GST Returns

GSTR-1

Furnishing details of outward supplies

Monthly / Quarterly¹

10th² of the next month

S. 37 Rule 59

GSTR-2

Furnishing details of inward supplies

Monthly

15th³ of the next month

S. 38 Rule 60

GSTR-3

Return by regular taxpayer

Monthly

20th³ of the next month

S. 39(1)
Rule 61

GSTR-3B

Summary return

Monthly

To be furnished whenever there is an extension in time limit for filing GSTR-1 & 2 as per conditions provided in notification

Rule 61(5)

GSTR-4

Return by a taxpayer opting for composition

Quarterly

20th of the month succeeding the quarter

S. 39(2)
Rule 62

GSTR-5

Return for non-resident taxable persons

Monthly

20th of the next month⁴

S. 39(5)
Rule 63

GSTR-5A

Details of supplies of OIDAR services provided by person located outside India to a non-taxable in India

Monthly

20th of the next month

Rule 64

GSTR-6

Return for Input Service Distributor

Monthly

13th of the next month

S. 39(4)
Rule 65

GSTR-7

Return of Tax Deduction at Source [TDS]

Monthly

10th of the next month

S. 39(3)
Rule 66

GSTR-8

Statement of TCS by e-Commerce Operator

Monthly

20th of the next month

S. 52(4)
Rule 67

GSTR-9

Annual return by a regular Taxpayer

Annual

31st December of the next financial year

S. 44
R. 80

GSTR-9A

Annual return by a composition taxpayer

Annual

31st December of the next financial year

S. 44
R. 80

GSTR-9B

Annual return by an e-Commerce Operator

Annual

31st December of the next financial year

S. 44
R. 80

GSTR-9C⁵

Annual reconciliation statement/Audited Accounts

Annual

31st December of the next financial year

S. 35(5)
R. 80(3)

GSTR-11

Inward Supply statement by UIN holders

Monthly

—

R. 82

1

GSTIN of the taxpayer

Shall be auto-populated on login

2

Legal Name and Trade Name of the taxpayer

Shall be auto-populated on login

3(a)

Aggregate turnover of preceding financial year

To be provided in first year

[Shall be auto-populated in subsequent year]

3(b)

Aggregate turnover for April-June, 2017

Applicable only for the first month

4

Details of following B2B Taxable Outward Supplies [Inter and Intra-State] to registered taxable persons holding GSTIN:

• Taxable under forward charge
• Taxable under Reverse Charge Mechanism⁶[RCM]
• Made through an e-Commerce operator attracting TCS [e-Comm wise]

Broad details to be furnished are as under:

• Recipient’s GSTIN⁷/ UIN, Invoice details [Ratewise], taxable value, tax amount and place of supply [where it is different from the recipient]
• In case of supplies through E-Commerce Operator GSTIN of the Operator also shall be specified

5

Following Taxable Inter-State Outward Supplies to unregistered person [B2C] where invoice value⁸ is > 
₹ 2.5 lakhs:

• Supplies other than through e-Commerce Operator
• Supplies through e-Commerce attracting TCS [Operator wise]

Details to be furnished include:

• Details similar to Table 4 to be furnished [except GSTIN]
• Place of supply field is mandatory

6

Details of Zero Rated supplies⁹ and deemed exports¹⁰:

• Direct Exports out of India
• Supplies made to SEZ Developer or unit in SEZ
• Deemed Exports

Details to be furnished include:

• GSTIN of the recipient [to be left blank in case of exports]
• Details of Invoice, Shipping Bill or Bill of Export
• Ratewise details of taxable value and amount of IGST/Cess [Tax amount to be “0” where the supply is under Bond/ LUT]

7

Details of B2C inter and intra-States taxable outward supplies to unregistered persons [B2C] not covered in Table 5 shall be covered in this table [Net of Debit/ Credit Notes]:

• Inter and Intra-State supplies [Including made through e-Commerce Operator]
• Separate summary of supplies made through e-Commerce Operator [included above] to be given separately

Details to be furnished include:

• Ratewise consolidated values¹¹ and tax¹² thereon
• Identify State in case of inter-State supplies
• E-Commerce Operator summary of supplies made through each such operator

8

Consolidated values of NIL rated, exempted and Non-GST supplies to be furnished in this table. Separate details to be furnished of B2B and B2C supplies [Classified into inter and intra-State]

9

• Details of amendments to B2B taxable outward supplies reported in Table 4 and 6 and B2C large invoices for earlier periods furnished in Table 5
• Credit and Debit notes [Original]
• Amendments to Original Debit/Credit Notes

Details to be furnished include:

• Revised Document details to be specified and tagged against original document No.
• Details of Original Credit/Debit notes also to be specified in this table giving reference to invoice against which the same has been issued
• Amendment to Debit and Credit notes to be made by tagging the same to original Debit or Credit note

10

Allows amendments relating to B2C supplies covered in Table 7 of earlier periods. Month wise revised details to be furnished in respect of each month where rectification is desired

11

Details of advances received and adjustment of advances against outward supplies [Inter-State and Intra State separately]:

• Advances received in the current month
• Adjustments of advances against which invoices issued during the current month
• Amendment to information furnished in Table 11 during earlier months

Details to be furnished include:

• Rate wise details of advances received towards Taxable Inter-State and Intra-State supplies
• Rate wise details of adjustment of advances against Tax invoices issued in the current month
• Identify place of supply [State name] in case of Inter-State supplies
• Amendments to details of advances/adjustments provided in earlier months which need correction

12

HSN wise value of outward supplies made during the period. HSN codes would be mandatory as under:

13

The GST Law and the rules made thereunder require a taxpayer to issue number of documents for various purposes [E.g. Invoices, Credit note, Debit note, Receipt voucher]. This table requires the taxpayer to provide a quantitative summary of every document issued during the month.

3

Furnish details of taxable inward supplies from registered taxable person [B2B] other than RCM supplies [Inter and Intra State]. Details to be furnished shall include:

• Invoice level [Rate wise] details of taxable inward supplies received from registered taxable person [B2B Inward Supplies]
• The taxpayer also needs to identify following at invoice level in respect of each entry in this Table:
  • Nature of supply – Inputs, Input Services or Capital Goods [including Plant and Machinery]
  • ITC Eligibility – Identify invoices where ITC is ineligible [for e.g. blocked credits in terms of Sec. 17(5)]
  • ITC available in current tax period – Identify amount of ITC available in the current period
  • Place of Supply – Identify amount of ITC available in the current period

4

Details of following taxable inward taxable supplies liable for payment of tax under RCM to be furnished in this table:

• Received from registered taxable person being notified supplies u/s. 9(3)

Taxpayer needs to furnish following details

• GSTIN of supplier and rate wise invoice details
• Name of the State [Place of Supply]

• Received from unregistered person and liable for RCM u/s. 9(4)
• Import of services

• Nature of Supply – Inputs, Input services or Capital Goods [Select from drop down]
• Identify Ineligible ITC¹³
• Amount of ITC available

5

Details relating to supplies of Inputs or Capital Goods received on a Bill of Entry from:

• Direct Imports from outside India
• Received from a SEZ Unit

Details to be furnished are as under:

• GSTIN of Supplier [in case of imports GSTIN of the Taxpayer shall be mentioned]
• Bill of Entry details [No.¹⁴, Date & Value]
• Taxable Value [i.e. Assessable Value as per Customs]
• Details to be furnished Rate-wise
• Nature of Supply – Inputs, Input services or Capital Goods [Select from Drop Down]
• Identify ineligible ITC

6

Details of amendments to details furnished for earlier tax periods including details of Debit and Credit Notes relating to:

• Details of inward supplies furnished in Table 3 or Table 4
• Details of Imports furnished in Table 5
• Original Debit and Credit Notes
• Amendments to details furnished relating to Debit or Credit Notes

Details to be furnished are as under:

• Provide details of Original Invoice or Bill of Entry so as to Tag them to the amendments
• Provide revised details against each of the original document details
• For whichever sub-table correction is required furnish revised details by selecting the appropriate sub-table and month

7

Details of Composition, NIL rated, exempted and Non-GST Inward Supplies

Consolidated values of the above have to be furnished giving bifurcation of Inter/ Intra State inward supplies

8

Details of ISD Credit received
[Details shall appear in GSTR-2A from ISD’s GSTR-6]
Following details are to be furnished:

• ISD Credit document [ISD Invoice or ISD Credit Note]
• Levy-wise amount of ISD credit
• Amount of eligible ISD Credit

9

Details of TDS and TCS
[Shall be available in Form GSTR-2A on the basis of return filed by the deductor in Form GSTR-7]

• TDS – Gross amount and TDS amount [Levy-wise]
• TCS – Gross amount less sales return and TCS amount [Levy-wise]

10

This table requires furnishing following details:

• Advances paid towards RCM supplies and tax thereon
• Adjustments of invoices against advance paid in earlier periods
• Correction to Information provided in this table in earlier months

Details to be furnished:

Advances liable for RCM

Tax Rate, Advance paid, State name and tax amount [Levy-wise]

Adjustments of [For current month]

Same details as specified above

Amendments to details furnished earlier

Furnish details for entire month against the sub-table that requires correction

11

ITC reversal and reclaim shall be furnished
[To be added to output liability and details to be furnished by the Taxpayer]
Reversal to ITC would broadly include following situations:

• Non-Payment to supplier within 180 days [2nd proviso Section 16(2)(d), Rule 37(2)]
• ISD Credit distributed is in the negative¹⁵ [Rule 39(1)(j)(ii)]
• Pro-rata reversal of ITC on inputs or input services put to other than business use or used for exempted outward supplies [Section 17(1)/(2), Rule 42(1)(m)]
• Pro-rata reversal of ITC on capital goods put to other than business use or used for exempted outward supplies [Section 17(1)/(2), Rule 42(1)(h)]
• Short reversal on account of final determination of amount to be reversed under section 17(1) and (2) [Rule ITC 42(2)(a)]

Reclaim of ITC reversed would broadly include following situations:

• On account of final determination as above where excess amount has been reversed [Rule ITC-42(2)(b)]
• On account of amount paid subsequent to reversal of ITC

Amendment in respect of information submitted in earlier period in Table 11 can be made by furnishing revised information on selecting the relevant month in Table 11.

12

Levy-wise addition or reduction in output tax for mismatch and other reasons to be furnished in this table by the Taxpayer

Output Tax to be increased for following reasons:

• ITC claimed on mismatched Invoices or debit notes or duplication of invoices or debit notes
• Tax liability on account of mismatched credit notes

Output Tax to be reduced for following reasons:

• Reclaim on account of rectification of mismatched invoice/debit notes
• Reclaim on account of rectification of mismatched credit note
• Negative tax liability from previous tax period
• Tax paid on advance in earlier tax period and adjusted with tax on supplies made in current tax period

13

Reporting criteria for HSN shall be same as required in GSTR-1 wise value of outward supplies made during the period

1

GSTIN of the taxpayer – Shall be auto populated on Login

2

Legal Name and Trade name of the taxpayer – Shall be auto populated on Login

PART-A 
[To be auto-populated based on GSTR-1 AND GSTR-2]

3

Summary of values of outward supplies

[Taxable, Zero rated (tax paid), Zero rated (Others), Deemed exports, Exempted, Nil-rated, Non-GST supply]

4

Rate-wise details Inter-State supplies [Net Supply for the month¹⁷]

4.1

Details of Value and IGST/Cess in respect of

Cross referencing/ Remarks

Taxable Supplies [other than RCM and Zero rated]

Table 4A, 4C, 5, 7, 11 [GSTR-1]

Taxable Outward RCM Supplies¹⁸

Table 4B [GSTR-1]

Zero rated [IGST paid] supplies

Table 6, 11 [GSTR-1]

E-Commerce Operator wise summary of outward supplies made through it attracting TCS

Table 4C, 5B, 7B [GSTR-1]

4.2

Rate-wise details intra-State supplies [Net Supply for the month]

Details of Value and Tax¹⁹ in respect of

Cross referencing/ Remarks

Taxable Supplies [other than RCM]

Table 4A, 5, 7, 11 [GSTR-1]

Taxable Outward RCM Supplies

Table 4B [GSTR-1]

E-Commerce Operator wise summary of outward supplies

Table 4C, 5B, 7A [GSTR-1]

4.3

Tax effect of amendments made in respect of outward supplies

Details of Differential value and Tax in respect of

Cross referencing/ Remarks

(I) Rate-wise details of amendments relating to Inter-State Supplies

A. Taxable supplies [other than RCM/Zero rated]

Table 9, 10B [GSTR-1]

B. Zero rated [IGST paid] Supplies

Table 9A [GSTR-1]

C. Details of supplies through E-Commerce Operator [out of A above]

Table 9, 10B [GSTR-1]

(II) Rate-wise details of amendments relating to Intra-State Supplies

A. Taxable supplies [other than RCM]

Table 9, 10A [GSTR-1]

B. Details of supplies through E-Commerce Operator [out of A above]

Table 9, 10A [GSTR-1]

5

Inward supplies attracting reverse charge including import of services

[Net of advance adjustments]

5A

Inward Supplies on which tax is payable under RCM

Details of value and tax in respect of

Cross referencing/ Remarks

Ratewise details of inter-State Inward Supplies

Table 4, 10 [GSTR-2]

Ratewise details of intra-State Inward Supplies

Table 4, 10 [GSTR-2]

5B

Ratewise details of tax effect of amendments relating to inward RCM supplies

Ratewise details of inter-State Inward Supplies

Table 6, 10 [GSTR-2]

Ratewise details of intra-State Inward Supplies

Table 6, 10 [GSTR-2]

6

Input Tax Credit²⁰

Details of Taxable Value and Tax²¹ on inward supplies in respect of

Cross Reference/ Remarks

6(I)

Inward supplies received and Debit and Credit notes received during the month

Table 3, 4, 5, 6, 8 [GSTR-2]

6(II)

Amendments made to details of inward supplies furnished during earlier tax periods

Table 6 [GSTR-2]

7

Addition and reduction of amount in output tax for mismatch and other reasons

[To be auto-populated based on details furnished in Table 10 and 11 of GSTR-2]

8

Summary of Taxable Value and Tax payable [Levy-wise] under the following heads:

• Outward Supplies
• Inward Supplies liable for payment of Tax under RCM
• ITC reversal/reclaim
• Mismatch, rectification, other reasons

9

Levy wise details of TDS and TCS Credit claim

10

Provides details of interest payable on account of various reasons [e.g. ITC mismatch, Delay in payment of tax]

11

Details of Late fee payable for compliance delay

PART B

[Details to be furnished by the tax payer]

12

Levy wise Details of tax payable and paid²²

13

Levy wise details of interest and late fees payable and paid

14

Refund claimed from Electronic Cash Ledger²³

15

Debit entries in electronic cash/Credit ledger for tax/interest payment [to be populated after payment of tax and submissions of return]

Registered person entitled to claim transition credit in terms of section 140 but choosing not to file TRAN-1 on or before 28-08-2017

July 2017

25-8-2017²⁴

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Registered person entitled to claim transition credit in terms of section 140 and filing TRAN-1 on or before 28-08-2017

July 2017

28-8-2017

•

Tax payable is paid on or before 25-08-2017

•

Form TRAN-1 is uploaded prior to filing Form GSTR-3B

•

If tax paid in cash

Any other registered person

July 2017

25-8-2017

—

All registered persons

Aug. 2017

20-9-2017²⁵

—

3.1

Details of Outward Supplies and Inward Supplies liable for RCM

• This table provides for computation of gross tax liability of the tax payer on account of outward as well as inward RCM supplies during the tax period

• Total taxable value = Value of supplies + value debit notes – value of credit notes + value of advances received – value of advances adjusted against invoices raised in the current tax period

3.2

State wise details of Inter-State outward supplies made to unregistered persons, composition taxable persons and UIN holders

• State wise details to be furnished

• Total Taxable Value and IGST

4

Details of ITC claim for the tax period

5

Values of exempt, Nil and non-GST inward supplies

The values need to be bifurcated into Inter-State and Intra-State

6.1

Payment of Tax

Details of how the gross tax under different levies has been paid by the taxpayer shall be furnished in this payment matrix table. Following points should be kept in mind:

• Order of utilisation of ITC available under various levies (IGST, CGST, etc.) in terms of Section 49
• Balance in e-Cash ledger under each of the levies can be used only for the payment of liability under the respective levy

6.2

TDS/TCS credit

Levy wise details to be provided

Table 1

GSTIN 
[auto-populated 
on login]

Table 2

Name and Trade Name [Auto-populated]

Table 3

Aggregate Turnover of PY and Apr-June 2017

Details to be 
furnished for

Table 4

Table 5

Table 6

Table 7

Table 8

Details of taxable inward supplies[including RCM supplies]

Amendments to details furnished in Table 3 [Including original/ revised debit and credit notes]

Rate wise details of Tax on outward supplies [Net of advances and goods returns]

Amendments to outward supply details furnished in Table 6 in earlier tax periods

Details of advances paid and adjustments for advances in case of inward RCM supplies [Including amendments thereto]

Details to be furnished for

Table 9

Table 10

Table 11

Table 12

Table 13

TDS credit received

Details of Tax Payable and paid

Interest, late fee payable and paid

Refund claimed in electronic cash ledger

Debit entries in cash ledger for tax/ interest [Populated on payment of tax and submission of returns]

Details to be furnished for

Import of Inputs and Capital goods and ITC available

Amendments to Details submitted earlier in Table 3

B2B taxable outward supplies

B2C taxable inter-State outward supplies value > 2.5 lakhs

B2C taxable outward supplies [Net of Debit/ Credit Notes]

Amendments to details submitted earlier in Table 5 and 6

Details to be furnished for

Amendments to details relating to supplies to unregistered persons submitted earlier in Table 7

Total Taxable value and tax payable on account of: 
1) Outward Supplies

2) ITC mismatch

Tax Payable and Paid

Interest, late fee and any other amount payable and paid

Refund claimed from Electronic Cash ledger

Debit entries in electronic cash/ credit ledger for tax, interest payment [To be populated after filing of returns]

GSTIN

Legal name and Trade Name

Name of the authorised person in India

Period

Details of taxable outward supplies made to consumers in India [Place of Supply, Rate of Tax, Taxable Value, IGST, Cess

Amendments to details furnished in Table 5 in earlier period

Calculation of Interest, penalty or any other amount

Tax, Interest, late fees, any other amount payable and paid

Input Tax credit received for distribution

Total ITC, eligible ITC and ineligible ITC [For e.g. Sec. 17(5)]

Distribution of eligible and ineligible ITC quoting GSTIN of the recipient unit and the State

Amendment in information furnished in Table 3, Debit/ Credit notes and amendments there to

ITC mismatches and reclaims to be distributed in the current month

Distribution of ITC reported in Table 6 and 7

Redistribution of ITC distributed to wrong recipient

Late Fees

Refund claimed from electronic cash ledger

GSTIN [shall be auto populated]

Name and Trade name [Shall be auto populated]

Details of GSTIN of the deductee, amount paid and levy wise TDS amount

Amendments to details furnished in Table 3 in earlier tax period and which needs correction

Amount of TDS and TDS paid

Interest and late fee payable and paid

Refund claimed from balance in 
E-Cash ledger

Debit entries in electronic cash ledger for tax, interest payment

[To be populated after filing of returns]

GSTIN wise details of net supplies and TCS there on in respect of supplies made through the E-Commerce Operator

Amendments to details in Table 3 to be made through this Table

Details of Interest payable on delay in payment of TCS

Details of TCS payable and paid

Details of Interest payable and interest paid

Refund claimed from balance in Electronic Cash Ledger

Debit entries in electronic cash/ credit ledger [populated after filing of return]

1

UIN

Shall auto populate on login

2

Name of the UIN Holder

Shall auto populate

3

Details relating to the following are to be furnished:

• Invoice received during the tax period
• Debit/Credit notes received

Ratewise details to be furnished include:

• GSTIN of the Supplier
• Document details
• Taxable Value
• Levy wise tax amounts

4

Refund amount

• Levy wise details to be provided
• Bank details to be furnished

Section

40

45

44

Form

----

GSTR-10

GSTR-9, GSTR-9A [Composition taxpayer], GSTR-9B [e-Comm]

Applicability

Every registered taxable person

Every Registered taxable person paying tax u/s. 9 and required to file return u/s. 39(1) and whose registration has been cancelled

Every registered taxable person other than the ISD, person paying tax u/ss. 51/ 52, 
casual taxable person, NR taxable person

Compliance

Furnish details of outward supplies made between date he became liable for registration till the date of grant of registration

Furnish final return

1. Furnish annual return in prescribed form for every financial year

2. In audit cases [Section 35(5)] furnish audited accounts and reconciliation statement in GSTR-9C

Due Date

Normal Due date

3 months from date of cancellation or date of order of cancellation, whichever is later

On or before 31st December following end of the financial year

Furnishing of details required u/s. 37 or 38 or returns u/s. 39 or 45

Details or returns not furnished within due date

₹ 25 + ₹ 25 per day for monthly return

₹ 10 + ₹ 10 per day for quarterly return

₹ 5,000

Furnishing of annual return u/s. 44

Return not furnished within due date

₹ 100 per day

% of turnover in the State/UT

Supplier rectifies the discrepancy

Adds or corrects details in GSTR-1 to be filed for the month in which discrepancy is communicated

ITC shall match and shall be allowed to the recipient

Recipient rectifies the discrepancy

Deletes or corrects details in GSTR- 2 filed for the month in which discrepancy is communicated

•

Recipient shall pay the unmatched amount

•

Interest to be paid u/s. 50(1)

Neither party rectifies

----

•

Addition of unmatched amount to output tax liability of the recipient in GSTR-3 for the month following the month in which discrepancy is communicated

•

Interest also shall be calculated u/s. 50(1)

Mismatch on account of duplication of claims

Addition in the month in which discrepancy is communicated

•

Addition to the output tax in the month of communication

•

Interest also shall be calculated u/s. 50(1)

Supplier subsequently makes a rectification

On or before the due date for filing of return for the month of September or second quarter of the following financial year or the actual date of furnishing of annual return, whichever is earlier

[Section 42(7) r/w S. 39(9)]

•

Recipient to reclaim as a reduction from output tax in GSTR-2

•

The interest paid earlier to be credited to the electronic cash ledger [Credit shall not exceed the amount of interest paid by the supplier]

1

Basic records by all registered persons

In view of section 35(1), following records to be maintained:

•

Production or manufacture of goods

•

Inward and outward supply of goods or services or both

•

Stock of goods

•

Input tax credit availed

•

Output tax payable and paid and

•

Such other particulars as may be prescribed.

2

Additional requirements for all registered person

The rules also provide that the registered person shall keep and maintain records of:

•

Goods or services imported or exported, or

•

Supplies attracting payment of tax on reverse charge along with the relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills

•

Maintaining the record separately for each activity including manufacturing, trading and provision of services.

•

Accounts of stock in respect of goods received and supplied; containing particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage thereof.

•

A separate account of advances received, paid and adjustments made thereto.

•

Details of tax payable, tax collected and paid, input tax, input tax credit claimed together with a register of tax invoice, credit note, debit note, delivery challan issued or received during any tax period.

•

Names and complete addresses of suppliers from whom goods or services chargeable to tax under the Act, have been received

•

Names and complete addresses of the persons to whom supplies have been made

•

The record should maintain audit trail in case of records maintained in electronic format

3

Service provider

•

Maintain records in respect of goods used in rendering of services, input service utilised and services supplied.

4

Works contract

Separate accounts for works contract showing:

•

The names and addresses of the persons on whose behalf the works contract is executed

•

Description, value and quantity (wherever applicable) of goods or services received for the execution of works contract

•

Description, value and quantity (wherever applicable) of goods or services utilised in the execution of works contract

•

The details of payment received in respect of each works contract and

•

The names and addresses of suppliers from whom he has received goods or services

5

Log to be maintained

•

Any entry in registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries and thereafter the correct entry shall be recorded

•

A log of every entry edited or deleted shall be maintained

6

Records to be retained/preserved (Period)

•

Records in respect of invoices, bills of supply etc. have to be retained for a period of 72 months.

•

Effectively, records are to be maintained for six years and nine months from the end of the year

•

In case of matters which are pending in appeal or other proceedings, records are to be kept till the matters are settled plus a period of 1 year from the date of such orders

7

Agent & Principal

Every agent referred to in clause (5) of section 2 shall maintain accounts depicting the:-

•

Particulars of authorisation received by him from each principal

•

Particulars including description, value and quantity (wherever applicable) received or supplied on behalf of every principal

•

Details of accounts furnished to every principal

•

Tax paid on receipts or on supply of goods or services

8

Manufacturer

•

Shall maintain monthly production accounts showing quantitative details of raw materials or services used

9

Generation and maintenance of electronic records

•

Proper electronic back-up of records shall be maintained and preserved in case of destruction of such records shall be restored within a reasonable period of time

•

On demand, the relevant records or documents shall be duly authenticated by him, in hard copy or in any electronically readable format

10

Owner or operator of godown or warehouse and Transporters

•

The transporters, owners or operators of godowns, if not already registered under the GST Act(s), shall submit the details regarding their business electronically on the Common Portal in FORM GST ENR-01

•

Business of transporting goods shall maintain records of goods transported, delivered and goods stored in transit by him and for each of his branches

Owner or operator of godown or warehouse shall maintain books of accounts with respect to:

•

The period for which particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods.

•

The goods shall be stored in such manner that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection, if required at any time.

11

Reconciliation Statements (Hidden requirements)

a)

Reconciliation of financial records maintained at GSTN portal:

• Dispatches to/from branches, addition and disposal of assets etc. are also added to the aggregate supply. In the circumstances, there would be differences between financial books of account and the ‘aggregate turnover’ reported in GSTR-1.

Typically, the credit reversed on account of mismatches, orphaned entry or non-payment to vendor will get reflected only on the GSTN portal; however, in the financial books these items will continue as claimable credits.

b)

Reconciliation of GSTR with the financial/MIS reports:

• Aggregate of the turnover of sales as per particular HSN code should tally with the sales reflected of bulk drug in the financial accounts.

12

IT system

Accounting challenges which require attention and IT support are highlighted as under:

•

Linkages of debit note/credit note with original invoices

•

Adjustment of advance received against a supply and tracking of receipt voucher and payment voucher

•

Monitoring and verification of ITC reversal

•

Statistical information in respect of number of invoices raised during the period

•

Creating and updating product master and service master with the respective HSN/SAC codes

•

IT software should prompt an alert or determine the ‘place of supply’ [POS] and ‘location of supplier’ [LOS] so that errors in determining intra-State or inter-State supplies is eliminated/minimized

•

The delivery challan may have cross reference of invoice number

•

The invoicing/accounting software should have built in rule/concept to determine the following:

1. Inter-State and intra-State
   1. Location of supplier, and
   2. place of supply
      for different types of supplies
2. Rate of tax
   1. HSN or SAC code classification
   2. Composite supply
   3. Mixed supply
3. RCM – inward supply
   1. LOS and POS thereof
   2. Rate of tax
   3. Claim of ITC
   4. Creation of payment voucher
   5. Reporting
4. Bill-to ship-to type of transaction
   1. POS and LOS thereof
   2. HO placing order on behalf of branch factory etc. – generation of document and recognising of the tax liability

13

Chart of Accounts

Under GST all these taxes (excise, VAT, service tax) will get subsumed into one account, and following new accounts have to be created:

•

Input CGST a/c

•

Output CGST a/c

•

Input SGST a/c

•

Output SGST a/c

•

Input UTGST a/c

•

Output UTGST a/c

•

Input IGST a/c

•

Output IGST a/c

•

Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

•

Electronic Credit Ledger (to be maintained on Government GST portal to pay GST)

•

Electronic Liability Ledger (to be maintained on Government GST portal to pay GST)

It may be noted all these records are to be maintained State wise, hence if a person is having registration under the GST Act, say in five States, the above chart of accounts need to be multiplied by five times.

Register of Goods Produced

Account should contain detail of goods manufactured in a factory or production house

Every assessee carrying out manufacturing activity

Purchase/Inward Register

All supplies received during each tax period for manufacturing/sale/supply of goods and/or services

All Assessees

Sales/Outward Register

Account of all the supplies made whether of goods or services during each tax period

All Assessees

Stock Register

This register should contain a correct record of inventory available at any given point of time.

All Assessees

Input Tax Credit Availed

This register should contain the details of Input Tax Credit availed in each tax period

All Assessees

Output Tax Liability

This register should contain the details of GST liability in respect of al taxable supplies with reference to rate of tax

All Assessees

Output Tax Paid

This register should contain the details of amount paid as CGST, SGST and IGST, each tax period wise

All Assessees

Other Records as may be specified

Government can further specify, by way of a notification, additional records and accounts to be maintained

Specific Business as may be notified by the Government

1.

Up to ₹ 150.00 lakhs

Nil

2.

More than ₹ 150.00 lakhs and up to ₹ 500.00 lakhs

2

3.

More than ₹ 500.00 lakhs

4