Cost accountants hold workshop on GST

Source: The Hitavada      Date: 25 Aug 2017 08:32:53


 

Business Bureau,

THE Institute of Cost Accountants of India, Nagpur Chapter recently conducted a workshop on ‘GST returns and RCM’ recently at Chapter premises located at Laxmi Nagar, Nagpur. Suresh Rayalu, Superintendent-GST, Prashant Warkar, Superintendent, CP Cell and Shrikant Hadap Superintendent, CP Cell were the expert speakers in the workshop.
CMA Anil B Verma, Secretary of Nagpur Chapter welcomed the guest speakers, members and students.


Suresh Rayalu, Superitendent GST made detailed presentation on GST Returns and provisions of reverse charge mechanisum (RCM). He mentioned the common returns in the GST which are GSTR-1, GSTR-2 and GSTR-3. Under GSTR-1 100 per cent information of outward supply of goods and services is to be provided upto the 10th of next month and information should be invoice wise details like invoice number, date, HSN/SAC, taxable value and tax details rate wise under IGST, CGST and SGST, invoice information for B2C if more than Rs 2.5 lakh and HSN/SAC code is required only if turnover of taxable person exceeds Rs 1.5 crore .


Under GSTR-2 statement of inward supply and almost 90 per cent information is auto-populated and under GSTN portal system collects information from GSTR-1, however remaining information like details of reverse charge supply is to be filled by registered taxable person.


GSTR-2 is to be filled till 15th day of succeeding month. GSTR-3 is a monthly return which results in auto-populated information of outward supply and inward supply of goods and services and registered taxable person has to pay outward liability upto 20th day of the succeeding month.


Finally outward liability as reduced by input tax credit then balance amount is payable by registered person and be paid in cash ledger. Returns are to be valid if liability of outward supply (self assessed tax) and under reverse charge is discharged. There is no provision for revise return, however corrections are allowed which can be made up to return to be filled for September (next financial year).