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 31^st 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 31^st 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.