GST Returns

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GSTR-3B is not valid return
Blog
CA. Sachin Jindal

GSTR – 3B is ‘not a return’ under GST law | Applicability of GSTR 3B

Gujarat High Court rules that part of Press Release on last date for availing ITC for FY 2017-18 is illegal At the beginning of the GST-era, Form GSTR – 3B was introduced to taxpayers for ease of convenience in the initial phases and the filling of Forms GSTR – 2 and GSTR – 3 were deferred indefinitely.  Further, the GST law provides for the last date for availing ITC pertaining to previous financial year i.e., due date for filing return of September of the following financial year. The Central Government had issued a Press Release dated 18 October 2018 clarifying

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Transition Plan | New GST Return Implementation
Blog
CA. Sachin Jindal

Transition Plan | New GST Return Implementation

Implementation of new GST Return formats was finalized in 31st GST Council meeting and earlier it was decided to implement the same from April, 2019 onward on trial basis and from July, 2019 onwards on compulsory basis. However, implementation could not be made in such manner. Ministry of Finance has shared a transitional plan for implementation of such new gst return formats in phased manner vide press release dated 11th June, 2019 which is as follows: Month Phases of New GST Return format implementation May, 2019 A prototype of offline tool of new return format has been shared which looks

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Clarifications on filing of Annual Return
Blog
CA. Kapil Mittal

Clarifications on filing of Annual Return (FORM GSTR-9)

The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows: Information contained in FORM GSTR-2A as on 01.05.2019 shall be auto-populated in Table 8A of FORM GSTR-9. Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of FORM GSTR-9. Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of FORM GSTR-9. Such particulars may contain details of amendments furnished

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Matching of ITC
Blog
CA. Kapil Mittal

INPUT TAX CREDIT UNDER GST | MATCHING | REVERSAL | RECLAIM

Goods and Service Tax (“GST”) is a value addition based tax, i.e., tax should be paid on value added only and therefore, is it framed on two fundamental pillars, i.e., output tax liability and Input Tax Credit (“ITC”). With introduction of GST, government wanted to overcome all possible issues confronted by department and taxpayer in pre-GST regime. One of crucial issue was to check matching of Input Tax credit claimed by taxpayer, such as, under Service Tax, Central Excise or Value Added Tax (“VAT”) department was not able to verify correctness of ITC claimed by taxpayers without manual intervention. Considering

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Failure to File GST Return in Time Can Mean Interest On Entire Gross Tax Liability
Blog
CA. Sachin Jindal

Failure to File GST Return in Time Can Mean Interest On Entire Gross Tax Liability

Recently a major judgment was passed in the High Court regarding the payment of interest under section 50 of CGST Act, 2017. The highlights of the judgement were: Interest on Gross liability in case of late return filling: In case of late GST returns filling, liability to pay interest accrues on Gross tax liability Interest u/s 50(1) – The liability to pay interest under Section 50 (1) is self-imposed and also automatic, without any determination by any one Interest u/s 50(3) –  Whenever an undue or excess claim of ITC is made or whenever an undue or excess reduction in

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NEW GST Return
Goods and Service Tax
CA. Kapil Mittal

GST Returns | Normal | Sahaj | Sugam | All about New GST Returns

With effect from 1st April 2019, following new revised GST return formats are implemented. Below are the new GST return name and formats. 1. Proposed New GST Returns Monthly/Quarterly (NORMAL) return-Form GST RET-1 SAHAJ Return-Form GST RET-2 SUGAM Return-Form GST RET-3 2. Old GST Returns to be removed GSTR – 1 i.e. detail of outward supplies GSTR – 2A i.e Auto-populated detail of inwards supplies GSTR – 3B i.e summary return containing summary of Outward supplies, details of inputs for the purpose of depositing GST tax liabilities on monthly basis. Modus operandi of filing of revised return forms is similar

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How to report Interstate sales to unregistered person in GSTR-3B
Blog
CA. Kapil Mittal

How to report Interstate supply to unregistered person in GSTR-3B

Goods and service Tax (“GST”) is a consumption/destination based tax, i.e., GST revenue generated out of supply of goods/services accrues to that state wherein such goods/services gets consumed. Information about consuming states is collected by government from data provided by the taxpayers in their GST returns. Accordingly, in case of inter-state supply (from one state to another), to ensure correct allocation of revenue among states, details of consuming states (i.e., place of supply) is required to be correctly reported in GST returns. However, it has been noticed by the department under GST Audit that taxpayers have failed to report inter-state

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Formats for filing Annual Returns revised GSTR-9 and GSTR-9C
Goods and Service Tax
CA. Sachin Jindal

Formats for filing Annual Returns revised GSTR-9 and GSTR-9C

1. Formats for filing Annual Returns revised Revised Formats for filing Annual Return in Form GSTR – 9, Form GSTR – 9A, Form GSTR – 9C have been notified. The summary of changes made in GSTR – 9 is given below: 2. Details of outward and inward supplies liable to RCM made during the FY (Part – II) to be prepared based on GSTR – 3B There was a lack of clarity as to whether GSTR-9 has to be prepared on the basis of GSTR-1 or GSTR-3B. It has now been clarified that all the outward supplies for which payment

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Important Points to be considered for GSTR-3B return under GST
Blog
CA. Kapil Mittal

Important Points to be considered for GSTR-3B return under GST

GST implementation is one of the most revolutionary tax reforms that have ever taken place in India. However, the huge number of returns introduced under the GST regime has left the majority of the taxpayers confused. Well, to make it easy for you, we are here to discuss the very first step in this new regime. Yes, we are referring to GSTR-3B here! Find out all the essential information on GSTR-3B return for the month of Sep 2018 and the important points to consider for the filing of the return.

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