IT
UNIT - 4Filing of Returns Q1) What is Invoice under GST? Explain its importance.A1) Invoice under GSTUnder the GST regime, an “invoice” or “tax invoice” means the tax invoice referred to in section 31 of the CGST Act, 2017. This section mandates issuance of invoice or a bill of supply for every supply of goods or services. It is not necessary that only a person supplying goods or services need to issue invoice. The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice. The type of invoice to be issued depends upon the category of registered person making the supply. For example: if a registered person is making or receiving supplies (from unregistered persons), then a tax invoice needs to be issued by such registered person. However, if a registered person is dealing only in exempted supplies or is availing of composition scheme (composition dealer), then such a registered person needs to issue a bill of supply in lieu of invoice. The invoice should contain description, quantity and value & such other prescribed particulars (in case of supply of goods) and the description and value & such other prescribed particulars (in case of supply of services). An invoice or a bill of supply need not be issued if the value of the supply is less than Rs. 200/- subject to specified conditions. Importance of tax invoice under GSTUnder GST a tax invoice is an important document. It not only evidences supply of goods or services, but is also an essential document for the recipient to avail Input Tax Credit (ITC). A registered person cannot avail input tax credit unless he is in possession of a tax invoice or a debit note.GST is chargeable at the time of supply. Invoice is an important indicator of the time of supply. Broadly speaking, the time of supply of goods or services is the date of issuance of invoice or receipts of payment whichever is earlier. However, a special procedure for payment of tax has been prescribed for registered persons (other than composition dealers) supplying goods. Such category of persons (suppliers of goods other than composition dealers) needs to pay GST only at the time of issue of invoice irrespective of when they receive payment.Thus the importance of invoice under GST cannot be over- emphasized. Suffice it to say, the tax invoice is the primary document evidencing the supply and vital for availing input tax credit. Q2) When a tax invoice or a bill of supply should be issued by a registered person?A2) GoodsThe time for issuing invoice would depend on the nature of supply viz whether it is a supply of goods or services. A registered person supplying taxable goods shall, before or at the time of removal of goods (where supply involves movement of goods) or delivery or making available thereof to the recipient, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars has been prescribed in the Invoice Rules.The Government may, on the recommendations of the Council, by notification, specify the categories of goods or supplies in respect of which a tax invoice shall be issued, within such time and in such manner as may be prescribed.ServicesA registered person supplying taxable services shall, before or after the provision of service but within a prescribed period; issue a tax invoice, showing the description, value, tax charged thereon and such other particulars as has been prescribed in the Invoice Rules.The Government may, on the recommendations of the Council, by notification and subject to such conditions as may be mentioned therein, specify the categories of services in respect of which––any other document issued in relation to the supply shall be deemed to be a tax invoice; or tax invoice may not be issued. Thus it can be seen that in case of goods, an invoice has to be issued before or at the time of supply. In case of services, however, invoice has to be issued before or after provision of services. If the invoice is issued after provision of service, it has to be done within the specified period of 30 days from the date of supply of service, as per invoice rules. Q3) What are the contents of Invoice and Bill of Supply?A3) Contents of invoiceThere is no format prescribed for an invoice, however, Invoice rules makes it mandatory for an invoice to have following fields (only applicable field are to be filled):name, address and GSTIN of the supplier; a consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a financial year; date of its issue; name, address and GSTIN or UIN, if registered, of the recipient; name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered and where the value of taxable supply is fifty thousand rupees or more; HSN code of goods or Accounting Code of services; description of goods or services; quantity in case of goods and unit or Unique Quantity Code thereof; total value of supply of goods or services or both; taxable value of supply of goods or services or both taking into account discount or abatement, if any; rate of tax (central tax, State tax, integrated tax, Union territory tax or cess); amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess); place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce; address of delivery where the same is different from the place of supply; whether the tax is payable on reverse charge basis; and signature or digital signature of the supplier or his authorized representative Contents of Bill of SupplyA bill of supply shall be issued by the supplier containing the following details:-name, address and GSTIN of the supplier; a consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters-hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year; date of its issue name, address and GSTIN or UIN, if registered, of the recipient; HSN Code of goods or Accounting Code for services; f ) description of goods or services or both; value of supply of goods or services or both taking into account discount or abatement, if any; and signature or digital signature of the supplier or his authorized representative Q4) What should the registered person do in case of receipt of advance payment?A4) Receipt Voucher/ Refund voucher on receipt of advance paymentWhenever a registered person receives an advance payment with respect to any supply of goods or services or both, he has to issue a receipt voucher or any other document, containing such particulars as has been prescribed in the Invoice Rules, evidencing receipt of such payment.Where any such receipt voucher is issued, but subsequently no supply is made and no tax invoice issued, the registered person who has received the advance payment can issue a refund voucher against such payment.A receipt voucher needs to contain the following particulars:name, address and GSTIN of the supplier; a consecutive serial number containing alphabets or numerals or special characters -hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year; date of its issue; name, address and GSTIN or UIN, if registered, of the recipient; description of goods or services; amount of advance taken; rate of tax (central tax, State tax, integrated tax, Union territory tax or cess); amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess); place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce; whether the tax is payable on reverse charge basis; and signature or digital signature of the supplier or his authorized representative. It has also been provided in the Invoice Rules that if at the time of receipt of advance,the rate of tax is not determinable; the tax may be paid @18%; the nature of supply is not determinable; the same shall be treated as inter-State supply. Q5) Discuss about transportation of goods without an invoice.A5) Transportation of goods without an invoiceIn the following cases it is permissible for the consignor to issue a delivery challan in lieu of invoice at the time of removal of goods:supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known, transportation of goods for job work, transportation of goods for reasons other than by way of supply, or such other supplies as may be notified by the Board. The delivery challan, serially numbered not exceeding 16 characters, in one or multiple series, shall contain the following details:date and number of the delivery challan, name, address and GSTIN of the consigner, if registered, name, address and GSTIN or UIN of the consignee, if registered, HSN code and description of goods, quantity (provisional, where the exact quantity being supplied is not known), taxable value, tax rate and tax amount – central tax, State tax, integrated tax, Union territory tax or cess, where the transportation is for supply to the consignee, place of supply, in case of inter-State movement, and signature. The delivery challan shall be prepared in triplicate, in case of supply of goods, in the following manner:–the original copy being marked as ORIGINAL FOR CONSIGNEE; the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and the triplicate copy being marked as TRIPLICATE FOR CONSIGNER. Where goods are being transported on a delivery challan in lieu of invoice, the same shall be declared in FORM [WAYBILL].Where the goods being transported are for the purpose of supply to the recipient but the tax invoice could not be issued at the time of removal of goods for the purpose of supply, the supplier shall issue a tax invoice after delivery of goods. Where the goods are being transported in a semi knocked down or completely knocked down condition,the supplier shall issue the complete invoice before dispatch of the first consignment; the supplier shall issue a delivery challan for each of the subsequent consignments, giving reference of the invoice; each consignment shall be accompanied by copies of the corresponding delivery challan along with a duly certified copy of the invoice; and the original copy of the invoice shall be sent along with the last consignment. Q6) Write a note on Credit and Debit Notes.A6) CREDIT AND DEBIT NOTESIn cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is more than what is actually payable/chargeable or where the recipient has returned the goods, the supplier can issue a credit note to the recipient. A registered person who issues such a credit note has to declare details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made or date of furnishing of the relevant annual return whichever is earlier. The tax liability of the registered person will be adjusted in accordance with the credit note issued, however no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.In cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is less than what is actually payable/chargeable, the supplier can issue a debit note to the recipient.Any registered person who issues a debit note in relation to a supply of goods or services or both shall declare the details of such debit note in the return for the month during which such debit note has been issued and the tax liability shall be adjusted in such manner as may be prescribed. A revised tax invoice and credit or debit note has to contain the following particulars -the word “Revised Invoice”, wherever applicable, indicated prominently; name, address and GSTIN of the supplier; nature of the document; a consecutive serial number containing alphabets or numerals or special characters -hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year; date of issue of the document; name, address and GSTIN or UIN, if registered, of the recipient; name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered; serial number and date of the corresponding tax invoice or, as the case may be, bill of supply; value of taxable supply of goods or services, rate of tax and the amount of the tax credited or, as the case may be, debited to the recipient; and signature or digital signature of the supplier or his authorized representative. Q7) Write a brief note on E-Way Bill.A7) E-way Bill is an Electronic Way Bill for the movement of goods from one place to another which is to be generated on the E-way bill portal i.e. on ewaybillgst.gov.in. If the value of goods exceeds Rs. 50,000 a GST registered person cannot transport goods in a vehicle without an E way Bill. When an E-way bill is generated, a unique E way Bill Number (EBN) is allocated and is available to the supplier, recipient, and transporter. Validity of E way Bill:The validity of the e-way bill depends on the distance to be traveled by the goods. For a distance of less than 100 Km, the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be an additional one day from the relevant date. The “relevant date” shall mean the date on which the e-way bill has been generated.Who should generate an E Way Bill?Registered Person – E-way bill must be generated when there is an inter-state movement of goods of more than ? 50,000 (Including GST) in value to or from a registered person. For the intra-state movement of goods, an E-way bill must be generated for the movement of goods of more than the amount as notified by the state governments. For example, amount notified for Delhi is ? 1,00,000, For Haryana ? 50,000 and for Utter Pradesh ? 50,000. Registered person or the transporter may choose to generate and carry E way bill even if the value of goods is less than the above limits.Unregistered Persons – Where a supply is made by an unregistered person to a registered person, the receiver will have to ensure all the compliances are met as if they were the supplier.Transporter – Transporters carrying goods by road, air, rail, etc. also need to generate E Way Bill if the supplier has not generated an E Way Bill. Documents required to generate E Way Bill:In order to generate an E way Bill, a consigner should be prepared with the following details:1. Invoice/Delivery Challan/Bill of Supply.2. For transportation by road – Vehicle number/Transporter ID, Part B of E-way bill has to be filed.3. For transportation by rail, air, or ship – Transporter ID, Transport document number, and date on the document. Blocking of E-way bill facility:E way Bill generation can be blocked for taxpayers who haven’t filed their GSTR-3B returns for the previous two consecutive months.Only when a taxpayer files GSTR-3B, the e way bills will get unblocked on the subsequent day.Q8) What is Return Under GST?A8) Every registered person paying GST is required to furnish an electronic return every calendar month. A “Tax Return” is a document that showcases the income of a registered taxpayer. Such a document needs to be filed with the tax authorities in order to pay tax to the government. The tax to be paid by a registered dealer depends upon the income declared by such a person in the tax return filed with the tax authorities.Under the initial GST Return filing procedure, the different types of GST returns demanded the taxpayer to disclose the following details:Outward Supplies (Sales) Inward Supplies (Purchases) GST On Output GST on Input (Input Tax Credit) Other Particulars (As May be Prescribed in the Document) Note: However, the current system of GST Return filing requires a taxpayer to update outward supplies information in GSTR 1. And then file a summary return in GSTR 3B. All the other forms like GSTR 2 and GSTR 3 have been suspended for the time being.As mentioned above, from April 1, 2019, the incumbent government is planning to implement the new GST Return design. This simplified version of return would require the taxpayers having an annual turnover of over Rs 5 Crores to file one monthly return only. Thus, small business owners, having an annual turnover of upto Rs 5 Crores would have the option to file quarterly return. Q9) What are the different types of GST returns? Explain them.A9) Types Of GST Returns1. GSTR – 1: Return for Outward SuppliesGSTR-1 is a monthly return of outward supplies undertaken by a normal registered taxpayer under GST. In other words, this monthly return showcases the sales transactions of a business in a particular month. Who Needs To File GSTR-1?Every normal registered taxpayer under GST is required to file GSTR-1 each month. This return showcases details of 1) invoices, 2) debit notes, 3) credit notes and 4) revised invoices issued pertaining to your outward supplies. Due Date for Filing GSTR-1The standard date for filing GSTR-1 is 10 days from the end of the month for which such a return is to be filed. However, the due date to file GSTR 1 can be extended for any class of persons beyond the tenth of the succeeding month by the Commissioner. The reasons for such an extension would be notified. 2. GSTR – 2: Return for Inward SuppliesGSTR-2 is a monthly return of inward supply of goods and services as agreed by the recipient of the goods and services. In other words, GSTR-2 contains details with regards to the purchases made by the recipient in a particular month. The information contained in GSTR-2 is auto-populated with the details contained in GSTR-2A. Who Needs To File GSTR-2?Every normal registered taxpayer under GST is required to provide details regarding inward supplies or purchases made for each month in GSTR-2. This return showcases details with regards to purchases made from registered and unregistered taxable persons, debit notes and credit notes issued with respect to the inward purchases etc.Hence, the recipient makes use of the details auto-populated in Form GSTR-2A with details uploaded by supplier in GSTR-1. The recipient makes necessary changes if required in GSTR-2 after verifying the information auto-populated in GSTR-2A. Due Date for Filing GSTR-2The process of making changes and filing GSTR-2 is required to be undertaken between 11th and 15th day of the succeeding month for which return is to be filed. 3. GSTR – 2A: Read Only DocumentGSTR-2A is a read only document. This document gets auto-populated once the supplier uploads the details in GSTR-1. In other words, GSTR-2A enables the recipient to verify the details uploaded by the supplier in GSTR 1. Also the recipient could accept, reject, modify or keep the invoices pending using the said details. However, such changes are made by the recipient in GSTR 2.Who Needs To File GSTR-2A?GSTR-2A is made available to every normal registered taxpayer filing return under GST. This is because it is a read only document that gets auto-populated with details uploaded by supplier in GSTR-1. Due Date for Filing GSTR-2AGSTR-2A is a read-only document used by the recipient to match the details uploaded by the supplier in GSTR-1. Thus, the recipient can accept, reject, modify or keep the invoices pending in case there is any mismatch. However, the recipient can make actual changes, if any, only in Form GSTR 2. This process of making changes and filing GSTR-2 is to be undertaken between 11th and 15th day of the month succeeding the month for which such a return is to be filed. 4. GSTR – 3B: Summary of Inward and Outward SuppliesGSTR 3B is a simplified monthly summary return of inward and outward supplies. It is a self declaration showcasing the summary of GST liabilities of the taxpayer for the tax period in question. Moreover, it helps the taxpayer to discharge the tax liabilities in a timely manner.GSTR-3B is a form that cannot be revised. Furthermore, this form does not require the compliance of comparing invoices between supplier and purchaser. That means both the suppliers and the recipients file the GSTR-3B form separately. Therefore, such a facility does not cause delays in filing of returns which would consequently attract late fees and interest. Who Needs To File GSTR-3B?Every normal registered taxpayer filing GST Returns is required to file GSTR-3B. GSTR-3B is also filed during the tax periods for which the tax liability is zero. That is, a taxpayer needs to file a Nil Return in case there are no outward or inward transactions during a particular month. Due Date for Filing GSTR-3BThe GSTR-3B must be submitted by the 20th of the month succeeding the tax period for which GST is filed. In case no transactions have been undertaken in a particular month, the registered person needs to file a NIL return for that period. 5. GSTR – 4: Return For Composition DealersGSTR-4 is a quarterly return that needs to be filed by a registered taxpayer who has signed up for the Composition Scheme. Under this scheme, small taxpayers having a turnover of upto Rs 1.5 Crores need to pay tax at a fixed rate and file quarterly return. This is unlike the normal registered dealer who files three returns every month including GSTR-1, GSTR-2 and GSTR-3B. Who Needs To File GSTR-4?The Composition Scheme was introduced under GST in order to reduce the compliance burden on small taxpayers. Every registered taxpayer opting for Composition Scheme is required to file quarterly return in GSTR-4. Due Date for Filing GSTR-4The due date for filing GSTR-4 is 18th of every month following the quarter for which such a return needs to be filed. Say for instance, Kapoor Pvt Ltd is a composition dealer who needs to file his GST return for the quarter January – March 2019. The due date for filing GSTR-4 therefore would be April 18, 2019. 6. GSTR – 5: Return For Non-Resident Taxable PersonsGSTR-5 is a monthly return filed by every non-resident taxable person. This return includes details pertaining to:inward supplies outward supplies any interest, penalty, fees tax payable or tax paid or any other amount payable under the act Furthermore, this is the only return to be filed by a non-resident taxable person. This means, a non-resident taxable person is not required to file any annual return. Who Needs To File GSTR-5?Unlike a normal registered taxpayer, a non-resident taxable person is required to File monthly return in For GSTR-5. A non-resident taxable person means a person who supplies goods or services occasionally. This person does not have a fixed place of business or residence in India. Moreover, he can supply goods or services either as a principal or an agent or in any other capacity. Due Date for Filing GSTR-5The details in GSTR 5 need to be filed within a time period that is earlier of:within 20 days after the end of the calendar month or within7 days after the last date of validity of the registration7. GSTR – 6: Return For Input Service DistributorsGSTR 6 is a monthly return that an Input Service Distributor files every calendar month. This return provides information of all the invoices on which credit has been received and are issued by an ISD. This means that it gives a summary of the total input tax credit available for distribution during a particular month. Thus, the details of the invoices that an ISD furnishes in form GSTR 6 are made available to every recipient of the credit. These details are visible to the recipient in part B of form GSTR 2A. What is GSTR-6A?GSTR 6A is an auto drafted, read only form. This form is generated automatically based on the details furnished by the suppliers of an ISD in form GSTR 1. This form contains details pertaining to the supplies against which credit is received for distribution. It also includes the details pertaining to the debit notes and credit notes received during the current tax period. Due Date for Filing GSTR-6GSTR-6 needs to be filed on the thirteenth day of the month succeeding the month for which tax is to be paid. Say for instance, Kapoor Pvt Ltd is registered as an ISD in Mumbai having branches in Mumbai, Hyderabad, Bangalore and Gurgaon. Kapoor Pvt Ltd needs to file ISD return for the month November 2018. Hence, the last date to file GSTR 6 for Kapoor Pvt Ltd is December 13, 2018. 8. GSTR – 7: Return For Taxpayers Deducting TDSGSTR 7 is a monthly return that is required to be filed by the deductors who are required to deduct TDS under GST. Such a return consists of the details regarding: tax deducted at source, the liability towards TDS, TDS Refund claimed if any Interest, late fees etc. paid or payable What is GSTR-7A?GSTR-7A is an auto-generated form. The form gets generated once the deductor furnishes details in Form GSTR-7 on the common portal. If the details furnished by the deductor are accepted by the deductee, then a TDS certificate is made available to the deductee electronically. Due Date for Filing GSTR-7GSTR-7 is required to be filed by the deductor within 10 days after the end of the month in which the deduction was made. For example, the due date for filing GSTR-7 for the month of June 2018 would be 10th July, 2018. 9. GSTR – 8: Return For E-Commerce Operators Collecting TCSGSTR 8 is a monthly return furnished by every electronic commerce operator who is required to deduct Tax Collected at Source under GST. This return reflects details of the supplies made through e-commerce portal and the amount of tax collected from suppliers of goods and services. Furthermore, the operator can also make changes to the details of supplies furnished in any of the earlier period statements. Due Date for Filing GSTR-8The last date to file GSTR 8 is the 10th day of the month succeeding the month for which TCS is to be collected. Thus, the amount of tax that the operator collects also needs to be deposited by the 10th day of the following month during which such a collection is made. Furthermore, the operator is also required to file an annual statement in the prescribed format in GSTR 9B. This return needs to be filed by 31st December following the end of each financial year. 10. GSTR – 9: Annual Return For Normal Registered Taxpayer Under GSTSection 44(1) requires that:Every registered person shall furnish electronically an annual return for every financial year in the prescribed form, except the following:Input Service Distributor Person paying tax under section 51 or section 52, Casual taxable person Non-resident taxable person Furthermore, persons registered under GST but having no transactions during the year are still required to file a Nil Annual Return. Due Date for Filing GSTR-9Such a return needs to be furnished on or before the 31st day of December following the end of such financial year. To further add to this, Rule 80(1) of the CGST Rules, 2017 states that such registered person shall furnish an annual return electronically in Form GSTR-9. This return needs to be filed through the common portal either directly or through a Facilitation Centre notified by the Commissioner. 11. GSTR – 9A: Annual Return For Composition DealersGSTR 9A is the annual return that every registered person opting for composition levy needs to file every financial year. This return is in addition to the quarterly returns filed by a composition dealer during a financial year. Thus, GSTR 9A is an annual return filed by a composition dealer containing details that relate to the quarterly returns filed by him during the year. This return contains details with regards to supplies made by the taxpayer during the year under composition scheme. These details include:inward and outward supplies, tax paid, input credit availed or reversed, tax refunds, late fee etc Due Date for Filing GSTR-9AThe due date to file GSTR 9A is on or before December 31 succeeding the close of a particular financial year for which the return needs to be filed. For instance, Mr. Kapoor is a composition taxpayer who needs to file his annual return for the financial year 2017 – 2018. Thus, Mr. Kapoor needs to file his annual return in form GSTR 9A on or before December 31, 2019. However, this date can be extended by a proper officer through a notification. 12. GSTR – 9B: Annual Return For E-Commerce Operators Collecting TCSEvery electronic commerce operator required to collect tax at source under section 52 shall furnish annual statement in FORM GSTR -9B. This return includes all the information furnished by the e-commerce operators in the monthly returns filed during the financial year. Due Date for Filing GSTR-9BAll the e-commerce taxpayers are required to file GSTR-9B on or before 31st December following the close of the financial year. 13. GSTR – 9C: Return For Registered Persons Getting Accounts Audited From CAEvery registered person having an aggregate turnover of more than Rs. 2 crores during a financial year must get his accounts audited by a CA or cost account. Furthermore, he needs to submit the annual return, a copy of the audited accounts and a reconciliation statement. This reconciliation statement is in Form GSTR 9C. So basically, GSTR 9C is a reconciliation statement reconciling value of supplies declared in annual return with the audited annual accounts.Due Date for Filing GSTR-9CThe due date for filing GSTR-9C is the same as that for filing annual returns in GSTR-9. Hence, GSTR-9C shall be submitted on or before 31st December of the year subsequent to the relevant FY under audit. For instance, the due date for filing GSTR-9C for the FY 2017-2018 shall be 31st December 2018. 14. GSTR – 10: Return For Registered Person Whose GST Registration Gets CancelledGSTR-10 is a final return required to be filed by a registered person whose GST Registration gets cancelled. Such a registered person does not include:Input Service Distributor Person paying tax under composition scheme Non-resident taxable person Person collecting TDS or TCS Further, Form GSTR-10 is filed electronically through the common portal either directly or via a facilitation centre as prescribed by the Commissioner. The intent of filing this final return is to make sure that the taxpayer pays of any liability outstanding. This liability may include an amount equivalent to the amount that is higher of:input tax related to stock of finished and semi-finished goods, capital goods or plant and machinery or output tax payable on such goods Due Date for Filing GSTR-10The registered person whose GST Registration has been cancelled is required to file final return in Form GSTR-10 within a period which is later of:3 months from the date of cancellation or Date of order of cancellation 15. GSTR – 11: Return For UIN (Unique Identification Number) HoldersGSTR-11 is a return to be furnished by a person who has been allotted a Unique Identification Number (UIN). UIN is issued so that the registered person obtaining the same can claim refunds for GST paid on goods and services purchased by them in India. Who Can Apply For UIN?UIN is allotted to foreign embassies and diplomatic missions who are not required to pay taxes in India. This number is issued so that these organizations can claim a refund for the amount of tax paid to the Indian Tax Authorities. In order to claim the refund on GST paid, these organizations need to file GSTR-11. Q10) What is the penalty for filing late returns?A10) Penalty For Filing Late ReturnsIn case, a taxpayer fails to furnish the details relating to outward supplies, a penalty is charged for the same. The fine amounts to a sum of Rs 200 (Rs 100 for CGST and Rs 100 for SGST) for each day of continuing default. This is subject to a maximum of Rs 5,000 only. However, there is no late fee for IGST. Also, interest is charged at 18% per annum. This interest is calculated by the registered taxpayer on the amount of tax liability outstanding. Furthermore, the interest is calculated from the day succeeding the due date for filing the GST return until the date of payment of tax by the taxpayer.
0 matching results found