Section 34: Returns under Revised Model GST Law

Daily Dose of GST Update By CA Pradeep Jain

Returns-III

Section 34: Returns

The section in the revised draft reads as follows:

(1) Every registered taxable person, other than an input service distributor or a nonresident taxable person or a person paying tax under the provisions of section 9, section 46 or section 56 shall, for every calendar month or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars as may be prescribed on or before the twentieth day of the month succeeding such calendar month or part thereof.

(2) A registered taxable person paying tax under the provisions of section 9 shall, for each quarter or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, of inward supplies of goods or services, tax payable and tax paid within eighteen days after the end of such quarter.

(3) Every registered taxable person required to deduct tax at source under the provisions of section 46 shall furnish, in such form and in such manner as may be prescribed, a return, electronically, for the month in which such deductions have been made along with the payment of tax so deducted within ten days after the end of such month.

(4) Every taxable person registered as an Input Service Distributor shall, for every calendar month or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, within thirteen days after the end of such month.

(5) Every registered non-resident taxable person shall, for every calendar month or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, within twenty days after the end of a calendar month or within seven days after the last day of the validity period of registration,
whichever is earlier.

(6) The Commissioner of [CGST/SGST] may, for valid and sufficient reasons, by notification, for such class of taxable persons as may be specified therein, extend the time limit for furnishing the returns under sub-section (1), (2), (3), (4) or, as the case may be, under sub-section (5):

PROVIDED that any extension of time limit approved by the Commissioner of [CGST SGST] shall be deemed to be approved by the Commissioner of [SGST/ CGST].

(7)Every registered taxable person, who is required to furnish a return under subsection (1), (2), (3) or, as the case may be, under sub-section (5) shall pay to the account of the appropriate Government the tax due as per such return not later than the last date on which he is required to furnish such return.

(8) Every registered taxable person who is required to furnish a return under subsection (1), or as the case may be, under sub-section (2), shall furnish a return for every tax period whether or not any supplies of goods or services have been effected during such tax period.

(9)Subject to the provisions of sections 32 and 33, if any taxable person after furnishing a return under sub-section (1), (2) or, as the case may be, under subsection (4) discovers any omission or incorrect particulars therein, other than as a result of scrutiny, audit, inspection or enforcement activity by the tax authorities, he shall rectify such omission or incorrect particulars in the return to be furnished for the month or quarter, as the case may be, during which such omission or incorrect particulars are noticed, subject to payment of interest, where applicable and as specified in the Act:

PROVIDED that no such rectification of any omission or incorrect particulars shall be allowed after the due date for furnishing of return for the month of September or second quarter, as the case may be, following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier.

When compared to the old draft, following are the key points and changes that are to be taken note of:

1. Non-resident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding inward /outward supply of goods & services, credit availed, tax paid. Return is to be filed on or before 20th day of the succeeding month.

2. Registered taxable person paying tax under composite levy scheme has to file the return on or before 18th day of the succeeding quarter.

3. Taxable person who required to deduct TDS have to furnish a return within 10 days of subsequent month.

4. ISD holder will have to furnish a return within 13 days of subsequent month

5. Registered non-resident taxable person has to file return within 20th day of after the end of the month or within 7 days after the last day of validity of the registration whichever is earlier.

6. Commissioner may notify class of taxable persons, for whom time limit for filling the return may be extended.

7. The registered taxable person who has been communicated details of outward supplies must either accept or reject the details communicated by 18th of subsequent month

8. It is deemed that if limit for filing the return is extended by the Central/State Commissioner is also extended by the State/ Central Commissioner. This means that the date extended by one is applicable on other also. But the jurisdiction of both may vary. This provision needs clarity.

9. Payment of taxes due will have to be paid by 20th of subsequent month along with return.

10. Even though there are no transactions, every taxable person will have to file a return. To be more simple, nil returns are to be filed.

11. When taxpayer discover omission/incorrect particulars should rectify the errors in the subsequent return when such error would be noticed along with payment of taxes & interest.

12. However, no rectification can be made after furnishing the return for the month of September of subsequent year or Annual Return whichever is earlier.

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