Adjustment of payment and credit through returns :
Return is very important aspect of GST as all control over tax paid and input tax credit availed is on the basis of return filed by taxable person.
The returns are to be filed electronically.
Taxable person has to first furnish details of outward supplies within 10 days from close of month – section 37 of CGST Act.
Details of inward supplies are to be submitted within 15 days from close of month – section 38 of CGST Act. Matching is done as per provisions of sections 42 and 43 of CGST Act and then only input tax credit can be availed.
Monthly return is required to be filed by 20th of following month under section 39 of CGST Act.
Annual return has to be filed by 31st December following the close of financial year under section 44 of CGST Act. The return is to be filed by registered person supplying goods or services or both. The Annual return is not required to be filed by Input Service Distributor, person paying TDS under section 51, e-commerce operator paying TCS under section 52, casual taxable person and a non-resident taxable person.
Thus, even taxable person paying tax under composition scheme is required to file Annual Return under section 44 of CGST Act.
Common portal – “Common portal” means the common goods and services tax electronic portal referred to in section 146 of GST Act – section 2(26) of CGST Act.
The Central Government may, on the recommendations of the Council, notify the Common Goods and Services Tax Electronic Portal for facilitating registration, payment of tax, furnishing of returns, computation and settlement of integrated tax, electronic way bill and for carrying out such other functions and for such purposes as may be prescribed – section 146 of CGST Act.
All returns are to be filed and payments to be made through this common portal.
Valid return – “Valid return” means a return furnished under section 39(1) of CGST Act on which selfassessed tax has been paid in full – section 2(117) of CGST Act.
Thus, a return is not valid unless all tax dues as shown in the return (including of previous period, interest and penalty) are paid in full.