Skip to main content

What’s Next: after you have filed GST Returns




GST returns are being filed in huge numbers including GSTR 1, GSTR 3B. But what happens once you have filed them. Are you supposed to get them scrutinized, or they remain self-assessed, what to do? Let’s first put it categorically that GSTR 1 is not a return but merely a statement of outward supplies. The return was supposed to be GSTR 3 which has been deferred till 31st March 2018. Now in place of GSTR 3, GSTR 3B shall be considered as a return. Now what happens after you have filed all such returns? Have you forgot to take input tax credit against any invoice, or you have not shown any outward taxable supply or you have not claimed any refund? Relax, where you have not claimed any input tax credit till 31.03.2018 for FY 2017-18, you can claim the same before filing of GSTR 3B for the Month of September 2018 or filing of your annual return whichever is earlier. Now what is this annual return? Every taxpayer is required to file an annual return in form of GSTR 9 which is to be filed by 31st December 2018. For a taxpayer whose annual turnover exceeds Rs. 2 crores in FY 2017-18 is required to get his accounts audited from a Chartered Accountant/Cost Accountant and submit the same in form GSTR 9C. A reconciliation statement between audited accounts and monthly returns shall also be filed along with annual return.

What if I have forgot to show my sales in monthly return? Don’t worry you can show those sales in any return filed after six months from the end of the financial year. But remember you have to pay interest along with the tax for late deposit. Even for the refund claims, there is no such six months window, this mean that you can claim refund any time but subject to the period of 2 years from the date, a taxpayer becomes eligible to claim such refund.

This is merely procedural, real issue comes now. As per section 61 of CGST Act read with Rule 99 of CGST Rules 2017, the proper officer may scrutinize the returns filed by you and other relevant documents to assess the correctness of the claim made by you. He shall then call for explanations and upon satisfactory explanation, no further proceedings shall take place. Don’t worry the whole process remain online at the common portal. You do not have to go personally and satisfy the proper officer. Also it is important to note that he can scrutinize your return only on the basis of some information available with him. Where he raises the discrepancy in form of FORM ASMT-10, a taxpayer shall be liable to reply within 30 days or the time mentioned in such notice. The only option you have is to deposit the tax along with interest and other dues while submitting a reply with the proper officer. Based upon your reply and subject to the satisfaction of the proper officer the proceedings may be dropped after issuing GST FORM ASMT-12.      

Comments

  1. tax compliance on business
    Online Filings can be your legal and professional partner in India to get your New ompany/Subsidiary in India. We will help you with all the required compliances.

    ReplyDelete

Post a Comment

Popular posts from this blog

GST Registration in case of Renting of Immovable properties:

GST Registration in case of Renting of Immovable properties: By CA. Keshav R Garg 1.      Let us first understand that the place of registration is decided by the term place of business as defined by section 2(85) of the CGST Act 2017. As per the definition of “Place of Business” it is a place from where the business is carried on and/or where a warehouse or any other place for storage of goods is located and/or books of accounts are maintained and/or the business through agent is carried on. It nowhere considers “place of supply” for determining the Place of business for the purpose of GST Registration. Hence, place of supply has no impact as far as GST Registration is concerned. 2.      As per section 22 of the CGST Act 2017, a person is liable to take registration from the place he makes a taxable supply. There is a distinction in place of supply and place from one makes taxable supplies. Place of supply is derived to conclud...

Renting of Warehouse for Agriculture Produce – Taxable under GST

In the case of Rishi Shipping – Gujarat Authority for Advance Ruling has cleared the air that Storing/warehousing and renting of immovable property are two different type of services. Merely because the agricultural produce is stored in an immovable property it would not classify it as Storage and Warehousing Services. Therefore the same shall not be covered under S. No. 54 of Negative List (Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017), hence taxable under the purview of CGST and IGST Act. The Authority held that in order to classify a service as Storage and Warehousing, it should be coupled with loading/unloading/packing services etc. The authority was of the view that where mere building is let out, it shall be classified as renting of immovable property which is chargeable to tax. It is the composite supply, principal supply being renting of immovable property for storage of agricultural produce which is exempt from tax. It further held that once the...

GST IMPACT ON DIWALI GIFTS

With Diwali round the corner and GST being implemented, the businesses are in a state of confusion as to what would happen to tax paid by them during the purchase of Diwali gifts. Various questions like whether such gifts are eligible for claiming input tax credit? Are these gifts used in the course or furtherance of business? How the invoices should be taken for these gifts. These questions are but obvious because Diwali is one occasion where business tries to fulfil all its obligations towards vendors, customers, government officials, consultants etc. As per section 16 a taxpayer is entitled to take credit of input tax charged on any supply of goods or services to him which are used in the course or furtherance of his business.  Therefore at the very first instance, we need to understand, what is in the course or furtherance of business. Course of business means usual business practice such as manufacturing, trading etc. It implies those transactions which are directly r...