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Mechanism of GST Monthly Returns


Mechanism of GST Monthly Returns

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Mechanism of GST Monthly Returns

Every registered dealer (except Input service distributors, composition dealers, suppliers of online information and database access or retrieval services who have to pay tax themselves, NR, Tax payer liable to collect TCS, Tax payer liable to deduct TDS) have to file a monthly return that contains details of all outward supplies i.e. sale made in Form GSTR1.

Suppose Ram is the registered dealer filing GSTR1               

⇓⇓⇓⇓Details of outward supplies filed by Ram in his GSTR1 will be auto-populated in GSTR2A of all the dealer to whom Supplies were made by Ram suppose Shyam is one of the dealer to whom supplies were made by Ram.

Now every dealer whose details filed above (Shyam in our example) shall verify, validate, modify or delete the details received under form 2A as per his records.

If any changes are made by dealer (Shyam) in form GSTR2A then such changes will be available in Form GSTR1A of Supplier (Ram). He can either accept or reject the details. If form 1A is accepted by Supplier (Ram), form GSTR1 furnished earlier shall stand amended to the extent of modifications accepted by him.

 

If changes made by Shyam are accepted by Ram then his form GSTR2A will be amended accordingly. On the basis of this form GSTR2 will be generated. GSTR2 is prefilled for a tax payer based on the detail filed in GSTR1 and validation made by both the parties.

Now dealer (Ram) has to file form GSTR3 from the information which is auto – populated through GSTR1 and GSTR2.  And have to pay any tax liability, interest, Penalty if any.

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