CA Deepak Gadgil

Section 25 of Model GST Law talks about Furnishing Details of Outward Supplies

Section 26 of Model GST Law talks about Furnishing Details of Inward Supplies

Supply now in GST Regime means & includes both Goods & Services

Supplies which are Taxable, Exempted & Zero Rated also need to be reported

Also please note that these details are to be submitted partywise

Final Changes to these details can only be made in the Annual Return that needs to be furnished in September every year. The law also mandates that you need to reconcile the figures reported in periodical returns with those reported in this Annual Return.

These details are to be submitted online on the portal as per the periodicity of filing returns for a Taxable Person.

These details, then will be cross checked & cross matched & after removal of likely anomalies therein – a final return will be filed by every taxable person electronically on the GST Portal.

If one goes through the Return Formats made available for public, it is very clear that extensive details are sought to be filled therein with respect to these details. These will include apart from details of taxable supplies, details of exempted & zero rated supplies also need to be provided in the same.

We all know that there is a specific provision under Income Tax Act under Section 285BA – which enables the IT Department access to information which is on record with various Government Departments & Undertakings. There is a similar provision incorporated in Model GST law in form of Section 127 which enables cross sharing of information with various Government Departments / Authorities.

Now take into consideration following sections of Income Tax Act which we are fully conversant with –

36, 37

40(b) / 40A(2)(b)

192 to 195

TDS & TCS provisions

Then there is a likely scenario that the ITO / ITO TDS can have all the details furnished by a Taxable Person under GST Laws & can cross check the same with the information furnished by an Assessee with the returns furnished under Income Tax Laws.

Also worth noting are the provisions of newly inserted section 270A with respect to Mis-reporting & Under-Reporting.

The possible repercussions demand that a Tax Payer now has to work in a very disciplined manner to comply with all these laws & also has to take care that he is on the right side of the law.

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Category : Goods and Services Tax (7376)
Type : Articles (17582)
Tags : goods and services tax (5859) GST (5460)

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