Key point you should know about Filing of GST Returns, Revision of return, Short Filing of Return:
Filing of tax returns
- A registered taxpayer shall file the return at the GST Common Portal either himself or through his authorised representative using the user ID and password allotted.
- Taxpayer may prepare and submit his returns himself or can use services of Tax Return Preparer (TRP) or facilitation centre (FC).
- TRPs will have to be approved by the tax administration and allotted a unique ID. The registration of TRP/FC will be done by CBEC/respective State authorities and the registration data will be shared with GSTN.
- Taxpayer can sign the return using one-time Digital Signature Certificate (DSC). This will do away with the requirement of print-out of acknowledgement of return.
Revision of GST Returns
- It is proposed that there would be no revision of returns.
- All unreported invoices of previous tax period would be reflected in the return for the month in which they are proposed to be included. Interest, if applicable will be auto-populated.
- All under-reported invoice and ITC revision will have to be corrected using credit / debit note. These credit / debit notes would be reflected in the return for the month in which such adjustment is carried out.
- GST Law may also provide for imposition of automatic late fees for non-filers and late filers which can also be in-built in the notices. It may also provide for adequate penal provisions for non-filing of return.
Short filing of GST Return
- E-return should be allowed to be uploaded, even in case of short payment for the limited purpose of having the information about self- assessed tax liability even though not paid. However, it will be treated as an invalid return.
- Any invalid return (including the one not supported by full payment) will merely be recorded with unique transaction ID, but not accepted in the system.
- GST Law may provide adequate penal provisions for short filing of return.
Once the GST return has been uploaded, the portal will undertake the following activities:
- Acknowledge the receipt of the return and generate acknowledgement number
- Forward return to tax authorities of Central and appropriate State Government through the established IT interface.
- The ITC claim will be confirmed to purchasing taxpayer in case of matched invoices after 20th of the month succeeding the month of the tax period month provided counterparty supplying taxpayer has submitted the valid return (and paid self-assessed tax as per return).
- Communicate to the taxpayers about the macro-results of the matching.
- Auto-populate the ITC reversals due to mismatching of invoices in the taxpayer’s account in the return for the 2nd month after filing of return for a particular month.
- Aggregate cross-credit utilization of IGST and SGST for each State and generate settlement instructions based on IGST model and as finalized by the Payments Committee.