Compliance A Ready Reckoner

Compliance A Ready Reckoner

Comprehensive Charts for Indirect Tax and Direct Tax Compliances

Indirect Tax (GST Compliance)

GSTR-3B (As per Rule 61(5) of CGST Rules 2017) IF TURNOVER MORE THAN RS. 5 CRORE

GSTR-3B IF TURNOVER UPTO RS. 5 CRORE (CATEGORY 1*)

*Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands or Lakshadweep

GSTR-3B FOR TURNOVER UPTO RS. 5 CRORE (CATEGORY 2*)

*Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi

GSTR-3B Clarification in Respect of Late Fees

GSTR-1 (U/s 37 of CGST Act, 2017 r.w. Rule 59(1) of CGST Rules, 2017)

Notification No. 21 /2020 – Central Tax dated 23rd March 2020

For registered persons whose principal place of business is in the erstwhile State of Jammu and Kashmir or the Union territory of Jammu and Kashmir or the Union territory of Ladakh for the quarter October-December, 2019 till 24th March 2020

Applicability of GSTR 9

GSTR-9 & 9C

GSTR-9A (ANNUAL RETURN FOR COMPOSITION DEALER)

Waiver of the requirement of filing GSTR-9A form for the said tax periods (FY 2017-18 and FY 2018-19) by GST Council 37th meeting.

LATE WAIVER FOR PAST RETURNS (1/2) 

LATE WAIVER FOR PAST RETURNS (2/2)

Brief Insight in this Respect (NN 52/2020 dated 24.06.2020) 

• It is to be noted that the relief in late fees is only for GSTR-3B and not for GSTR 1. The benefit is available only if returns are filed between 01 July 2020 to 30 September 2020. The benefit is available to all taxpayers. 

• Section 47 of the Central Goods and Services Act, 2017 provides that late fees of Rs. 100 per day would be applicable for the late filing of return mentioned under Section 39 of the CGST Act. (This is subject to a maximum cap of Rs 5,000) 
• However, in terms of Notification No. 76/2018 dated 31-12-2018 where tax payable in GSTR 3B is nil, late fees of Rs 10 per day are levied and in other cases, it is Rs 25 per day.
• A similar notification is notified under the respective State GST laws.
• GST council’s decision to waive the late fee for assesses who have not filed any of their GST returns from July 2017 till March 2020 has raised several eyebrows as well.
• As the waiver has been given with the condition that such return should be filed between July 1st till September 30th, 2020, huge resentment is being witnessed amongst those assesses who have already paid huge penalties and filed their delayed GST returns. 

COMPOSITION DEALER

Brief Background

• In April 2019, a new return-filing procedure was laid down for composition dealers. Form CMP-08 was introduced in April 2019 to make it applicable from FY 2019-2020 onwards. It replaces the erstwhile quarterly GSTR-4 filed by composition dealers 
• In addition to Form CMP-08, a composition dealer will also need to file his/her annual return via the revised format of Form GSTR-4 by 30 April following the end of a specific fiscal year. 
• CMP-01 is a form to be filed by a migrated taxpayer who wants to opt for Composition Scheme. The due date for this was 1st August 2017 (1 month from July 2017). 
• A taxpayer who wants to opt for the Composition Scheme for a financial year or during the middle of a financial year has to inform the government about their choice. This is to be done by filing GST CMP- 02 
• ITC 03 form is filed by a taxpayer who has to pay an amount equal to the ITC through electronic credit or cash ledger. To be filled after filing CMP 02. 
• Vide Notification No. 59/2020 – CT dated 13th July 2020 date has been extended till 31.08.2020

OTHER RETURNS

GSTR – 7

It is a return to be filed by the persons who are required to deduct TDS (Tax deducted at source) under GST. GSTR 7 contains the details of TDS deducted, TDS liability payable and paid, TDS refund claimed if any, etc.

The details of TDS deducted is available electronically to each of the deductees in PART ‘C’ of Form GSTR 2A after the due date of filing of Form GSTR 7. Also, the certificate for such TDS deducted shall be made available to the deductee in Form GSTR 7A on the basis of return filed in GSTR-7

GSTR – 8

Every e-Commerce operator who is required to collect taxes at source (TCS) for all the taxable supplies made through it, must file GSTR 8.

The details of such taxable supplies and the tax collected at source by the e-commerce operator need to be reported in the GSTR-8 form.

GSTR -5A & 5

GSTR-5A is a return form to be filed by non-resident Online Information and Database Access or Retrieval (OIDAR) services provider for the services provided from a place outside India to a person in India to unregistered person or non-taxable customers.

GSTR-5 is a return form that has to be filed by a non-resident foreign taxpayer who is registered under GST for the period during which they carry out business transactions in India.

This can either be done online or from a tax facilitation center. This form contains the details of all outward supplies and inward supplies made and received by the non-resident taxpayer.

GSTR 6

It is a monthly return that has to be filed by an Input Service Distributor.

Clarification in respect of ITC-04

↓

↓

Read & Download the Full Copy in pdf: