Article compiles section of Availment of ITC – no availment after furnishing of Annual return, Declaration of Credit Note – no tax adjustment after, furnishing of annual return, Period of retention of Accounts, Rectification of details of outward supply, Rectification of details of inward supply including ITC, Rectification of return, Assessment of non filers of returns, Assessment of unregistered persons, Determination of demand in cases other than fraud or any wilful misstatement or suppression of facts and Determination of demand in cases of fraud or any wilful misstatement or suppression of facts, Apportionment of funds

Section Event The relevance of Annual return
s. 16 of CGST Act Availment of ITC – no availment after furnishing of Annual return A registered person shall not be entitled to take ITC in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier
s. 34 of CGST Act Declaration of Credit Note – no tax adjustment after Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month
furnishing of annual return during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed:
s. 36 of CGST Act Period of retention of Accounts Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy two months from the due date of furnishing of annual return for the year pertaining to such accounts and records:
s. 37 of CGST Act Rectification of details of outward supply Proviso – No rectification of error or omission in respect of the details furnished under sub- section (1) shall be allowed after furnishing of the return under section 39 for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.
S. 38 of CGST Act Rectification of details of inward supply including ITC Proviso – no rectification of error or omission in respect of the details furnished under sub- section (2) shall be allowed after furnishing of the return under section 39 for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.
s. 39 of CGST Act Rectification of return Proviso – 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 following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier.
S. 62 of CGST Act Assessment of non filers of returns The proper officer may proceed to assess the tax liability of the said person to the best of his judgement taking into account all the relevant material which is available or which he has gathered and issue an assessment order within a period of five years from the date specified under section 44 for furnishing of the annual return for the financial year to which the tax not paid relates.
S. 63 of CGST Act Assessment of unregistered persons The proper officer may proceed to assess the tax liability of such taxable person to the best of his judgement for the relevant tax periods and issue an assessment order within a period of five years from the date specified under section 44 for furnishing of the annual return for the financial year to which the tax not paid relates:
s.73 of CGST Act Determination of demand in cases other than fraud or any wilful  misstatement or suppression of facts The proper officer shall issue the order under sub-section (9) within three years from the due date for furnishing of annual return for the financial year to which the tax not paid or short paid or input tax credit wrongly availed or utilised relates to or within three years from the date of erroneous refund.
s.74 of CGST Act Determination of demand in cases of fraud or any wilful misstatement or suppression of facts The proper officer shall issue the order under sub-section (9) within a period of five years from the due date for furnishing of annual return for the financial year to which the tax not paid or short paid or input tax credit wrongly availed or utilised relates to or within five years from the date of erroneous refund.
s.17 of IGST Act Apportionment of funds Out of IGST to be paid by Central Government in respect of inter-State supply of goods or services or both made in a financial year to a registered person, where he does not avail of the input tax credit within the specified period and thus remains in the integrated tax account after expiry of the due date for furnishing of annual return for such year in which the supply was made;

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