GST return filing in Chennai
GST return filing charges, GST return filing due date, GST return filing procedure, GST return filing services, GST return filing centre.
RETURN FILLING, FILE GST RETURN, GST return filing services, GST return filing centre.
GST a comprehensive indirect tax system is all set to subsume a host of existing indirect taxes. GST works on a self-monitoring mechanism, which is matching the concept of invoice between supplier and recipient of goods and services. Only after matching of invoices and payment of tax by the supplier, the input tax credit will be available to the recipient. Thus, customer will always want to do business with vendors who are compliant. This results in a change of relationship between supplier and recipient from ‘customer-cum-emotional relationship to compliance relationship’.
Today we are telling you about various returns to be furnished under GST and things to be taken care of during return filing.
10th of Subsequent Month – Form GSTR-1
In Form GSTR-1, you need to declare the details of all the outward supplies of goods and/or services effected during the month. Invoice-wise details of outward supplies made to registered dealer and aggregate taxable value of supplies made to consumer are required to be declared. In case, taxable value of supply made to consumer is more than Rs 2.5 lakh and if it is interstate supply, you need to declare invoice-wise details.
11th of Subsequent Month – Form GSTR-2A
On 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. This is generated based on the outward supplies declared by your supplier in Form GSTR-1.The period from 11th to 15th will allow for any corrections (additions, modifications, and deletion) in Form GSTR-2A.
This is the most critical phase of filing of your return, as any omission or correction not reconciled as per the statement in Form GSTR-2A with your inward supplies register, will impact your Input Tax credit eligibility. To save time, quicker and accurate reconciliation, technology will play a key role in your compliance.
15th of Subsequent Month – Form GSTR-2
After reconciling, any additional claim or correction as per Form GSTR-2A needs to be incorporated and submitted in Form GSTR-2 by 15th of subsequent month. Based on the claim reported in Form GSTR-2, ITC will be credited to your E-credit ledger on provisional basis and post matching of invoice, it will be finalized.
16th of Subsequent Month – Form GSTR-1A
The corrections (addition, modification, and deletion) reported by you in Form GSTR-2 will be made available to your supplier in Form GSTR-1A. The supplier has to accept or reject the adjustments made by the customer by verifying with suppliers outward supply register.
20th of Subsequent Month – Form GSTR-3
On 20th, based on the Form GSTR-1 and Form GSTR-2, an auto-populated return GSTR-3 will be available for submission along with the payment.
Final Acceptance of Input tax credit in Form GST MIS-1
After the due date of filing the monthly return in Form GSTR-3, the inward supplies will be matched with the outward supplies furnished by the supplier, and then the final acceptance of input tax credit will be communicated in Form GST MIS-1.The following details will be considered in the matching of invoices:
• GSTIN of the supplier
• GSTIN of the recipient
• Invoice/or debit note number
• Invoice/or debit note date
• Taxable value and
• Tax amount The claim of input tax credit will be considered as matched, if the amount of input tax credit claimed is equal to or less than the output tax paid on such tax invoice or debit note by the corresponding supplier.
Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated to
Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated to recipient in Form GST MIS-1 and to supplier in Form GST MIS-2. Discrepancies not ratified will be added as output tax liability along with interest. However, there will be some breathing space since the law provides a window of two months to ratify the discrepancies before reversing the ITC claim on a provision basis.
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