Goods and Services Tax (GST) is the biggest indirect tax reform in the country since Independence. GST subsumes various central and state taxes, and has been implemented with the aim of creating a common market for businesses across the country. Under the new GST regime, the return process has undergone significant changes. This article will discuss the GST return provisions under the revised model GST law in detail.
The GST return is a document that contains the details of the taxable purchases and sales made by a taxpayer during a specific period. The taxpayer is required to file these returns with the GST authorities. The details that need to be furnished in the GST return include the name and GSTIN of the taxpayer, the amount of tax paid against the purchases and sales, and the ITC availed on the purchases.
There are various types of GST returns that need to be filed by different categories of taxpayers. The following is a list of GST returns that are required to be filed by taxpayers:
The Central Board of Excise and Customs (CBEC) has released the revised model GST law, which contains various provisions related to the GST return filing process. Some of the key provisions are as follows:
The revised model GST law provides for the extension of the due date for filing GST returns in case of natural calamities, riot or any other cause that may disrupt normal business operations. The extension will be granted by the GST Commissioner.
The revised model GST law provides for a late fee for the delayed filing of GST returns. The late fee will be calculated at the rate of Rs. 100 per day per return for Central GST and State GST. The total amount of late fee cannot exceed Rs. 5,000.
The revised model GST law provides for the disallowance of ITC if the supplier has not paid the tax to the government. The ITC will be disallowed if the tax is not paid within 180 days from the date of issue of the invoice.
The revised model GST law provides for the matching of invoices between the supplier and the recipient. The matching of invoices is done to ensure that the details furnished in the GST return by the supplier match with the details furnished in the GST return by the recipient. The matching of invoices is done to prevent tax evasion.
The revised model GST law provides for the filing of an annual return by registered taxpayers. The annual return needs to be filed by 31st December of the next financial year. The annual return contains the details of the supplies made and received, and the tax paid during the financial year.
GST has brought about significant changes in the indirect tax regime in the country. The return filing process under the new GST regime has undergone a sea change. Taxpayers need to ensure that they comply with the GST return provisions under the revised model GST law to avoid penalties and interest.
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