Monthly returns to be mandatory under GST

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NEW DELHI: Moving at a fast pace, the tax department on Tuesday came up with two more draft rules and their formats onGST returns and refunds requiring assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest and fees.

The stakeholders have been given time till Wednesday to give their comments on the two draft rules which, along with other rules, will be finalised at the second meeting of the Goods and Services Tax (GST) Council on September 30.

The Central Board of Excise and Customs (CBEC) on Monday unveiled three draft rules and their formats relating to registration, invoice and payments for public comments.

The government aims to implement the new indirect tax regime GST from April 1, 2017.

As per the rules for refund, every registered taxable person will be required to furnish a monthly return in specified form (GSTR-3).

There is also a provision for electronic furnishing of annual return by every registered taxable person and composition supplier.

The rules further said that every taxable person whose aggregate turnover during a financial year exceed Rs 1 crore will be required to submit annually a duly certified audited statement.

The draft rules, according to Rajat Mohan, Director- Indirect Taxation, Nangia & Co, “have prescribed the form and manner of submission of quarterly returns by composition supplier, returns by non-resident taxable person, input service distributor, persons required to deduct tax at source and the form and manner of submitting statement of supplies effected through e-commerce.”

The rules, he added, also provide for matching of input tax credit claim on inward supplies and procedure for output tax liability reduction claim.

As regards the refunds, the rules specified the procedure for claiming refund of any tax, interest, penalty, fees or any other amount under GST.

Source: http://timesofindia.indiatimes.com/business/india-business/Monthly-returns-to-be-mandatory-under-GST/articleshow/54545662.cms

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