GST Return Rules-Aster billing

Aster billing

GST Return Rules

• Every GST-registered person or business entity needs to file Return in GST regime either on a monthly (normal supplier) or on a quarterly basis (those suppliers which are opting for composition scheme).
• An ISD (Input Service Distributor) will have to file monthly returns in GST regime which must show the details of credit distributed during a particular month.
• A person/company required to deduct tax (TDS) and persons/companies required to collect tax (TCS) will also have to file monthly returns in GST regime which must show the amount deducted/collected tax.
• A non-resident taxable person will also have to file returns in GST regime for the period of commercial activity undertaken.

As per GST rules and regulations in India, GST-registered taxpayers have to file the details of outward supply in Form GSTR-1, which must include:

Invoice wise details of all

• Inter-State and intra-State supplies made to registered persons.
• Inter-State supplies with invoice value more than two and a half lakh rupees made to unregistered persons.

Consolidated details of all

• Intra-State supplies to unregistered persons for each rate of tax.
• State wise inter-State supplies with invoice value less than two and a half lakh rupees made to unregistered persons for each rate of tax.

Debit and credit notes, if any issued during the month for invoices issued previously.

• GST-registered taxpayers have to file the details of inward supply in Form GSTR-2, which must include:

Invoice wise details of all inter-State and intra-State supplies received from registered persons or unregistered persons.

Import of goods and services made.

Debit and credit notes, if any, received from supplier.

GST Refund Rules

• Application: All the businesses, persons, and taxpayers who claim refund of any tax, penalty, fees, interest, or any other amount may file an application in Form GST RFD-01 electronically through the Common portal.

The applicant can fill application either directly or through a Facilitation Centre.

• Acknowledgement: An acknowledgement regarding the claim of refund will be made available to the petitioner or applicant through the Common Portal electronically in a specific form, which would clearly indicate the date of filing of the refund claims.

In case it has any discrepancy, the concerned tax officer would apprise the applicant about the same.

• Grant of Provisional Refund: The provisional refund shall be granted once the following conditions specified in the Act are fulfilled. Herein, the concerned authority pays special attention towards the factors such as prosecution; pending proceedings; and GST compliance ratings.

After comprehensive scrutiny of the claim and the evidence, the concerned officer shall make an order in FORM GST RFD- 04. This form would be sanctioning the refund amount on a provisional basis.

Then, the officer shall issue a payment advice in FORM GST RFD-05 for the sanctioned amount, which shall be electronically credited, within the specified timeframe, to any of the bank accounts of the applicant.

• Order Sanctioning Refund: Once the proper officer is satisfied upon the examination of the refund application, he shall make an order sanctioning the amount of GST refund to which the applicant is entitled.

The officer shall mention the amount, if any, refunded to applicant on a provisional basis.

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