Fast Track Taxation - GST Session

Jul 30, 2024

Fast Track Taxation - GST Session Notes

Introduction

  • Instructor: Nishant Kumar
  • Topic: GST for First Intermediate November 2023 Students
  • Last session; discussing Returns under GST.

Important Announcements

  • Books by Nishant Kumar for Income Tax and GST available for November 2023 Exams.
  • Instagram handle for regular informative and motivational content.
  • Fast Track Taxation sessions are available live on YouTube every day at 9 PM.

Class Schedules

  • Income Tax class: 10 AM
  • GST class: 3 PM
  • Notes provided for all chapters in the class sessions.
  • Previous session notes are also available.

Extra Practice

  • Purchase extra questions practice from commandshant.com.
  • Not relevant for May 2024 students.

Returns Under GST

Definition of Return

  • A return is a statement of information furnished to tax authorities regularly.
  • Filing returns is a vital compliance procedure for estimating tax collections.

Modes of Filing Returns

  1. Online through the GST Portal
  2. Using provided offline utilities.

Return Filing Process

GSTR 1

  • Filed for outward supplies.
  • Furnishing of details for certain types of taxpayers and services.
  • Due date: 11th of next month for registered persons (for September supplies, file by October 11).

QRMP Scheme

  • Quarterly Return Monthly Payment.
  • Small suppliers can file quarterly returns but must make monthly tax payments.
  • GSTR 1 for QRMP: Can file details quarterly and upload outward supplies to maintain credit availability.

GSTR 3B

Importance

  • GSTR 3B: Summary of tax paid and input claims.
  • Due date: 20th of succeeding month. Critical for subsequent filing of GSTR 1.

Filing Due Dates Summary

  • GSTR 1: 11th of the following month.
  • GSTR 3B: 20th of the following month.
  • Minimum requirements for filing GSTR 1 and GSTR 3B every month.

Compliance Requirements

Input Tax Credit (ITC)

  • ITC claims are contingent on supplier filing their GSTR 1.
  • GSTR 2A and 2B reflect eligible ITC.

Non-Compliance Penalties

  • Non-filing of returns can lead to restrictions on future sales filings.
  • Relevant rules and regulations will be discussed for GSTR 1 and GSTR 3B.

Miscellaneous Topics

NIL GSTR 3B

  • Required to be filed even if there's no business activity.

Annual Reconciliation Statement

  • Required for registered persons with aggregate turnover exceeding 5 crores.

Conclusion

  • Fast Track GST book available for purchase at www.komanishanth.com.
  • Time for practice and revision before exams.
  • Encourage viewers to like the video and share feedback in the comments.

Best of luck to all students!

Thank You!