Filing of returns under GST compliance is very significant as non-compliance and postponement will cause in penalties and affect timely refunds.
Every registered dealer is required to file GSTR-1 and GSTR-3B by the 11th and 20th of the next month respectively.
A dealer registered under the composition scheme is required to file GSTR-4 on a quarterly basis.
An Input Service Distributor is required to file a monthly return GSTR-6.
Registered taxpayers are required to file a yearly return as well in form GSTR-9 and every composition taxpayer shall file an annual return GSTR-9A.
Since non-filing of returns will attract penalties therefore it’s necessary and important for every taxpayer to file it timely within the specified dates.
Under GST Act, it is mandatory to issue invoices or bills of supply for every supply of goods & services. It is a list of goods sent or services provided along with the amount due for payment.
In the case of goods, the invoice must be allotted on/before the date of removal/delivery whereas for services invoices need to be raised within 30 days of the supply of services.
The type of invoice to be allotted depends upon the classification of the registered person making the supply. Every listed person buying goods or services from an unregistered person requires to raise a payment voucher as well as a tax invoice.
In the case where a tax invoice has been issued for the supply and subsequently it is found that the value or tax charged in that invoice is more/less than what is actually payable or chargeable or where the recipient has returned the goods the supplier can issue credit/debit note respectively.
J) E-Way Bill
It is an Electronic waybill issued on the e-way bill portal for the movement of goods worth Rs. 50,000 or more in a vehicle.
An E-way bill is required to be generated by a registered person, unregistered persons as well a transporter subject to certain conditions.
There are certain types of supply for which generation of E-way bill is mandatory like the inter-state movement of goods from principal to the job worker or inter-state transport of handicraft goods by dealers exempt from GST registration etc.
