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FORM GSTR 9 – What you need to know about it?

FORM GSTR 9 is an annual return that should be filed by the taxpayers who are registered under GST. It should be filled by even those who are registered under the composition Levy scheme. In GSTR 9 form, you would see various information related to supplies received and done during the whole year under various tax heads such as CGST, SGST and IGST.

You should also understand the types of return under GSTR-9 form. There are four different types of form under the GSTR-9 forms. These forms are as follows:

GSTR 9 – This form should be filed by the regular taxpayer who is filing GSTR 1, GSTR 2 and GSTR 3.

GSTR 9A – To be filled by the individuals who are registered under Composition Scheme

GSTR 9B – To be filed by the e-commerce operators who have also filed GSTR 8 during the financial year.

GSTR 9C – This form should be filed by the taxpayers who have annual turnover to the north of Rs 2 crores during the financial year. If you fall under this category, you should also get the accounts audited and file a copy along with the reconciliation statement of tax that has been paid already as well as tax playable as per the audited accounts along with GSTR 9C.

Due date and Penalty

Due date of filing GSTR 9 is before 31st December of the subsequent financial year. In case you fail to file the return by the due date, the penalty of Rs 100 day per act would be added, maximum of an amount arrived on a quarter percent of the taxpayer turnover in the State as well as the Union territory. Put it simple, you would be fined Rs 100 under CGST and Rs 100 under SGST which bring the total penalty to Rs 200 per day of default.

What are the Details required?

Part I – You would need to provide the basic details  and the details would be auto-populated

Part II – The taxpayer would need to offer the details of Outward and Inward supplies during the financial year. The details would be recorded by consolidating summary from every GST returns filed in the previous financial year.

Part III – You would need to provide the details of ITC in returns filed during the Financial Year.

Part IV – Entire detail of the tax paid as per the declaration made during the financial year

Part V – Specifics of the transactions for the previous financial year that you have declared in returns of April to September of current financial year or up to the date of filing of annual returns of previous financial year, whichever is earlier.

Part VI – Other details including:

  • GST Demands and refunds
  • HSN wise information of the quantity of goods supplied and received with its corresponding tax details against every HSN code.

No Revision allowed

Make sure that you are filling all the information correctly and thereafter revising it once before clicking on the submit button. It is because you would not be allowed to make any revisions in the form. Any errors or omission can only be rectified or included in the next month’s return.

Format of GSTR-9

FORM GSTR 9
FORM GSTR -9
FORM GSTR 9
FORM GSTR 9
FORM GSTR 9
FORM GSTR 9

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GST RFD-01 – Form for Refund and how to file it?


GST RFD-01 A form is introduced by GSTN for online processing of refund under GST.
Who can file the GST Refund Application?
The application for refund can be filed by any taxpayer in favor of whom the refund order has been issued.
2) Filing of GST refund Application by unregistered person:
An Unregistered person can file GST refund Application by his temporary login.
3) No separate application for refund of GST deposited under the CGST/SGST/IGST for a refund order:
If the refund order is the same for the CGST/SGST/IGST, a single refund application can be filed by an assesse.
4) Separate refund application for each order:
A single application form shall be filed for every separate order.
5) Time limit for filing of refund application:
A taxpayer can file the application for refund within 2 years from the date of communication of order.

How to file the application for refund?


GST refund application can be filed online on the GST portal.
Steps to file and submit the application for refund on account of Assessment/ Provisional assessment/ Appeal/ Any Other Order:
• Visit the official site of GST and log with your details.
• On the home page of the website, under the ‘services’ tab, select ‘refunds’ and click on application for refund.
• On the subsequent page that appears, select the option ‘On Account of Assessment/Provisional Assessment/Appeal/Any other order’ and click on ‘create’ option to move to the new page.
• A new page regarding the selection of various details to file the application will appear on the screen. Under the statutory order details tab, select the appropriate type of order from the drop-down menu and while selecting the option any other order, specify the order.
• Enter the Demand Number and order number in the Demand ID field and number order field respectively.
• Next, select the date of order and enter the name of the authority by whom the order was issued.
• Under the payment reference number tab, from the drop-down menu, select the type of debit entry as ‘cash’ or ‘ITC Ledger’.
• Enter the Debit Entry number and click on the ‘ADD’ option to save the details.
• After mentioning the above details, the person needs to provide the details in the section ‘details of refund amount to be claimed’ on the same page.
• Correct details must be filled in the appropriate columns by the person and the amounts so entered will be verified by the proper officer and any adjustment in the claimed recoverable amount may be made by the officer.
• Enter the bank account number in which you will like to get your refund amount deposited.
• Tick the declaration box and click on the preview button to view the details of refund before submitting it and if you do not wish to preview, click on ‘SAVE’ option to upload the details and click on ‘proceed’.
• On the next page, the option of back, file with DSC and file with EVC will appear. To go back to the previous page, select the back option and if you select the option ‘Submit with DSC’, you need to sign the application using a digital signature of the authorized signatory. If ‘Submit with EVC option’ is selected, an OTP will be sent to the registered mobile number and e-mail id of the authorized signatory. Enter the OTP to submit your application.
• An Application Reference Number (ARN) will be generated once the application is successfully filed and will be sent to the registered e-mail id and mobile number of the person and the filed application can be viewed anytime under ‘saved or filed applications’ tab on the GST portal.

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Government Set to begin special GST refund fortnight Drive

The Government of India has announced launching the second edition of special refund fortnight from May 31st to track the refund payments. The centre believes that the refund amount which is pending comes somewhere between Rs 9000-10000 crore. However, the Industry body Federation of Indian Export Organization is expected to be over Rs 20,000 crore.

What is Special Refund Agreement?

During this 15-day special drive, the government will initiate refunds for both Integrated GST (IGST) paid on exports and GST paid on inputs. “The endeavor is to clear all refunds this time. The last fortnight had primarily focused on clearing refunds of IGST paid on exports but this time, all refunds are likely to be cleared,” a senior government official said.

Special Refund Fortnight

Special Refund fortnight

Complaint of Exporters

For long, exporters have been complaining that the significant delay in releasing the refund has impacted the working capital. Due to the slow process, the need of working capital has surged significantly. Not only this makes the whole process a little taxing but also reduces the competitiveness of these exporters in the market. Now, the working capital issue becomes even more severe because the banks have been practicing the credit squeeze therefore impacting the export directly. This has again increased the cost of the exports somewhere between 1% and 3%.

Inefficient Process for ITC Credit

Yet another issue raised by the creditors is the glitches that they come around while filing for the refund of ITC. The issue here is that the process is partially electronic and partly manual which not only takes more time but also transaction cost balloons considerably.

Pre-requisite for claiming Credit

  • GSTR-3B for the month should be filed
  • Table 6A of GSTR-1 has been filed before the claim
  • Details of Shipping Bill and Invoice provided in Table 6A of GSTR-1 should align
  • The IGST amount mentioned in GSTR-3B is equal or more than the IGST mentioned in Table 6A of GSTR-1.

The Act establishes the fact that 90% of the refund is processed on a provisional basis within seven days of application for refund. Overall, exports are the backbone of any economy, generating the employment opportunities and helping the country to lower down its deficit. Therefore, the government should make sure that the operations of the exporters do not stumble because of lack of credit and proper finance arrangements. Hopefully, with the upcoming drive, the exporters would get huge relief and reduced the working capital requirement.

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GSTR 5 is now open for filing – How Non-Resident can file GST return ?

GST consists a special provision of filing for the non residents under GSTR 5 form. The form is now available and any non-resident taxpayers and the dealers who have come for a limited time to make supplies in India can file. Since the products are normally imported to make local supplies , such dealers can avail the benefit of Input tax credit on IGST on imports. Before understanding the procedure of filing the GSTR 5, it is important to get a hold some important question. Two important inquiries which emerge out of the discussion are:

  1. Who is a non-resident foreign taxpayer
  2. How can they register
  3. Is the registration temporary or are they given permanent status

A non resident taxpayer is an individual who sporadically does a transaction involving the supply of goods and services or both. He makes those transactions wither as principal or agent. He can also make the transaction in any other capacity but would not have a fixed place for business in India and neither the residence. All those non-resident foreign taxpayers who do not reside in India but occasionally make transactions, supply goods for a short period of time are liable to pay the tax.

What Are the Prerequisites ?

  • Individual should be a non resident foreign taxpayer who does not have any business establishment in India.
  • He should have temporary GST registration for the period during which the business has to be carried in India

Procedure To File GSTR -5

1.Visit www.gst.gov.in URL

  1. Login to the GST Portal with the credentials
  2. Click theServices > Returns > Returns Dashboardcommand.

Alternatively, you can also click the Returns Dashboard link on the Dashboard.

GSTR -5 Return Dashboard

GSTR -5 Return Dashboard

4.On the File Returns page, select the Financial Year&Return Filing Period (Month) for which the return has to be filed.

5. Click the SEARCH button

GSTR 5 FY&Month Tab

GSTR 5 FY&Month Tab

  1. Click the Prepare ONLINE button to prepare the return by making entries on the GST Portal

Prepare Online Page

GSTR -5 filing continued

  1. Generate GSTR Summary by clicking the GENERATE GSTR5 SUMMARY button on the GSTR-5 – Return for Non-resident taxable person page. The details about the auto drafted supplies of goods &services page would be displayed.

GSTR Summary

GENERATE GSTR5 SUMMARY

Check out for the conformation message on the top of the page. Thereafter, you can check the status

Status Page

GENERATE GSTR5 SUMMARY final

8- Enter the Details in the Import of Good Tiles

GSTR 5 Import of Goods Tile

GSTR 5 Import of Goods Tile

9 – Enter the Details in Outward Supplies Tile

Outward Supply in GSTR5

Outward Supply in GSTR5

10 – Enter the Details in the B2C(large) Invoices

GSTR5 B2C Invoice Tile

GSTR5 B2C Invoice Tile

Under the last three heads there would be many subheads which should be filled by the taxpayer

11.Thereafter, Preview of the GSTR 5  filing can be accessed by clicking on Preview button. Upon Clicking the Button GSTR-5 summary page would open which can be downloaded and reviewed. The PDF file will have watermark of draft as the details are yet to be submitted.

Draft

GSTR-5 summary page

  1. Tick the Acknowledgement check-box which states that the tax payer has reviewed the information and finds it to be correct.

Once the Submit button is Clicked, no changes can be made.

GSTR 5 Acknowledgement Page

GSTR 5 Acknowledgement Page

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GSTR 5 Is Now Open – How Non Resident Can File The Tax?

GST consists a special provision of filing for the non residents under GSTR 5 form. The form is now available and any non-resident taxpayers and the dealers who have come for a limited time to make supplies in India can file. Since the products are normally imported to make local supplies , such dealers can avail the benefit of Input tax credit on IGST on imports. Before understanding the procedure of filing the GSTR 5, it is important to get a hold some important question. Two important inquiries which emerge out of the discussion are:

  1. Who is a non-resident foreign taxpayer
  2. How can they register
  3. Is the registration temporary or are they given permanent status

A non resident taxpayer is an individual who sporadically does a transaction involving the supply of goods and services or both. He makes those transactions wither as principal or agent. He can also make the transaction in any other capacity but would not have a fixed place for business in India and neither the residence. All those non-resident foreign taxpayers who do not reside in India but occasionally make transactions, supply goods for a short period of time are liable to pay the tax.

What Are the Prerequisites

  • Individual should be a non resident foreign taxpayer who does not have any business establishment in India.
  • He should have temporary GST registration for the period during which the business has to be carried in India

 

Procedure To File GSTR -5

1.Visit www.gst.gov.in URL

  1. Login to the GST Portal with the credentials
  2. Click theServices > Returns > Returns Dashboardcommand.

Alternatively, you can also click the Returns Dashboard link on the Dashboard.

Return Dashboard

Return Dashboard

4.On the File Returns page, select the Financial Year&Return Filing Period (Month) for which the return has to be filed.

5. Click the SEARCH button

FY&Month Tab

FY&Month Tab

  1. Click the Prepare ONLINE button to prepare the return by making entries on the GST Portal

Prepare Online Page

Prepare Online Page

  1. Generate GSTR Summary by clicking the GENERATE GSTR5 SUMMARY button on the GSTR-5 – Return for Non-resident taxable person page. The details about the auto drafted supplies of goods &services page would be displayed.

GSTR Summary

GSTR Summary

Check out for the conformation message on the top of the page. Thereafter, you can check the status

Status Page

Status Page

8- Enter the Details in the Import of Good Tiles

Import of Goods

Import of Goods

9 – Enter the Details in Outward Supplies Tile

Outward Supply Tile

Outward Supply Tile

10 – Enter the Details in the B2C(large) Invoices

B2C Invoice

B2C Invoice

Under the last three heads there would be many subheads which should be filled by the taxpayer

11.Thereafter, Preview of the GSTR 5  filing can be accessed by clicking on Preview button. Upon Clicking the Button GSTR-5 summary page would open which can be downloaded and reviewed. The PDF file will have watermark of draft as the details are yet to be submitted.

Draft

Draft

  1. Tick the Acknowledgement check-box which states that the tax payer has reviewed the information and finds it to be correct.

Once the Submit button is Clicked, no changes can be made.

Acknowledgement Tab

Acknowledgement Tab

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