One tax, One nation: This is how you can file GST return
The 'one tax, one nation' model will be introduce from April, 2017.
The Government on Tuesday announced that a new and simpler web portal for much awaited Goods and Service Tax regime went live which will enable easy filing of returns and tax payments via credit/debit cards and other modes.
The 'one tax, one nation' model will be introduce from April, 2017. According to a PTI report, GSTN Chairman Navin Kumar said migrating more than 65 lakh VAT payers, about 20 lakh service tax payers and about 3-4 lakh central excise duty payers to a new portal has started.
Once the GST comes into being, this is how you can file your GST returns:
According to Online Filing experts, every registered taxable person has to furnish outward and supply details in Form GSTR-1 by the 10th of the subsequent month. On the next day, i.e. 11th, the visibility of inward supplies will be made available to the recipient in the auto-populated GSTR-2A.
Further, from 11th to 15th, you can make the corrections, addition or deletion, in Form GST-2A. Once the modification is done, submit the form by 15th of the subsequent month.
The corrections (addition, modification and deletion) by the recipient in Form GSTR-2 will be made available to supplier in Form GSTR-1A. The supplier has to accept or reject the adjustments made by the recipient. The Form GSTR-1 will be amended according to the extent of correction accepted by supplier, the experts said.
After five days, on 20th, the auto-populated return GSTR-3 will be available for submission and payment. Once this is done, the inward supplies will be matched with the outward supplies furnished by supplier, and then the final acceptance of input tax credit will be communicated in Form GST ITC-1.
In case of mismatch input tax credit on account of excess claims or duplication claims will be communicated in Form GST ITC-1.Discrepancies not ratified will be added as output tax liability along with interest. However, within the prescribed time, if it is ratified, the recipient will be eligible to reduce this output tax liability.