Gst Returns Queries Asked By Clients To Chartered Accountant

GST Returns Queries Asked by Clients to Chartered Accountant: GST has been implemented in the country from July 1 (excluding Jammu and Kashmir). GST has been the biggest tax reform in the country since independence. Revenue Secretary Hasmukh Adhia tweeted on Sunday about the issues and questions related to the Goods and Services (GST). Said – Do not ignore rumors. Honest taxpayers will benefit from GST. Aadhiya tweeted the 7th myth about GST (rumors, falsehoods) and tweeted the picture. Said – its implementation process is completely transparent. They said that every 3 times a month will have to file a return only once.

GST Returns Queries Asked by Clients to Chartered Accountant

Mr. A: Good Day Mr B, how are you?

CA : Hi Mr. A, I am doing fine, how about you?

Mr. A: Doing Good, So today can you tell me about what are returns requirement under GST? CA : Sure

Mr. B, following are returns needs to be furnished under GST law by respective person:

IMPORTANT POINTS:

Further, details of any debit/credit notes issued for the sales made previously.

i) Registered persons – All supplies (Interstate + Intra state).
ii) Unregistered persons – All Inter state supplies exceeding 2.5 Lacs per invoice
i) Intra state – All Supplies
ii) Inter state – State wise details for all supplies less than 2.5 Lacs
1. Invoice wise details of all Inter-State & Intra-Sate supplies received from registered persons or unregistered persons
1. Import of Goods/Services during the period
1. Details of any debit/credit notes if any received from the supplier.

PART-A

Turnover Details bifurcated between Taxable Turnover, Export Turnover, Nil rated & Exempted Turnover, Non-GST Turnover
Details of Outward Supplies
Details of Inward Supplies
Total Tax Liability for the Month with separate value for CGST, SGST, and IGST.
Input Tax Credit Received during the month

PART-B

Details of Tax, Interest, Late Fee and Penalty Paid through challans or Credit Adjustments
Refunds Claimed from Cash Ledger
Details of Inward Supplies including supplies received from unregistered persons and any amendments thereto
Import of Goods/Services during the period and any amendments thereto
Outward Supplies Made which shall include both intra-state and Non-GST Supplies
Tax Liability under reverse charge arising on account of the time of supply without receipt of Invoice
Details of GST Payable and Paid Details
Refund Claim Details If any
Declaration whether you are likely to cross composition limit before the date of next return.
GSTIN on the deductee
Contract details
Invoice details
Date of payment to deductee
Value on which TDS is to be deducted.

Based on this information TDS on IGST, CGST and SGST will get calculated. This needs to be filled by 10 of next month.

This return shall contain details of supplies made and the amount of tax collected as required under the Model GST Law.
Merchants registered on e-commerce marketplace are required to furnish details of supplies made to registered taxable person through the e-commerce operator.
Here marketplace sellers are required to furnish details of GSTIN of the supplier, Merchant ID issued by e-commerce operators along with the gross value of supplies etc.
Further also the Details of supplies made by the e-commerce marketplace merchant to unregistered persons through the e-commerce operator needs to be reported here

Once all the details are furnished, the system will auto-calculate the tax liability and tax credit available and details of Tax / Interest / Penalty Paid needs to be filled in.

This return should be filed by E-commerce Operators/Tax collectors by 10th of next month.

Every registered taxable person is required to furnish an annual return under GST law, electronically in FORM GSTR-9. Likewise, a taxable person registered as a composition dealer shall furnish the annual return in FORM GSTR-9A. GST law also states that every registered taxable person whose aggregate turnover during a financial year exceeds TWO Crore rupees shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

This Return shall contain Details such as:

Applicability of Statutory Audit or Not and if yes, Auditor Details for the Tax Period.
Details of Expenditure incurred with bifurcation in the taxable value of goods and/or services taken.
Details of all the supplies made in a tax year differentiating between goods and/or services.
Return Reconciliation Statement where the system will auto-reconcile the transactions and will determine tax liability payable against the tax actually paid
Breakup of gross profit, profit after tax and net profit for the tax year for which return is filed.
Application Reference Number which will be communicated to the taxpayer at the time of passing the cancellation order.
Effective Date of Surrender/Cancellation along with the Unique ID of Cancellation order as contained in the order if the cancellation order has been passed
Particulars of Closing Stock. Also any amount of credit lying in such stock needs to be paid along with this return. This amount shall be auto-computed on the basis of the declaration of closing stock of goods.

Unique Identity Number is a special classification made for foreign diplomatic missions and embassies which are not liable to taxes in Indian territory. Any amount of tax direct or indirect collected from such bodies is refunded back to them.

This needs to be filed by 28 of the next month

There shall be Compulsory electronic filing of returnsInput Service distributor, deductor of tax, casual taxable person and Non-Resident taxable person are not required to furnish annual returnLate filing fees for returns shall be Rs. 100 per day of delay (maximum INR 5000/-)

For annual return, late filing fees shall be Rs. 100 per day of delay (maximum 0.25% of aggregate turnover).

*These penalty rates are only for CGST, similarly the penalty mentioned in specific SGST act will be added to it

Author Details

MJL & Co, Jaipur (Chartered Accountants)Email – MJLco.jaipur@gmail.com (ph – 0141-4915113)

GST Returns Queries Asked by Clients to Chartered Accountant#

GST Returns Queries Asked by Clients to Chartered Accountant