GST Return Provisions Under Revised Model GST Law

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.

Introduction

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.

Types of GST Returns

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:

GSTR-1: This return needs to be filed by registered taxpayers who are involved in outward supplies of goods and services. This return contains the details of the supplies made by the taxpayer during the previous month.
GSTR-2: This return needs to be filed by registered taxpayers who are involved in inward supplies of goods and services. This return contains the details of the supplies received by the taxpayer during the previous month.
GSTR-3: This return needs to be filed by registered taxpayers who are involved in both outward and inward supplies of goods and services. This return contains the details of the tax liability and the amount of tax paid.
GSTR-4: This return needs to be filed by taxpayers who have opted for the composition scheme. This return contains the details of the turnover and tax paid under the composition scheme.
GSTR-5: This return needs to be filed by non-resident taxpayers who are involved in the supply of goods and services in India.
GSTR-6: This return needs to be filed by input service distributors who are involved in the distribution of input tax credit.
GSTR-7: This return needs to be filed by taxpayers who are required to deduct TDS under the GST Act.
GSTR-8: This return needs to be filed by e-commerce operators who are involved in the supply of goods and services through their portal.
GSTR-9: This return needs to be filed by registered taxpayers who are required to file an annual return.
GSTR-10: This return needs to be filed by taxpayers who have surrendered their GST registration.
GSTR-11: This return needs to be filed by taxpayers who are required to claim a refund of tax paid on goods and services supplied to embassies or other UN bodies.

Revised Model GST Law

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:

1. Extension of the Due Date

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.

2. Late Fee

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.

3. Input Tax Credit (ITC)

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.

4. Matching of Invoices

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.

5. Annual Return

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.

Conclusion

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.