Returns: Types of Returns and provisions relating to filling of Returns (Sec 37 to Sec 48)

Statement of outward Supply [ Section-37]

1. A registered taxable person shall furnish electronic statement of the details of outward supplies of goods and services for the tax period on or before the 10thof succeeding tax period other than the following:

• Input service distributor
• Non resident taxable person
• Taxable person u/s 10 [ Composition Scheme]
• Person who is deducting at source
• Person collecting tax at source

Statement of Inward Supplies [ Section-38]

• A registered person shall furnish the detail of inward supplies of goods and services other than the following person including the goods and services under reverse charge basis and goods and services received under IGST. RP can rectify, modify, add or delete the detail of outward supply furnished under point 1 of Section 37.
• Input service distributor
• Non resident taxable person
• Taxable person u/s 10 [ Composition Scheme]
• Person who is deducting at source
• Person collecting tax at source

Returns [ Section- 39]

• A registered person shall furnish the return electronically of inward and outward supplies of goods and / or services, input tax credit, tax payable , tax paid and other particular as may be prescribed other than the following person:
• Input service distributor
• Non-resident taxable person
• Taxable person u/s 10 [Composition Scheme]
• Person who is deducting at source
• Person collecting tax at source

First Return [ Section 40 ]

Every RTP who has made outward supply in the period between the date of liability to date of registration shall file the first return after grant of registration.

Claim of input tax credit and provisional acceptance [ Section 41]

Every RP shall claim input tax credit as per the condition and restriction thereof on self-assessed basis and take credit in his electronic credit ledger.

The above credit can be utilized against self-assessed outward tax liability.

Matching, reversal and reclaim of input tax credit [Section 42]

• Every RTP who has furnished inward supply [recipient] return shall be matched with return of supplier.
• The credit of input tax shall be matched with the return of outward supply of supplier.
• Where ITC is in excess of the tax declare by the supplier in his return, the same shall be communicated to both supplier and recipient. If the discrepancy is not rectified by supplier, the same shall be added to outward tax liability of the recipient in the next return.
• If there is duplication of ITC, same shall be added to outward tax liability of recipient in the month of communication.
• If the supplier rectifies the mistake in due time in his return, the recipient can reduce his outward tax liability.
• If any amount is added to outward tax liability shall also attract interest u/s 50. Interest shall be computed from the date taking credit to date of adding to outward liability.
• If there is reduction in outward tax liability and interest is also paid on the same, both shall be refunded to his electronic cash ledger.

Matching, reversal and reclaim of reduction in output tax liability [ Section 43]

• Credit note issued by supplier of goods and/ or services shall be matched.

with

1. The corresponding reduction in input tax credit by recipient
2. For duplication of claim for reduction in tax liability

• Above claim will be matched and accepted shall be communicated to supplier and recipient. If outward tax liability reduction is found to be in excess of reduction in input tax credit shall be informed to both.
• Duplication of claim for reduction in output tax liability shall be communicated to supplier.
• If the discrepancy has not been rectified by recipient in his return of month in which it is communicated, the amount shall be added to the outward tax liability of supplier. This addition shall be along with interest u/s 50.
• If the credit note is accepted and corresponding reduction is done by recipient in his inward return. Interest shall be refunded to supplier.

Annual Return [ Section 44]

1. Every RP except the following shall furnish annual return on or before 31stDecember in GSTR –9 following the end of financial year.

• Input service distributor
• Non-resident taxable person
• Casual Taxable Person
• Person who is deducting at source under section 51
• Person collecting tax at source under section 52

2. Every RP who has to get his account audited under Section 35[5] (whose aggregate turnover in the financial year exceed Rs. 2 Crore shall furnish the annual return GSTR-9C under point no.1 electronically for every financial year along with audited financial statement and reconciliation thereof.
3. Casual Tax person will file the annual return on GSTR-9A.
4. Electronic commerce operator shall file GSTR-9B.

Final Return [ Section 45]

Every RP who applied for the cancellation of registration shall file return in GSTR-10 within three months from the date of cancellation or cancellation order whichever is later.

Late Fees [ Section 47]

1. Any person who fails to furnish the detail u/s 37 and 38 or return u/s 39 and 45 by due date shall pay late fees of Rs. 100 per day subject to maximum of Rs. 5000.
2. Any person who fails to furnish the return u/s 44 shall pay late fees of Rs. 100 per day subject to maximum of 0.25% of turnover of state or union territory.

Section 48: Goods and Services tax practitioners. CGST ACT 2017

(1) The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner of removal and other conditions relevant for their functioning shall be such as may be prescribed.

(2) A registered person may authorize an approved goods and services tax practitioner to furnish the details of outward supplies under section 37, the details of inward supplies under section 38 and the return under section 39 or section 44 or section 45 1 “and to perform such other functions” in such manner as may be prescribed.

(3) Notwithstanding anything contained in sub-section (2), the responsibility for correctness of any particulars furnished in the return or other details filed by the goods and services tax practitioners shall continue to rest with the registered person on whose behalf such return and details are furnished.