Reconciliation - Digitax Automation.

Here are the 5 changes under the GST to be applied for New Year 2020-

1. Restriction on the Claiming of ITC- With the effect to the decision taken in the 38th GST Council Meeting, Central Board of Indirect Taxes & Customs has reduced the percentage of eligible ITC available for Availment, the details of which are not been shown by the supplier in GSTR-1. Earlier, the CGST rules stated that only 20% of the eligible credit can be claimed as ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-01, by a registered person. But now, the only total of 10% of such credit can be availed.

2. Commissioner has the power to block ITC under new Rule 86A- The new Rule 86A grants the power to a Commissioner to decide or vary the conditions for use of ITC available in the electronic credit register. As per the amendment, a Commissioner might not allow the debiting of the amount in the electronic credit register for the discharge of tax liabilities or claim of a refund of any unutilized amounts in the tax register if he/she has reasons to believe, that such tax credit is:

(i) Availed fraudulently based on invoices from a non-existing person or non-registered person.

(ii)Availed without the receipt of goods or services.

(iii)Availed on the strength of tax invoices which has not been paid to the government.

3. If GSTR-1 not filed, blocking the generation of E-way Bill- From January 11, 2020 non-filing of GSTR-1 for two consecutive months or quarters can lead to blocking of the generation of E-way Bill. Hence, in the year 2020, make sure that the regular filing of GSTR-1 and GSTR-3B go hand in hand.

4. E-Invoicing under GST Mandatory- From April 01, 2020, it is mandated for every registered person whose aggregate turnover (including exempt supplies) on PAN India basis exceeds Rs. 100 crores in a financial year to generate e-invoices in the case of B2B supplies and report the same to the notified common portals of GST, mentioned below:

(i) www.einvoice1.gst.gov.in;

(ii) www.einvoice2.gst.gov.in;

(iii)www.einvoice3.gst.gov.in;

(iv) www.einvoice4.gst.gov.in;

(v) www.einvoice5.gst.gov.in;

(vi) www.einvoice6.gst.gov.in;

(vii) www.einvoice7.gst.gov.in;

(viii) www.einvoice8.gst.gov.in;

(ix) www.einvoice9.gst.gov.in;

(x) www.einvoice10.gst.gov.in.

The portals will be in effect from January 01, 2020, for the smooth and better accommodation and transition of the taxpayers.

5. QR codes creation for B2C supplies – With effect from April 01, 2020, Quick Response Code (QR Code) will become mandatory in the cases where an invoice is issued by a registered person, exceeding rs. 500 crore in aggregate turnover in a financial year, to an unregistered person, i.e., B2C invoice.

For the cases, where a registered person makes a Dynamic QR Code available to the receiver through a digital display, such B2C invoice issued by the registered person containing cross-reference of the payment using a Dynamic QR Code, will be deemed as QR Code.

There are more such changes, to know about them stay tuned!

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