GST Return Filing and E-way Bill

Description

The GST Council in its 25th meeting came up with a range of new decisions which will lead to easing tax rates, compliance issues and further simplifying return filing process

Next GST Council Meeting is scheduled on 10th March 2018 in which government proposes to bring back invoice matching, broadly facilitated by simultaneous upload of invoices by seller and purchaser, which will allow recipients to claim input tax credit immediately after the upload of invoice by the sellers instead of waiting for filing of returns.

From 1-April 2018, Movement of Goods via E-way Bill would be MANDATORY

Under this bill, every transporter will have to carry a system-generated bill to move from goods from one place to another

Key Focus Area:

1. Issues related to Return Filing (3B Filing, GSTR 1, GSTR2, GSTR 6)
2. Procedural Compliance issues
3. Issues relating to Transitional Provisions
4. Tax Administration related issues
5. 25th GST Council Meet Changes

Course Outline:

E-Way Bill:

• Introduction of E-Way Bill?
• Why is E-way bill required
• When Should E-Way Bill be issued?
• Cases when e-Way bill is Not Required
• Who should Generate an E-way bill
• E-way Bill Portal

Monthly Return 3B Filing

GSTR – 1 Filing:

• B2B Invoices (Registered)
• B2C (Large) Invoices (Unregistered)
• B2C (Others)
• Credit / Debit Notes (Registered)
• Credit / Debit Notes (Unregistered)
• Exports Invoices
• Nil Rated Supplies
• Tax Liability (Advances Received)
• Adjustment of Advances
• HSN-wise summary of outward supplies
• Documents issued during the tax period

GSTR – 2 Filing:

Auto Drafted GSTR 2A

GSTR-2 – Invoice Details

• 3,4A – Inward supplies received from Registered person including reverse charge supplies
• 5 – Import of Inputs/Capital goods and Supplies received from SEZ
• 4C – Import of service
• 6C – Debit/Credit Notes for supplies from registered person
• 4B – Inward supplies from an unregistered supplier
• 6C – Debit Notes/Credit Notes for Unregistered Supplier

GSTR-2 – Other Details

• 7 – Supplies from composition taxable person and other exempt/nil rated/non GST supplies
• 10(I) – 10A – Advance amount paid for reverse charge supplies
• 10(I) – 10B – Adjustment of advance amount paid earlier for reverse charge supplies
• 13 – HSN summary of inward supplies
• 11 – Input Tax Credit Reversal/Reclaim

GSTR 6 & 6A : ISD – Input Service Distribution

• Input tax credit received for distribution
• Debit / Credit notes (including amendments thereof) received during current tax period
• Taking Actions & Transferring ISD – ITC.