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There is some confusion among the business community, tax professionals, and tax authorities with respect to GST related laws. Very few of them are aware of the process of GST Registration. In this article, we will discuss the FAQs on GST return.
Table of Contents
Ans- The objective of GST return can be summarized as:
Ans.- Every person registered under GST law will have to file tax returns by or before the due date. The due date of filing of GST returns depends upon the category of GST registration.
Ans.- A normally registered taxpayer has to file the outward supply of goods/ or services in GSTR-1. The taxpayer has to differentiate the type of supply into registered and unregistered, separate details for exempted supply, or details of advances received for the future supply of goods or services.
Ans.- No, only the basic details of the invoice are required to be uploaded GSTIN, i.e., number of purchases, invoice amount, tax amount.
Ans.- In a few cases, a scan of an invoice for a supply of goods or services has to be uploaded, as in a case of B2B supply for providing an input tax credit to the purchaser and in the case of IGST supply above Rs. 2.5 Lac. In the case of the B2C supply, there is no requirement to upload the invoice on the GST portal.
Ans.- No, only HSN / SAC has to be uploaded to the product or services supplied.
Ans.- If supply goods are without consideration, it is supplied by virtue of schedule 1, then a taxable value of goods has to be calculated and an invoice has to be uploaded on the GST portal.
Ans. – Yes, a recipient can add his details of goods or services received from a supplier by giving his GSTIN number, invoice number, invoice amount, and tax amount. The GST system of government will grant provisional credit of input tax subject to matching of invoice. Both supplier and recipient shall be intimated for rectification of mismatch. If the mismatch is rectified, provisional credit will be confirmed. If the mismatch is unconfirmed, the amount will be added to the output tax liability of the recipient in subsequent month returns.
Ans.- Most of the details in GSTR-2 will be auto-populated from GSTR-1 of the respective supplier while taxpayers will have to provide the details of other inward supply of goods or services, for instance, the detail of import purchase of goods or services, purchases from an unregistered taxable person, details of the exempted purchase, statement of purchase from a taxable person registered under composition scheme.
Ans.- If a supplier of goods or services has not matched the invoice for the input tax claimed by the recipient, then in such circumstances, the recipient can complain to the GST administration about the intent of the supplier and intention of tax evasion.
Ans.- Before 30th September of the following end of the financial year, the supplier can upload the missing invoice and can pay tax with interest. The recipient will be eligible for input tax credit along with interest paid by the recipient at the time of reversal shall be reversed to the cash ledger of the recipient.
Ans.- Every input service distributor has to submit one combined GSTR- 6 with the details of credit received from a service provider and input distributed to the recipient units. For an input service distributor, there is no requirement to file the statement of inward or outward supply.
Ans.- As per the GST Act, every tax deductor has to submit details of deductions made by him in GSTR-7 by the 10th of the following month. Such details shall be auto-populated in the GSTR-2 of the deductee. The certificate can be stored for record keeping and it can be downloaded from the GST portal.
Ans.- Once the returns are filed, it cannot be revised; however, if there is any difference in the value of the supplier of goods or services can be amended by issuing or accepting a debit note or credit note. Such difference can be accommodated in GSTR 1 or GSTR 2.
Ans.- The following steps can be taken:
Ans. If a registered person fails to file the GST return within the prescribed time period, then he will have to pay the penalty of Rs. 100 per day subject to maximum Rs. 5000. In case of failure to file annual returns beyond the prescribed time period then further there may be a penalty of 0.25% of the quarterly sales in a state.
The above mentioned information will help you with all details you need to know regarding GST return. In case of any other query related to GST or related laws, contact Enterslice.
Read our article:
CBDT Clarifies Issues Related to Challenges Regarding Implementation of Provisions of GST Laws Faced by Registered Persons
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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