1. Every registered taxable person has to submit its outward supplies detail which includes invoices, debit notes, credit notes and revised invoices issued during any tax period.
2. Outward supplies don’t need to be related to the immediately preceding month. It can be prior to that period.
3. The return/details shall be furnished through electronic mode. Once outward details shall be uploaded through Form GSTR-1, it shall automatically reflect in the account of the receiver of goods or services under Form GSTR-2A.
4. On receiving data under Form GSTR-2A, the registered person of inward supplies shall verify, validate, modify or if required delete the details of outward supplies.
5. In case, an amount of output tax liability increased, the recipient shall be liable to pay interest at the rate specified on the amount so added.
6. In case of reduction in output tax liability after payment of tax and any interest has been paid on that liability, shall be refunded to the recipient by crediting the amount in the corresponding head of his electronic cash ledger.
7. The person has to pay tax on or before the date of submission of return GSTR-3B.
8. A person who is required to deduct tax at source (TDS) has to submit return along with payment of tax, as applicable, on or before 10th days after the end of such month.
9. A person who is registered as an Input Service Distributor (ISD) has to submit a return on or before the 13th days after the end of such month.
10. A person who is registered as a Non-Resident Taxable person has to submit the return on or before 20th days after the end of such calendar month or within seven days after the last day of the validity period of registration, whichever is earlier.
11. If after submission of returns, as the case may be, the taxable person discovers any omission or incorrect particulars therein, shall rectify such omission or incorrect particulars in the next due return along with interest, if applicable.
12. Rectification shall not allow if the omission or incorrect particulars discover as a result of scrutiny, audit, inspection or enforcement activities by tax authorities.
13. Maximum time limit for rectification of error or omission or incorrect particulars shall be the due date for furnishing of the return for September or second quarter, as the case may be, following the end of the financial year, or the actual date of furnishing of annual return, whichever is earlier.
14. Annual return for every financial year has to submit on or before the 31st day of December following the end of such financial year.
15. Annual return is also applicable to an Input service distributor, a person liable for TDS or TCS, a casual taxable person and a non-resident taxable person.
16. Every registered taxable person whose turnover is more than 2Cr. In the financial year, is required to get his accounts audited, shall furnish, the annual return (GSTR-9) along with the audited copy of the annual accounts and a reconciliation with the value of supplies declared in the returns furnished for the year with the audited annual financial statement (GSTR-9C).
17. In case of cancellation of registration, the registered person has to submit a final return within three months of the date of cancellation.
18. If any registered taxable person fails to submit the returns, a notice shall be issued, and he has to submit the return within 15 days from the date of receipt of that notice.
19. In case of delay in submission of details of inward/outward supplies or monthly/ quarterly returns as the case may be, any registered person shall be liable to pay a late fee of Rs. 50/- for every day during which such failure continues, maximum up to Rs 5000/-.
20. In case of delay in submission of details of Annual Return, any registered person shall be liable to pay a late fee of Rs. 100/- for every day during which such failure continues, maximum up to 25% of his turnover in the State.
