Sunday 23 July 2017

Returns under GST


Nowdays most of the people is in doubt about the filling return under GST, so i am here for clearing your doubts for filling return.

First, we will discuss about the RETURN FOR OUTWARD SUPPLIES.;

   
As per the section 25, Every registered taxable person shall furnish electronically the details of outward supplies of goods and/or services effected which includes details relating to zero-rated supplies, inter-state supplies, return of goods received in relation to/in pursuance of an inward supply, exports, debit notes and supplementary invoices issued, during a tax period on or before the 10th day of the month succeeding the said tax period and such details shall be communicated to the recipient of the said supplies.

GST law defines "OUTWARD SUPPLY" as in relation to a person, shall mean supply of goods and/or services, whether by sales, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made by such person in the course or furtherance of business except in case of such supplies where the tax is payable on reverse charge basis.

Now about the RETURN FOR INWARD SUPPLIES


As per section 26, Every registered taxable person shall verify, validate, modify or, if requires, delete the details relating to outward supplies and credit or debit notes communicated under outward supply details to prepare the details of his inward supplies and credit or debit notes received by him in respect of such supplies that have not been declared by the supplier.

Every registered taxable person shall furnish, electronically, the details of inward supplies of taxable goods and/or services, including inward supplies of services on which the tax is payable on reverses charge basis under this ACT and inward supplies of goods and/or services taxable under the IGST Act, and credit or debit notes received in respect of such supplies during a tax period in such form and manner as may be prescribed.

For example, the return of the month of June shall be filled by 15th July.

MONTHLY RETURN


Section 27 prescribed that every registered taxable person shall, for every calendar month or part thereof furnish a 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 furnish such return.

Every registered taxable person, who is required to furnish a monthly return shall pay to the credit of the appropriate Government the tax due as per such return not later than the last date on which he is required to furnish such return.

Every registered taxable person shall furnish a monthly return fro every tax period., whether or not any supplies of goods and/or services have been effected during such tax period.


TDS RETURN: Every registered taxable person required to deduct tax at source shall furnish a return, electronically, in which such deduction have been made along with the payment of tax so deducted, within  10 days after the end of such month.


ISD RETURN: Every input service distributor shall, for every calendar month or part thereof, furnish a return, electronically, in such form and in such manner as may prescribed, within 13 days after the end of such month.


ANNUAL RETURN


Section 30 provides that every normal registered taxable person, shall furnish an annual return for every financial year electronically on or before the 31 day of December following the end of such financial year. Every taxable person who is required to get his account audited under subsection (4) of section 42 shall furnish, electronically the annual return along with the audited copy of the annual account and a reconcile statement, reconciling the value of supplies declared in the return furnished for the year with the audited annual financial statement, and such other particulars as may be prescribed.

Returns under GST Nowdays most of the people is in doubt about the filling return under GST, so i am here for clearing your doubts for...