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Module 2 - Indirect Tax Laws > Returns > Flashcards

Returns Flashcards

1
Q

What are the current requirement before the amendment in relation to filing of GSTR 3b ,1, 2 and 3?

A
  • taxpayers with annual aggregate turnover up to ` 1.5 Crore to file details of outward supplies in Form GSTR-1 on a quarterly basis.
  • on monthly basis by taxpayers with annual aggregate turnover greater than ` 1.5 Crore.
  • The return process has still not been streamlined and the GST Council has extended GSTR-3B filing requirement till end of March 31, 2021.
    *
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2
Q

What are the certain changes made to the requirement of filing returns as per the council meeting held on 5th October 2020?

A
  • Effective 01.01.2021, taxpayers with turnover below ` 5 crores may file GSTR-3B and GSTR-1 on quarterly basis. Such taxpayers would, for the first two months of the quarter, have an option to pay 35% of the net tax liability of the last quarter, using an auto generated challan
  • Effective 01.01.2021, due date of furnishing quarterly GSTR-1 by taxpayers to be revised to 13th of the month succeeding the quarter(These dates are applicable for from the quarter ending Dec 2020 and March 2021)
  • Effective 01.01.2021, for monthly filers, auto-generation of liability from own GSTR-1 and ITC from suppliers’ GSTR-1s through the newly developed facility in GSTR-2B(For quarterly filers, the above will be made applicable from 01.04.2021)
    *
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3
Q

What are the various modes in which the GST returns can be filed?

A
  • Taxpayers can file the statements and returns by various modes. Firstly, they can file their statement and returns directly on the GST common portal online.
  • offline utilities have been provided by GSTN that can be used for preparing the statements offline after downloading the auto populated details and uploading them on the common portal.
  • GSTN has also developed an ecosystem of GST Suvidha Providers (GSP) that will integrate with the common portal.
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4
Q

What is the definition of the term valid return as per section 2(117)?

A

means a return furnished under sub-section (1) of section 39 on which self-assessed tax has been paid in full [Section 2(117)].

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5
Q

What is the definition or meaning of Online information and database access or retrieval services as per section 2(17) of the IGST act?

A
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6
Q

Who is required to furnish the details of outward supplies? [Section 37(1) read with rule 59(1) of the CGST Rules]? - That is to file GSTR- 1?

A

The details of outward supplies (see definition) of both goods and services are required to be furnished by every registered person including casual registered person except the following:

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7
Q

What is the form of submission for submission of details of outward supplies? [Section 37(1) read with rule 59(1) of the CGST Rules]

A

The details of outward supplies are required to be furnished, electronically, in Form GSTR-1. Such
details can be furnished through the common portal(either directly or through a facilitation centre)

Further, a Nil GSTR-1 can be filed through an SMS using the registered mobile number of the taxpayer.

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8
Q

What is the due date for submission of GSTR-1 - what is the position for the quarter ended Dec 2020 and March 2021?

A
  • GSTR-1 of a month can be filed any time between 1st and 10th day of the succeeding month. It may be noted that GSTR-1 cannot be filed during the period from 11th day to 15th day of month succeeding the tax period.
  • The due date of filing GSTR-1 may be extended by the Commissioner/Commissioner of State GST/Commissioner of UTGST by way of notification.
  • notifications are being issued by the Government to specify the due date for filing GSTR-1 for each of the quarter of a financial year. For the
    quarters ending December 2020 and March 2021,
  • The due date for filing GSTR-1 has been notified as 13th of the month succeeding the end of quarter.
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9
Q

Will the taxpayer be able to file GSTR-1 before the end of the current tax period, if yes- are there any exceptions to this rule?

A

A taxpayer cannot file GSTR-1 before the end of the current tax period.

  • *However, following are the exceptions to this rule:**
  • *a.** Casual taxpayers, after the closure of their business
    b. Cancellation of GSTIN of a normal taxpayer(only after confirming receipt of application for cancellation)
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10
Q

What are the general contents which has to be a part of GSTR 1?

A

GST is a destination-based consumption tax. Hence, the tax revenue is transferred to the State which is the place of supply of the particular transaction.

Since, the place of supply is crucial for determining the share of every State in the tax revenue, GSTR-1 also captures information relating to place of supply.

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11
Q

What kind of details of outward supplies are required to be furnished in GSTR-1? [Explanation to section 37 read with rule 59(2) of the CGST Rules]?

A

The registered person is required to furnish details of invoices and revised invoices issued in relation to supplies made by him to registered and unregistered persons during a month(also information about debit and credit notes has to be given)

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12
Q

Are there any distinctions made when it comes to filing GSTR -1 when the supply is made to a B2B or B2C? when invoice wise details has to be given? when giving consolidated details in the GSTR 1 is enough?

A

This table is very crucial in answering the questions and has to be kept in mind thoroughly.

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13
Q

What is the difference between an B2B transaction and B2C transaction?

A

B2B means business to business transaction. In such type of transactions, the recipient is also a registered supplier and hence, takes ITC.

B2C means business to consumer transaction. In such type of transactions, the recipient is consumer or unregistered and hence, will not take or cannot take ITC.

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14
Q

When can invoices be uploaded in the common portal? can we upload even before filing GSTR 1 or is there any restriction that it has to be done only after the succeeding quarter month within 10 days as seen previously?

A

Invoices can be uploaded at any time during the tax period and not just at the time of filing of GSTR-1

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15
Q

What is the requirement to upload the scanned copies of the invoices in the portal? what do we do when it comes to supply for which there is no consideration and which is deemed supply as per schedule 1?

A
  • Scanned copies of invoices are not required to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded e.g., invoice no., date, value, taxable value, rate of tax, amount of tax etc.
  • In case there is no consideration, but the activity is a supply by virtue of Schedule I of CGST Act, the taxable value will have to be worked out as prescribed and uploaded.
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16
Q

Does the description of each item of the invoice need to be uploaded or is it enough to just give the HSN code ?

A

The minimum number of digits of HSN code that a filer has to upload depend on his turnover in the last year.

Position till 31.03.2021:

Upto 1.5 Crore - Nil

1.5 to 5 crore - 2 digits

more than 5 crores - 4 digits

Position from 01.04.2021:

Upto 5 crore - for B2B supply - 4 digits and for B2C supply - 4 digits(optional)

More than 5 crore - 6 digits (for both B2C or B2B and no options are provided)

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17
Q

What is the scope of amendment /correction entries when we are providing the details of outward supply furnished in the prior period amended?

A
  • The details of original debit notes/ credit notes / refund vouchers issued by the tax-payer in the current tax period as also the revision in the debit notes/ credit notes / refund vouchers issued in the earlier tax periods are required to be shown in
  • *Table 9 of the GSTR-1.**
  • in Amendment Table, the suppler is required to give details of original invoice (No and Date), the particulars of which have been wrongly entered in GSTR-1 of the earlier months and are now sought to be amended.
18
Q

What happens when a supplier altogether forgets to include the entire original invoice while furnishing the GSTR- 1 for a particular month?

A

In such cases also, he would be required to show the details of the said missing invoice which was issued in earlier month in the Amendment Table only, as such type of errors would also be regarded as data entry
error.

19
Q

how to rectify the errors? - details of outward supply furnished in prior periods amended? [Section 37(3)]?

A

If the supplier discovers any error or omission, he shall rectify the same in the tax period during which such error or omission is noticed, and pay the tax and interest, if any, in case there is short payment, in the
return to be furnished for such tax period.

20
Q

What is the time limit to rectify the aforesaid errors? details of outward supply furnished in prior periods amended? [Section 37(3)]?

A

Suppose for some reason, supplier could not make correction at the time of filing of GSTR-1 for the month of October then he can make such amendments in the subsequent periods. However, the maximum time limit within which such amendments are permissible is earlier of the following dates:

Date of filing of monthly return u/s 39(it is very important to note that this is not the due date that is mentioned) for the month of September following the end of the financial year to which such details pertain or
Date of filing of the relevant annual return

21
Q

What is the requirement of filing of Nil GSTR 1 and what is the period for which the same can be filed?

A

Filing of GSTR-1 is mandatory for all normal and casual taxpayers, even if there is no business activity in any particular tax period. For such tax period(s), a Nil GSTR-1 is required to be filed.

A Nil GSTR-1 does not have any entry. For example, a Nil GSTR-1 for a tax period cannot be filed, if the taxpayer has made any outward supply (including exempt, nil rated or non-GST supplies).

A Nil GSTR-1 can be filed through an SMS using the registered mobile number of the taxpayer. GSTR-1 submitted through SMS is verified by registered mobile number-based OTP facility.

A taxpayer can file Nil GSTR-1, anytime from 1st of the month subsequent of the tax period onwards.

22
Q

What is the requirement of filing GSTR 1 for a taxpayer opting for voluntary cancellation of GSTIN?

A

Taxpayer opting for voluntary cancellation of GSTIN has
to file GSTR-1 for active period.

23
Q

What is the requirement for filing nil/normal GSTR 1 for taxpayer has been converted from a normal taxpayer to composition taxpayer?

A

GSTR-1 will be available for filing only for the period during which the taxpayer was registered as normal taxpayer. The GSTR-1 for the said period, even if filed with delay would accept invoices for the period prior to conversion.

24
Q

What are the broad time limits for filing of GSTR -3B as per the provisions of section 39?

A

Form GSTR-3B has been notified as the monthly return under section 39(1). Presently, the due date of submission for GSTR-3B is being notified as 20th day of the month succeeding the relevant month.

The last date for filing of GSTR-3B for the taxpayers having annual turnover of ` 5 crore and above in the previous financial year would be 20th of the month

For the taxpayers having annual turnover below ` 5 crore in previous financial year, the due date for filing of GSTR-3B would be 22nd or 24th of the month

25
Q

What are the contents of GSTR-3B? and Nil GSTR 3B??

A

Nil GSTR 3B do not have entry in any of it’s tables

26
Q

What is the requirement to file GSTR 4 Return for composition supplier [Section 39(2) read with rule 62 of the CGST Rules]?

A

Every registered person paying tax under section 10, i.e. a composition supplier is required to file an
annual return in Form GSTR-4.

The persons required to file GSTR-4 are also required to furnish a statement in the Form GST CMP-08 containing details of payment of self-assessed tax, for every quarter (or part of the quarter), by 18th day of the month succeeding such quarter.

While a composition supplier is required to file the return GSTR-4 annually, he is required to pay the tax quarterly.

27
Q

what are the due dates for filing of GSTR 4 and GST CMP 08 for payment of self assessed tax quarterly?

A
28
Q

Do taxpayers paying tax under the composition scheme required to file Nil GST CMP 08?

A

Filing of GST CMP-08 is mandatory for all taxpayers who have opted to pay tax under composition scheme, even if there is no business activity in any particular tax period. For such tax period(s), a Nil GST CMP-08 is required to be filed

29
Q

What are the requirement for filing of statements/ return for a period prior to opting of composition scheme or after exiting from the composition for the period when they were covered under the scheme?

A
30
Q

What is the monthly return that NRTP has to file as per the provisions of 39(5) read with rule 63 of the CGST Rules? and what is the last date for filing of the said retrun?

A
  • simplified monthly tax return has been prescribed in Form GSTR-5 for a NRTP for every calendar month or part thereof - an NRTP is not required to file any annual return thereof.
  • GSTR-5 should be furnished within 20 days after the end of the calendar month or within 7 days after the last day of validity period of the registration, whichever is earlier.
31
Q

What is the monthly return that the Input Service Distributor has to file as per [Section 39(4) read with rule 60(5) and rule 65 of the CGST Rules]? and what are the various time limits within which the same has to be filed?

A
  • ISD is not required to file statement of outward supplies with its return. It needs to file only a monthly return in Form GSTR-6 electronically through the common portal.
  • The details in GSTR-6 should be furnished on/before 13th of the month succeeding the calendar month
  • GSTR-6 can only be filed after 10th of the month and before 13th of the month succeeding the tax period.
32
Q

What is the return requirement for tax deducted at source [Section 39(3) read with rule 60(6) and rule 66 of the CGST Rules]? and what are the time limits?

A
  • Deductor shall furnish a monthly return in Form
    GSTR-7 electronically through the common
    portal.
  • The details in GSTR-7 should be furnished on/before 10th of the month succeeding the calendar month in which tax has been deducted at source.
    • TDS certificate is required to be issued by deductor (the person who is deducting tax) in Form GSTR-7A to the deductee (the supplier from whose payment, TDS is deducted), within 5 days of crediting the amount to the Government
33
Q

What are the requirements for rectification of errors/omissions to the returns filed under section 39?what are the exceptions where such rectification will not be permitted to be made?

A

Omission or incorrect particulars discovered in the returns filed u/s 39 can be rectified in the return to be filed for the tax period during which such omission or incorrect particulars are noticed. Any tax payable as a result of such error or omission will be required to be paid along with interest

It is important to note that section 39(9) does not permit rectification of error or omission discovered on account of scrutiny, audit, inspection or enforcement activities by tax authorities.

34
Q

What is the time limit within which such rectification is allowed to be made?

A

The last date of filing of annual return for a financial year is 31st December of next financial year. Hence, if annual return for a financial year is filed before 20th October (next financial year), then no rectification of errors/omissions in returns pertaining to the said financial year would be permitted thereafter.

35
Q

When a notice under section 46 read with rule 68 of the CGST Rules is issued?

A

The notice requires the registered person to furnish the return within 15 days, failing which the tax liability will be assessed under section 62, based on the relevant material available with the proper officer. In addition to tax so assessed, applicable interest and penalty will also be payable.

36
Q

What is the quantum of Late fees leviable under section 47 for late filing of returns or late filing of annual return under section 44?

A
37
Q

What is the eligibility criteria for GSTP as per Section 48?

A
38
Q

What are the prescribed types of activities which are permitted to be undertaken by the GSTP as per section 48?

A
39
Q

When the returns are furnished through GSTP, who bears the responsibility of the information furnished or particulars?

A

Thus, the responsibility for correctness of any particulars furnished in the return or other details filed by the GSTP continues to rest with the registered person on whose behalf such return and details are furnished

The registered person before confirming, should ensure that the facts mentioned in the return are true and correct before signature. However, failure to respond to request for confirmation is treated as deemed confirmation.

40
Q

What is the procedure for enrolment of GSTP as per the provisions of section 48?

A
41
Q

Who are the authorities required to file information return as per the provisions of section 150 and 123?

A

Module 2 - Indirect Tax Laws (6 decks)

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