Let's revise GST returns.

The first return

which we talk about is gstr one, which comes from Section 37 gstr 2b section 38
gstr 3b, four, five. All this come from Section 39

you need to know QR MP scheme very well, quarterly return, monthly payment. Now
what happens in case of QR MP scheme?

See, there are two options given. If the aggregate turnover is more than five crore
in the preceding financial year, then gstr One, you will file monthly due date is
11th. Gstr 3b, you will file monthly due date is 20th, and payment of tax you will
do monthly due date is 20th, but

say, suppose the aggregate turnover in the preceding financial year does not exceed
five crore. Then in that case, gstr one, you can file quarterly by 13th after each
quarter. Gstr 3b You can file quarterly, by 20th after each month, but tax payment
has to be done on a monthly basis. Now the problem arises. How will you pay for the
first two months? So the law says that for the first two months you can just
deposit it in E cash ledger. How much will we deposit? There are two options given.
First option is fixed sum. You can pay 35% of tax paid in previous quarter, or when
the last return was monthly return, then 100% of the tax paid in previous month.

Then the second one is self assessed, whatever is the output minus ITC, that much
can be deposited for first two months in E cash ledger. The due date for first two
months will be 25th and the due date for the third month will be the due date for
3b which is 22nd or 24th after each quarter. Then the next discussion is with
regard to,

can you shift from one scheme to another? That is monthly filing to QR MP, QR MP to
monthly filing. Both are permitted quarter wise. You can shift between first day of
the second month of previous quarter and last day of first month of current
quarter. You need to remember this language very clearly. Then can it be chosen,
GST in wise, yes, the law allows you to choose it. GST in wise. That means
Bangalore branch can go for monthly filing. Mumbai branch can go for quarterly
filing. Then if can e cash ledger already has balance, I have to deposit more. Now,
if it is sufficient to cover that 35% 35% no problem. Otherwise, you have to
deposit more. And if more is lying, can you use it for any other payment? After
filing gstr 3b for the relevant period, you can use it for any other payment.
Finally, is there an option to file B to B invoices on a monthly basis? Yes, there
is an option available, which is IFF, invoice furnishing facility for first two
months. Now, in this what you can do for first two months is you can deposit,
sorry, you can basically upload B to B invoices up to 50 lakh each month so that
your recipient can take timely ITC. This is about Q, R, M, P, scheme. Just be
careful of 35% and how this the deposit Work Institute may ask you question, and
remember that if you have paid 35% and 35% then interest will not apply even if
there is a shortfall. But if you do not pay this, or you do not pay the correct
self assess tax, then interest under Section 50, which is 18% per annum, will be
applicable.

Now coming to the specific returns. Section 37 deals with gstr one. You basically
report your outward supply B to B. You report invoice wise B to C, if it is inter,
more than 2.5 lakh separate inter, up to 2.5 lakh, determine it state wise, and
provide the information. State wise, consolidated information can be provided. Can
we rectify it? Yes, rectification is permitted in the months return in which the
error is found, and the due date for rectification is 30th, November after the
financial year or date of filing annual return, whichever is earlier. Modification
is permitted any number of times before filing or before submission of the return.
These due dates of gstr, one or IFF can be extended by Commissioner. Can we file
nil return? Yes, even if there is no business a nil return will have to be filed.
Then deal also provides that you cannot file the return before the end of the tax
period. But there are two exceptions to this casual taxable person after closure of
business, and second one is cancelation of registration. Then coming to Section 38
basically it says that there.

Be on auto generated statement, which will be given to the

recipients so that they can compare it with their books of accounts and understand
how much ITC is available to them. And gstr to be will also have one segment where
they will also provide that some ITCs shall not be available, but most of the
points in that are to be prescribed, hence do not expect something on that. But
remember the due date gstr to be can be monthly, generated on 14th. It can also be
quarterly, generated on 14th after each quarter. So monthly one is on 14th after
each month, and quarterly one is after each quarter. Then we speak about Section 39
which speaks about Section sorry. Gstr 3b 3b basically is a consolidated return,
20th for monthly filers. 22nd slash, 24th for quarterly filers. Gstr Four
composition scheme, the due date is 30th April after the end of the financial

year. And tax payment is made quarterly through CMP 08 and the due date is 18th
after each quarter. Gstr Five, basically deals with nrtp 13 after each month or
seven days from the last state of validity of registration. Basically five A is for
oidr 20th. Six is for ISD 13th,

and

this is what you learn at final and then you have seven TDs. TDS is 10th, and TCS
is again, 10th.

Don't forget that gstr Nine is 31st December after the end of the financial year,

final return. That is gstr 10 is three months from the date of cancelation, or
three months from date of order of cancelation, whichever is later. Now all the
section 39 returns, can it be rectified? Yes, same due date, 30th November after
the financial year or data filing annual return, whichever is earlier. But if there
is any investigation or a review or a notice is going on, then in that case, it is
not permitted to rectify the return if any fraud or if any

mischief has been caught by the officers during audit scrutiny

or show cause notice being issued by the Department, then first return is covered
by section 4041.

Is very important. 41 provides for an availment of ITC, basically in Section 16,

the supplier should have filed gstr 3b,

of a relevant month up to 30th September after the expiry of the financial year. If
your supplier has not filed return for a particular tax period by 30th September
after the financial year, then it is deemed that he has not paid the tax. And by
30th November, we as recipients have to reverse ITC. Related to that, interest will
start only if we don't reverse by 30th November, that means interest will begin
from first December. That is something good. And after we reverse, if 3b is filed
by the supplier, then we can reawave ITC. And you already know there is no time
limit for reavailment of ITC. So this section 41 is very important for examination.
Then section 44 basically annual return. 45 final return. 46 a notice can be
issued, given 15 days time to reply in case a person has not filed returns. And
then 47 deals with late fee. Just be careful about the late fee. Points now see for
a return, other than annual return, it is 100 rupees per day or 5000 whichever is
lower. This is of CGST. Same thing is applicable in SGST for annual return, it is
100 rupees per day, or point two 5% of turnover, whichever is lower. Now government
has provided some discounts in all this. So in for gstr, one, 3b, four,

we have some discounts if the last year turnover is up to

1.5 crore. Then in that case, 250 CGST. 250 SGST is the maximum late fee, and you
will compare it with 25 rupees per day. CGST, 25 rupees per day. SGST, sir. What if
it is nil? Return, nil. Return anyone. One, 3b, or four, two.

10 rupees per day, or 250 whichever is lower,

sorry, up to 1.5 crore, you will get discount, and that you will have to pay only
1000 C GST and 1000 s GST. But when it is nil, return then 250 C GST, 250 SGST,
sir, what if the turnover last year was more than 1.5 crore, but up to five crore,
then in that case, 2500 2500 2500 CGST, 2500 SGST, that 25 rupees per day remains
same for one and 3b obviously this can apply only for one and 3b not for four. What
if my last year turnover was more than five crore, then 25 rupees per day or 5000
whichever is lower, so nil. Return it is 10 rupees or 250,

up to 1.5 crore, 25 rupees or 1000 whichever is lower,

1.5 crore to five crore, 25 rupees or 2500 whichever is lower, and finally, more
than five crore, 25 rupees per day or 5000 whichever is lower. Remember this very
well, annual return. Also, government has provided discount, say, suppose the
turnover is up to five crore, then in that case, the late fee payable will be 25
rupees per day, or point zero, 2% point zero, 2% of the turnover in a state
whichever is lower, five crore to 20 crore, it will be 50 rupees per day or point
zero, 2% whichever is Lower, and if it is more than 20 crore, then 100 rupees per
day, or point two 5% of turnover in a state, whichever is lower, so no benefit
available for more than 20 crore turnover. And then finally, government has also
given some discounts for TDs. TDs 25 rupees or 1000 whichever is lower, because TDs
who files government department only, TCS is filed by E commerce operator. That is
gstr Eight. Then we speak about 48 which is GST practitioners. GST practitioner,
four key condition, Indian citizen, sound mind, not insolvent, not convicted,

and then he has to satisfy one of the conditions provided in b He has been a
retired commercial tax officer with two years or more experience, five years or
more experience as a sales tax practitioner. And last one, he is a graduate or post
graduate from commerce banking

law. And

or pass CA, CS, CMA, final examination. So that was about GST practitioner who gets
a separate username and password. He can do the activities as permitted by the
client. The primary responsibility will always be on the client. GST practitioner,
can also surrender his certificate of GST practitioner. That's about returns
chapter. So.

Transcribed by https://otter.ai