Every person is concerned with increased returns compliance under GST. 37 return figure seems dreadful to the common taxpayers who see it as increased burden. In this article we will discuss about returns under GST.
Returns under GST: The picture looks like this:
Further with regard to the return on outward supplies and inward supplies:
The Return process:
Important aspects relating to return:
- Every registered taxable person to furnish returns. For registration under GST check here.
- Submission of return - Through online mode
- Return to be filed even if there is no business activity during the return period
- Error or omission may be rectified - No specific provision for revision prescribed
- B2B transactions proposed on invoice level – GSTIN, Invoice No. & date, Value, Description, rate of tax and value of Tax
- B2C invoice wise only for transaction above specified limit
- HSN Codes – Goods and Accounting Codes - Services
- Separate Tables for Debit / Credit Notes / Input Service Distributor Credit / TDS etc.
- Common e-Return for CGST, SGST & IGST. Learn more on credit mechanism here
Source: Economic times, Business standard, ICAI
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Just In: Returns under GST, How to File GST Returns, GST Returns Format
Reviewed by Author
on
June 05, 2017
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Reviewed by Author
on
June 05, 2017
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