9911796707
TMI BlogSystem based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B.X X X X Extracts X X X X X X X X Extracts X X X X ..... to furnish details of outward supplies made in a month in FORM GSTR-1, details of inward supplies received in a month in FORM GSTR-2 and a return in FORM GSTR-3 by the 10th, 15th and 20th of the next month respectively. Keeping in view that taxpayers may face certain issues in the initial days after the introduction of GST, the GST Council extended the date for filing of FORM GSTR-1 and FORM GSTR-2 for the months of July and August, 2017 and approved the filing of a simplified return in FORM GSTR-3B for these two months by the notified due dates after making the due payment of tax. Registered persons opting to utilize transitional credit available under section 140 of the Act read with the rules made thereunder for discharging the tax l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed person shall prepare the statement of inward supplies in FORM GSTR-2 by:- (a) adding, deleting or modifying the invoice level details communicated in FORM GSTR-2A; (b) adding information pertaining to details that are required to be furnished in GSTR-2 but are not part of FORM GSTR-2A like details of imports, details of supplies attracting reverse charge that have been received by registered person; (c) providing details of supplies received from composition suppliers and exempt, nil-rated non GST inward supplies; (d) providing details of advances paid on inward supplies attracting reverse charge, if any, along with adjustments; (e) providing details of reversal of ITC as per the provisions of rules 37, 39, 42 and 43 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ures of tax payable in column (2) of Table 12 of FORM GSTR-3, based on the information furnished in FORM GSTR-1 and FORM GSTR-2. The tax paid through the electronic cash ledger and electronic credit ledger in the return in FORM GSTR-3B shall be displayed by the system in column (3) to (7) of the Table 12 of Pan B of FORM GSTR-3. Where there is no difference between the details of output tax liability and eligible input tax credit furnished in FORM GSTR-3B and the details furnished in FORM GSTR-1 and FORM GSTR-2, the amount of tax payable and tax paid shall be the same in FORM GSTR-3B and FORM GSTR-3. The person can sign and submit FORM GSTR-3 without any additional payment of tax. (4) Additional payment of taxes: Where the tax pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR-2, the additional amount of ITC shall be credited to the electronic credit ledger of the registered person when he submits the return in FORM GSTR-3 [in accordance with clause (c) of sub-rule (6) of rule 61]. However, simultaneously, if there is an increase in the output tax liability, the registered person can utilise this additional amount of ITC eligible as per the details furnished in FORM GSTR-2 along with the balance in the electronic cash ledger, if required, for the payment of the increased output tax liability and submit his return in FORM GSTR-3. (6) Reduction in output tax liability: Where the output tax liability of the registered person as per the details furnished in FORM GSTR-1 and FORM GSTR-2 is less than th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the electronic cash and / or credit ledger but will not be liable to pay any late fee provided the requisite return in FORM GSTR-3B was submitted on or before the due date. Where the registered person has not submitted the return in FORM GSTR-3B, he is required to furnish the details in FORM GSTR-1 and FORM GSTR-2 and sign and submit the return in FORM GSTR-3 along with the payment of the due taxes as per the provisions of section 49 of the Act. However, since the payment was not made on or before the due date, the registered person shall be liable for payment of interest on delayed payment of tax starting from 26th day of August, 2017 till the date of debit in the electronic cash and/or credit ledger. No late fee, however, would be lev ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
