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1. "Submission of details of transaction that the business was indulged in for a given period, in prescribed manner can be termed as Return" Every law when comes into force, defines some periodic statement called return to control and assess the transaction the organization has entered into. In context of GST, CBEC in collaboration with GST council has notified draft Model GST model Law (in short "MGL") as revised on 25th November 2016 wherein vide CHAPTER -VIII, twelve Sections has been issued in this regards for compliance along with separate set of rules under the MGL for various classes of assessee and types of returns.
2. The different class of assessee who would be liable for various different returns along with applicable rule and relevant form has been summarized in the infra mentioned table (Reference to Section-32, 33, 34, 39 read with rules-1, 2, 3, 21 has been made)
3. Description of Various Types of Return and Forms (Assessee-Wise):
Frequency Various Returns:
4. Different returns need to be filled at different frequency which also varies assessee-wise which has been summarized below in tabular manner:
5. Some Provisions which are common in nature has been herewith stated in Question and answer form for the sake of simplicity
Input Tax Credit Related Provisions:
6. Input tax being one of the most important limb of GST, and its impact on return would be crucial, Thus the governing provisions giving reference to Section 36, 37, 38 read with rules 10, 11, 12, 13, 14, 15, 16, 17, 18 of Return rules of MGL has been summarized herewith below point wise:
Note : Provisions of Sec. 37 and 38 are similar and incorporated above only and there relevant rules also.
Belated or No Return:
7. Question : Whether Belated Return shall be accepted if yes what is the penalty?
What if No return is filled?
References : (Section 40,41,42,43 read with Rule-21, 22, 23, 24)
Yes, Belated Return can be filled subject to late fees of 100 per day of Default
Whichever is lower