Returns under GST :
♦ GST is payable by taxable person on self assessment basis.
♦ Taxable person can take help of GST Practitioner in filing returns etc.
♦ He can file return through Suvidha Providers (GSP).
♦ Electronic payment of taxes under different heads. Payment by Internet Banking, Credit/Debit Note, NEFT or RTGS. Over the counter payment upto Rs 10,000 can be made by challan generated in form GST PMT-06.
♦ Record of cash deposited in ‘Electronic Cash Ledger’ in form GST PMT-05.
♦ Record of input tax credit in ‘Electronic Credit Ledger’ in form GST PMT-02.
♦ Tax Liability Register shall be in form GST PMT 01.
♦ Invoice-wise details of outward supplies to be uploaded by supplier by 10th of following month in form GSTR-1.
♦ These details will be auto-populated in GSTR-2A of the recipient.
♦ Recipient can accept, reject or add or modify and prepare details of his receipts in GSTR-2 by 15th of month
♦ Unmatched details will be in GSTR-1A of supplier. He can accept or reject these upto 17th.
♦ Credit of matched invoices will be available to recipient on provisional basis.
♦ Matching of input tax credit and final acceptance of input tax credit will be in form GST ITC 1.
♦ Payment of tax on self assessment basis and filing of return by 20th in form GSTR-3.
♦ Dealers paying tax under composition scheme to file return in form GSTR-4.
♦ Later return can be filed only when earlier returns are filed.
♦ If supplier does not pay entire tax on his outward supplies fully within 60 days, credit taken by recipient reversed with interest.
♦ Payments made in Electronic Cash Ledger will first be applied to earlier dues of tax, interest, late fee and penalty and then to current dues.
♦ Unmatched invoices can be adjusted upto return of following September or due date of filing Annual return.
♦ Annual Return to be filed by 31st December in following year in form GSTR-9.
♦ Audit Report shall be in form GSTR-9B.