Wednesday, September 28, 2016

CBEC releases draft Rules and Formats of Returns and Refund under GST

On September 26, 2016, the CBEC has unveiled the draftrules and forms under GST on Registration, Invoice and Payment. Now, CBEC releases another draft rules and formats for Returns and Refund. Key highlights of rules and forms are as under:

1. The registered taxable person is required to file details of outward supplies in Form GSTR-1 electronically. The recipient will receive GSTR 2A on the basis of details furnished by supplier in GSTR 1.

2. The recipient will file details of inward supplies in GSTR 2 electronically on basis of details contained in GSTR 2A. The recipient shall specify the details of inward supplies for which he is not eligible for input tax credit and quantum of such ineligible input credit.

3. The registered taxable person, other than composition dealer,shall file monthly return in GSTR-3. Part of this return will be electronically generated from GSTR 1, GSTR 2, electronic credit ledger, electronic cash ledger and electronic liability register. Part B has to be filled to discharge liability or to claim refund. The refund claimed in Part B shall be deemed to be an application filed for refund.