caasa tax table 6th edition

02-10-2016 ABHISHEK AGARWAL ACA DISA www.caasa.org 1

•TAX INVOICE

•CREDIT AND DEBIT NOTES

CHAPTER VII

•RETURNS CHAPTER

VIII

http://www.caasa.org/

GST LAW CHAPTER

VII

CREDIT AND DEBIT NOTES

TAX INVOICE



Sec.23

TAX INVOICE Every registered taxable person shall at the time of supply , issue a tax invoice for supply of taxable goods or taxable services.

• contain the description of goods/services, quantity and value of goods supplied,

• tax charged on the supply and such other particulars as may be prescribed.

Determining the time of supply is important for the time of issuance of invoice.

• For supply of taxable goods, tax invoice shall be issued at the time of supply of goods

• For supply of taxable services, tax invoice shall be issued within such time limit as may be prescribed.

• In case of an intra-state supply of goods/services, the tax invoice will mention CGST and SGST.

• In case of an inter-state supply of goods/services, the tax invoice will mention IGST and Additional tax, if applicable.

• The tax invoices shall be raised by the registered taxable person. 02-10-2016 ABHISHEK AGARWAL ACA DISA www.caasa.org 3


REGISTERED TAXABLE PERSON SUPPLYING

NON-TAXABLE GOODS AND/OR SERVICES

PAYING TAX U/S 8

SHALL ISSUE A BILL OF SUPPLY, INSTEAD OF A TAX INVOICE,

CONTAINING PARTICULARS AS MAY BE PRESCRIBED

TAX INVOIVE DEEMED TO INCLUDE A DOCUMENT

ISSUED BY AN INPUT SERVICE DISTRIBUTOR U/S 17

AND SHALL ALSO INCLUDE SUPPLEMENTARY OR

REVISED INVOICE ISSUED BY THE SUPPLIER IN RESPECT

OF SUPPLY MADE EARLIER

Sec.23 TAX INVOICE



Sec. 24

CREDIT NOTES

Supplier Recipient

Supplier Recipient

Supply of goods/

services

Tax invoice is

issued

Scenario 1: Tax Charged/ Taxable Value > Tax Charged/ Taxable Value (w.r.t. that

supply), then

Issue credit note on or before 30th

day of September following the end

of the FY in Which the supply was

made OR date of filing of relevant

annual return whichever is earlier. 02-10-2016 ABHISHEK AGARWAL ACA DISA www.caasa.org 5


Sec.24

DEBIT NOTES

Supplier Recipient

Supplier Recipient

Supply of goods/ services

Tax invoice is issued

Scenario 2: Tax Charged/ Taxable Value < Tax Charged/ Taxable Value (w.r.t. that supply),

then

Issue debit note on or before 30th

day of September following the

end of the FY in Which the supply

was made OR date of filing of

relevant annual return whichever

is earlier. 02-10-2016 ABHISHEK AGARWAL ACA DISA www.caasa.org 6


RETURNS

GST LAW

CHAPTER VIII



TYPES OF RETURNS

Monthly Return

Return for Composition Scheme

TDS Return

Return for Input Service Distributor

First Return

Annual Return

Final Return 02-10-2016 ABHISHEK AGARWAL ACA DISA www.caasa.org 8


Sec. 25

FURNISHING DETAILS OF OUTWARD SUPPLIES

• Every registered taxable person shall furnish the details of outward supplies of goods and /or services effected, in the manner and forms as may be prescribed

ELECTRONICALLY

• Details to be communicated to the RECIPIENT of the supplies within the time and manner as may be prescribed.

On or before the TENTH DAY of the month succeeding the said tax period

• Input service distributor and a person paying tax under section 8 or section 37, are not required to furnish a return u/s 25

Section 8 - Composition Levy

Section 37- Tax Deduction At

Source



RETURN OF GOODS RECEIVED

IN RELATION TO/IN

PURSUANCE OF INWARD SUPPLY

EXPORT

INTER-STATE

SUPPLIES

DETAILS RELATING TO ZERO RATED

SUPPLIES EXPORT

SUPPLEMENTARY INVOICES

DEBIT NOTES

CREDIT NOTES

OUTWARD SUPPLIES



Sec.26

FURNISHING OF INWARD SUPPLIES

Every registered taxable person other than input service distributor and person paying tax u/s 8 or u/s 37, shall verify ,validate , modify or delete the details furnished by the suppliers u/s 25.

The return is to be filed by the recipient on or before 15th day of the month succeeding the tax period in such form and manner as may be prescribed.

Credit and debit notes and such

other details which has not been declared

u/s 25

Inward supplies liable for tax payment on

reverse charge as well as under IGST

ACT

Details of Inward supplies



Sec.27

RETURNS

Furnish return even if no supplies effected during such period

Pay to the credit of the appropriate Government the tax due as per the return within the date required to furnish the return.

within 20 days after the end of such month

Every registered taxable person shall furnish in a manner

and form ,as may be prescribed, an electronic return

consisting of :

Inward And Outward

Supplies Of Goods And/Or

Service

Input Tax Credit Availed

Tax Payable Tax Paid

Other Particulars As

May Be Prescribed



Sec. 8

COMPOSITION SCHEME

•Paying tax on quarterly basis, electronically, in the manner as may be prescribed

• within 18 days after the end of such quarter

No return , if valid

return for any

previous tax period

has not been

furnished



Furnish return and pay the tax so deducted,

electronically, in the form and manner, as may be

prescribed.

For the month in which such deductions have been made, within 10 days after

the end of such month.

Tax

Deduction

At Source

Sec. 27(5)



INPUT SERVICE DISTRIBUTOR

• Furnish return every calendar month or part thereof

•electronically, in prescribed form and manner within 13 days after the end of such month.

Sec. 27(6)



ERRORS AND OMMISION

UPON DISCOVERY OF ERRORS OR OMMISION

Subject to the provisions of sections 25 and 26,

errors or omission can be rectified upon discovery

other than result of scrutiny, audit, inspection or

enforcement activity by the tax authorities

In the furnished return which has remained

UNMATCHED U/S 29, rectify it in the tax period

during which it was noticed in such manner as

may be prescribed and shall pay the tax and

interest, if any, in case of short payment,

Sec.25 Sec.26

No such rectification of any omission or incorrect particulars shall be allowed after the due date

for filing of return for the month of September or second quarter (as the case may be), following

the end of the financial year, or the actual date of filing of relevant annual return, whichever

is earlier

SEC.27



After obtaining registration, the taxable person is required to file his very first return. This section provides for the aspects that need to considered

while filing this first return, namely:

Sec.27A

FIRST RETURN

Transaction to be reported Consideration involved

Outward supplies

From effective date of registration till end

of month* when

registration is granted Inward supplies

From date of liability to register till the

end of month* when

registration is granted

* Up to the quarter in case of composition levy under section 8

Section 25[furnishing details of outward supplies], 26[furnishing details of inward supplies] and

27[returns], excluding than the provision pertaining to tax period, shall apply to the person

furnishing first return.



Sec-28 CLAIM OF INPUT TAX CREDIT AND

PROVISIONAL ACCEPTANCE

THEREOF

Every taxable person shall be entitled to take credit of input tax

in his return as self-assessed, subject to conditions and

restrictions as may be prescribed

This amount is to be credited ,on a provisional basis, to his electronic credit ledger to be maintained in a

manner as may be prescribed

If a valid return not furnished u/s 27, the taxable person will not be allowed to utilize the credit till discharges his self

assessed tax liability



Sec-29 MATCHING, REVERSAL AND

RECLAIM OF INPUT TAX CREDIT

The details in a return of inward supplies of a recipient should be matched in prescribed time and manner with:

• Outward supplies furnished by other party (supplier)

• Additional customs duty paid on goods imported

• Any duplicate claims of input tax credit

When the credit

availed by the

recipient matches

with the above, the

same shall be

finally accepted and

communicated to

the recipient even

in case of

duplication in the

manner as may be

prescribed

Where the credit

claimed is in excess

in respect of inward

supplies compared

to the tax

declared by the

supplier, the

discrepancies will be

communicated to

both parties

Duplication of

claims to be

communicated to

the recipient in

the manner as

may be

prescribed.



Claim of input tax credit in respect of invoices or debit notes relating to inward supply matches with corresponding outward supply subject to section 16 and communicated to the recipient

Discrepancy communicated but not rectified by the supplier shall be added to the output tax liability of recipient for the month succeeding the month when discrepancy is communicated.

Recipient eligible to reduce the amount added as above if supplier declares the details within the time specified in 27(7)

A recipient to pay interest at the specified rate on the amount added whereas on reduction the interest paid shall be refunded



Ram Ltd supplies manufactured goods to Shyam Ltd for Rs 10000 in May 2017; CGST thereon is, say, Rs 1200. Unfortunately Ram Ltd did not furnish these details in its outward supply to Shyam

ltd.

While matching the credit, Shyam Ltd failed to set this right and went ahead with credit claim and utilized the credit against CGST liability. Later, GST officer intimates this mismatch, say by August 2017. In the absence of Ram Ltd’s due response, Shyam Ltd may

pay back the credit with interest (for wrong credit).

Ram Ltd rectifies the outward return with details omitted earlier, in October 2017. Accordingly, Shyam Ltd can certainly take back

the credit earlier reversed.

EXAMPLE



Sec-29A Matching, reversal and

reclaim of reduction in output

tax liability Where the output tax is reduced by outward supplier by issuing a credit note, details of every

such credit note issued should be matched with:

• Corresponding reduction in the credit by the recipient of the amount involved in the credit note in his valid return field for the current or subsequent tax period

• Any duplicate claims for reduction of output tax liability.

When claim for

reduction of output tax

liability by the supplier

matches with the

corresponding

reduction in input tax

credit by the recipient,

the same will be

accepted and

communicated to

the parties.

When claim for

reduction of output tax

liability by the supplier

exceeds, partly or

wholly, with

the corresponding

reduction in input tax

credit by the recipient,

the discrepancy will be

communicated to both

parties.

Duplication of claims for

reduction in output tax

liability to be

communicated to the

supplier in the manner as

may be prescribed



Amount in which discrepancy is communicated and is not rectified by the recipient then it shall be added to the output tax liability of the supplier, in the manner as may be prescribed ,in return for the month succeeding the month of communication of discrepancy

Supplier eligible to reduce from his output tax liability the above added amount if the recipient declares the details in his return within the time specified

When an amount is added to the output tax liability then the supplier is liable to pay interest at the specified rate.

Any reduction in output tax liability, the interest paid shall be refunded by crediting the amount in the electronic cash ledger in the manner prescribed.



Sec -30

ANNUAL RETURN

• Taxable persons who get their accounts audited under section 42(4) are required to electronically file annual return under this section along with a copy of the audited accounts as well as a reconciliation statement reconciling value of supplies declared in the return furnished for the year along with the audited annual financial statement and such other prescribed particulars.

Other than Input Service distributor, deductor of

tax, casual taxable person and Non-

Resident taxable person ALL are required to

furnish annual return for every Financial year

electronically on or before 31st December.



FINAL RETURN : Every registered

taxable person who applies for

cancellation of registration shall furnish a

final return within three months of the

date of cancellation or date of

cancellation order, whichever Is later, in

prescribed form and manner.

Notice to return defaulters: Where a registered taxable person fails to

furnish a return under section 27 or section

31, a

notice shall be issued requiring him to furnish

such return within such time and in such

form

and manner as may be prescribed.

Sec- 31

Sec- 32



Sec-33

Levy of late fee Defaulted Return Late fee

Return on Outward Details (Ref: Sec 25)

Rs. 100 per day of delay

Maximum Rs. 5,000

Return on Inward Details (Ref: Sec 25)

Return on Input credit (Ref: Sec 27)

Final Return for prescribed three

months (Sec 31

Annual Return (Sec 30)

Rs. 100 per day of delay

Maximum = 0.25% on Aggregate

Turnover*

*Aggregate turnover does not include the value of supplies on which tax is

Levied on reverse charge basis and the value of inward supplies



Sec- 34

Tax Return Preparers

The Appropriate Government may prescribe the eligibility conditions, duties and obligations , manner of removal and such other conditions as may be relevant for the functioning as a Tax Return Preparer. However, in all cases registered Tax Payer continues to be liable for the correctness of the return filed through Tax Return Preparer.

• Tax Return Preparer: means any person who has been approved to act as a Tax Return Preparer under the scheme framed under section 34;[Section 2(99)].

• Appropriate Government: means the Central Government in case of the IGST and the CGST, and the State Government in case of the SGST;[Section 2(11)].

• A registered taxable person may, in the manner prescribed, authorize approved Tax Return Preparer to furnish the details of outward/inward supplies and furnish the return under section 27, 30[annual return] or section 31[final return], as case maybe, and such other prescribed tasks.



DUE DATES FOR FILING

S.

No.

1

2

3

4

5

6

7

8

Return

GSTR 1

GSTR 2

GSTR 3

GSTR 4

GSTR 5

GSTR 6

GSTR 7

GSTR 8

For

Outward supplies made by taxpayer(other

than compounding taxpayer and ISD)

Inward supplies received by a taxpayer

(other than a compounding taxpayer

Monthly return (other than compounding

taxpayer and ISD)

Quarterly return for compounding Tax

Payer

Periodic return by Non-Resident Foreign

Taxpayer

Return for Input Service Distributor (ISD)

Return for Tax Deducted at Source

Annual Return

To be filed by

10th of the next

month

15th of the next

month

20th of the next

month

18th of the month

next to Quarter

Last day of

registration

15th* of the next

month

10th of the next

month

By 31st December

of next FY



02-10-2016 ABHISHEK AGARWAL ACA DISA

CA ABHISHEK AGARWAL, ACA,DISA

[email protected]

www.caasa.org PAGE NO-29 29


caasa tax table 6th edition

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