Anchal Report
Anchal Report
Anchal Report
PROJECT REPORT
On
"A Comparative Study of GST return"
Affiliated to: -
Submitted by:
2140012010021
Company Guide:
Faculty Guide:
This work is the own work of the candidate, complete in all respects and is of sufficiently high
standard to warrant its submission to the saiddegree.
The assistance and resources used for this work are duly acknowledged.
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DECLARATION
I, ANCHAL MISHRA, hereby declare that the project report on " A COMPARATIVE
STUDY OF GST RETURN " with reference to "RAJPAL AND TANU" prepared by me
I also declare that this project report is towards the partial fulfilment of the university
UNIVERSITY.
I have undergone CA Firm internship for a period of Four weeks. I further declare that this
report is based on the original study undertaken by me and has not been submitted for the award
(Signature of Student)
Place: ………………………….
Date: …………………………
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ACKNOWLEDGEMENT
It is a matter of pride and privilege for me to have done a summer internship project in
“RAJPAL TANU & CO” and I am sincerely thankful to them for providing this opportunity
to me.
I am thankful to “MISS. TANU RAJPAL” for guiding me through this project and
continuously encouraging me. It would not have been possible to complete this project without
her support.
Anchal Mishra
2140012010021
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Table of Contents
Offer Latter
Certificates
Declaration
Acknowledgement
Chapter – 1……………………………………………………..
1.1 Introduction……………………………………………………………
1.2 Vision and Mission……………………………………………………
1.3 Company profile………………………………………………………
1.4 Terminologies…………………………………………………………
Chapter – 2……………………………………………………..
Chapter – 3……………………………………………………..
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Chapter – 4……………………………………………………..
Chapter – 5……………………………………………………..
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CHAPTER – 1
INTRODUCTION
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INTRODUCTION
The title of the project study “A Comparative study of GST return” gives us broad
knowledge about GST and analysis of GST return. Thestudy also helps to know how auditing
The Goods and Services Tax, or GST, is an indirect tax law applicableacross India. It has
replaced multiple indirect taxes such as excise duty, service tax, value-added tax, octroi, entry
tax, and luxury tax. Laws pertaining to the same were put into effect on July 01, 2017, in India.
This indirect taxation system has gone through multiple amendments since to arrive at the
current juncture. However, it must be noted that GST does not replace customs duty, which is
still mandatory on imported goods and services. Every kind of product and service attracts a
different tax rate under GST. For example, luxury or sin goods are classified to attract a higher
interest rate, whereas necessities have beenincluded in lower and nil rate slab rates.
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VISION AND MISSION
Rajpal Tanu & co is a team of individuals that collects, interprets, and maintains financial
information while providing quality customer service and training. We strive to protect the
financial integrity of the University ina changing regulatory and technological environment. A
department recognized for providing excellent customer service, including training, and
Our goal is to provide a full range of financial information: from detailed information, such as
reports. We providea full disclosure of the University's finances in the Reports section.
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COMPANY PROFILE
4|Page
TERMINOLOGIES
GST - The Goods and Services Tax, or GST, is an indirect tax law applicable across
India. It has replaced multiple indirect taxes such as excise duty, service tax, value-
added tax, octroi, entry tax, and luxury tax.
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CHAPTER – 2
LITERATURE
REVIEW
6|Page
LITERATURE REVIEW
G. Garg, analyzed the impact of GST on Indian tax scenario. He triedto highlight the objectives
of the proposed GST plan along with the possible challenges and opportunity that GST brings.
He concluded that GST is the most logical steps towards the comprehensive indirect tax reform
in our country since independence. GST is leviable on all supply of goods and provision of
services as well combination thereof. All sectors of economy i.e., the industry, business
including Govt. departments and service sector shall have to bear impact of GST. All sections
of economy viz., big, medium, small-scale units, intermediaries, importers, exporters, traders,
professionals and consumers shall be directly affected by GST. One of the biggest taxation
reforms in India – the Goods and Service Tax (GST) is all setto integrate State economies and
boost overall growth. GST will createa single, unified Indian market to make the economy
stronger. Expertssay that GST is likely to improve tax collections and Boost India’s economic
development by breaking tax barriers between States and integrating India through a uniform
tax rate. Under GST, the taxation burden will be divided equitably between manufacturing and
services,through a lower tax rate by increasing the tax base and minimizing exemptions.
Pankaj Chand the authors in the paper have explored the concept of GST, the need to
introduce it in India, the hurdles in introducing it in India and suggestions to overcome the
same. The paper also discussesthe benefits of introducing GST at the earliest. The authors have
discussed the options to introduce the dual GST in India which could be Concurrent Dual GST,
National GST or State GST. Under the concurrent dual GST the better option was the one
where GST is applied on both goods and services. The other option explored was whether the
Central GST would be on goods and services but state GST would be only on goods since state to
collect GST in services is difficultto determine. This option also recommended one single return
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with both CGST and SGST details and PAN based registration. The authorshave also discussed
the constitutional amendments required if GST is ever to be introduced since without the
amendment taxing both goods and services using one tax is not possible. The paper also
highlights theissues in the credit mechanism in the CGST/SGST model since it is difficult to
practically implement in terms of determination of place where service is taxable. The other
challenges to introduction of GST in India highlighted are the availability of strong IT network,
infrastructure and programs, agreement on other provisions like basic threshold, exemption to
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History of GST
Year Event
2007 The decision to phase out Central Sales Tax (CST) ismade, after which
3%.
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2010 The introduction of GST is postponed citing structuraland implementing
hurdles.
to the Parliament.
2015 The Lok Sabha approves the Bill but it gets stalled in
2016 The Goods and Services Tax Network (GSTN) goeslive; simultaneously,
the GST Bill as well as all amendments made up until this point get
approved by
2017 The Cabinet approves the creation of foursupplementary bills on GST. Post
which, the Goods & Services Tax Law gets implemented in full force on July
01, 2017.
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Types of GST Charged in India
The State Goods and Services Tax is one of the GST types which the government of a particular
state imposes. The state government taxes goods and services within the state (intrastate, for
example Mysore), and the state government is the sole beneficiary of the collected revenue.
The SGST replaces various state-level taxes such as lotterytax, luxury tax, VAT,
However, if the transaction of the goods is interstate (outside the state), then
both SGST and CGST are applied. But, if the goods and services are
The rate of GST is equally divided among the two types ofGSTs. For instance,
when the traders sell their commoditieswithin their state, they must pay SGST
and CGST. The revenue earned from SGST belongs to the state government and
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SGST Rates
Commodities SGST
Sugar, etc.
Processed foods 6%
electronic goods
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2. Central goods and Services tax (CGST)
The Central goods and Services tax applies to the intrastate (within thestate) supply of goods
and services. The central government taxes it. The CGST Act governs this type of GST. Here,
the revenue generatedfrom the CGST is collected along with the SGST and is divided between
For instance, when a trader makes a transaction within the state, the goods are taxed with SGST
and CGST. The GST rate is divided equally between SGST and CGST, while the revenue
CGST Rates
Commodities CGST
Sugar, etc.
Processed foods 6%
electronic goods
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3. Integrated Goods and Services tax (IGST)
The Integrated Goods and Services tax is a type of GST, where the taxapplies on the interstate
supply of goods and services. This GST type isalso imposed on the goods and services that are
imported as well as exported. The IGST Act governs it, and the central government is
The collected IGST is equally divided into central and state government portions. The State
portion of the IGST is provided to the state where the goods and services are received. The
For instance, when the trader makes a supply between two states, the type of tax in this case
would be IGST.
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IGST Rates
Commodities IGST
etc.
electronic goods
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4. Union Territory Goods and Services Tax (UGST)
The Union Territory Goods and Services Tax is a type of GST imposed on the goods and services
in the union territories. This is similar to theSGST but applies only to the union territories.
Andaman and Nicobar along with Pondicherry and Delhi. Here the revenue collected by the
government belongs to the Union territory government. As the UGST is a replacement for the
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OBJECTIVES OF GST
The introduction of the GST Act led to the replacement of other indirect taxes. The
Increases compatibility –
The tax compliance is easier for MSME or small-scale businesses.In addition, the presence
Increases transparency –
The GST reduces the chances of corruption and increases transparency. For example,
Reduction of price –
The GST bill imposes taxes exclusively on the net value-added part, eliminating the
economy. In addition, a broader tax base and greater tax compliance can lead to an
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High efficiency and productivity –
The GST in India intends to eliminate logistical restrictions and the time-consuming
filing process for the input tax credit. Furthermore, by eliminating the entry tax, the
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List of Goods and Service Tax Rates and Slab
1. 5% Tax Slab
The tax slab of 5% is where the GST tax actually begins. The products which attract a 5% GST
Rate are skimmed milk powder, coffee, fish fillets, coal, fertilizers, ayurvedic medicines,
insulin, cashew nuts, Agar-Batti, Ethanol - Solid biofuels among a few others.
The GST rate in India for services in the 5% tax slab includes smaller restaurants affiliated with
transport services like railways and air travel,standalone AC restaurants, non-AC restaurants,
The 12% slab includes items such as frozen meat products, butter, sausage, ghee, pickles, fruit
juices, namkeen, tooth powder, instant food mix, umbrella, medicine, cell phones, man-made
yarn, wooden frames for painting, photographs, Brass Kerosene Pressure Stove, Art ware of
The GST rate in India is structured in such a way, that the bulk of the items fall under this
category. Some of the main items included are flavored refined sugar, cornflakes, pasta, pastries
and cakes, detergents, washing and cleaning preparations, mirror, glassware, safety glass,
sheets, pumps, light fitting, compressors, fans, chocolate, tractors,preserved vegetables, ice
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Some others include marble & granite, paints, scent sprays, hair shavers, lithium-ion batteries,
artificial fruits, hair curlers, hairdryers, stones used in flooring, vacuum cleaners, sanitaryware,
leather clothing, wristwatches, cookers, stoves, cutlery, telescope, goggles, binoculars, oil
The 28% GST slab is the highest GST rate in India. It is mainly reserved for sin goods as well
as luxury items. The goods which are part of this slab are, pan masala, dishwasher, weighing
Automobiles and motorcycles along with hair clippers are also part of this slab which is also a
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Step-by-step Guide explaining GST Registration Process
Online
The MoF has simplified the GST registration procedure online. The applicant can process the
GST registration procedure through the GST Portal. After submission of the application, the
portal generates GST ARN immediately. Using the GST ARN, the applicant can check the
application status and post queries if necessary. Within 7 days of ARN generation, the taxpayer
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Step 2: Generate a TRN by Completing OTP Validation
The new GST registration page is displayed. Select the New Registration option. If the GST
registration application remains incomplete, the applicant shall continue filling the application
Enter the legal name of the business/entity, as mentioned in the PAN database. As the
portal verifies the PAN automatically, the applicant should provide details as mentioned
in the card.
In the Permanent Account Number (PAN) field, enter PAN of the business or PAN of
the Proprietor. GST registration is linked to PAN. Hence, in the case of a company or
Provide the email address of the Primary Authorized Signatory. (Will be verified in next
step)
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GST Registration – Step 2
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Step 3: OTP Verification & TRN Generation
On submission of the above information, the OTP Verification page is displayed. OTP will be
valid only for 10 minutes. Hence, enter the two separate OTP sent to validate the email and
mobile number.
On successfully completing OTP verification, a TRN will be generated. TRN will now be used
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Step 5: Log in with TRN
Upon receiving TRN, the applicant shall begin the GST registration procedure. In the
Temporary Reference Number (TRN) field on the GST Portal, enter the TRN generated and
enter the captcha text as shown on the screen. Complete the OTP verification on mobile and
email.
Click on the icon marked in red to start the GST registration process.
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Step 6: Submit Business Information
Various information must be submitted for obtaining GST registration. In the first tab, business
In the Trade Name field, enter the trade name of the business.
Enter the District and Sector/ Circle / Ward / Charge/ Unit from the drop-down list.
In the Commissionerate Code, Division Code and Range Code drop-down list, select the
appropriate choice.
Select the Date on which liability to register arises. This is the day the business crossed
the aggregate turnover threshold for GST registration. Taxpayers are required to file the
application for new GST registration within 30 days from the date on which the liability
to register arises.
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GST Registration – Business Information
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Step 7: Submit Promoter Information
In the next tab, provide promoters and directors information. In case of proprietorship, the
Personal details of the stakeholder like name, date of birth, address, mobile number,
o Unlimited Company
Details of citizenship
Residential address
In case the applicant provides Aadhaar, the applicant can use Aadhaar e-sign for filing GST
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GST Registration – Promoter Information
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Step 8: Submit Authorized Signatory Information
nominated person shall hold responsibility for filing GST returns of the company. Further, the
person shall also maintain the necessary compliance of the company. The authorized signatory
will have full access to the GST Portal. The person shall undertake a wide range of transactions
In this section, the applicant shall provide the details of the principal place of business. The
Principal Place of Business acts as the primary location within the State where the taxpayer
operates the business. It generally addresses the books of accounts and records. Hence, in the
case of a company or LLP, the principal place of business shall be the registered office.
Official contact such as Email address, telephone number (with STD Code), mobile
If the principal place of business located in SEZ or the applicant acts as SEZ developer,
choosing ‘Others’ value in Nature of possession of premises drop-down and upload the
document.
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In this section, upload documents to provide proof of ownership or occupancy of the property as
follows:
Own premises – Any document in support of the ownership of the premises like Latest
Rented or Leased premises – A copy of the valid Rent / Lease Agreement with any
document in support of the ownership of the premises of the Lessor like Latest Property
Premises not covered above – A copy of the Consent Letter with any document in
support of the ownership of the premises of the Consenter like Municipal Khata copy or
Electricity Bill copy. For shared properties also, the same documents may be uploaded.
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GST Registration – Place of Business
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Step 10: Additional Place of Business
Upon having an additional place of business, enter details of the property in this tab. For
instance, if the applicant is a seller on Flipkart or other e-commerce portal and uses the seller’s
In this section, the taxpayer must provide details of the top 5 goods and services supplied by the
applicant. For goods supplied, provide the HSN code and for services, provide SAC code.
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Step 12: Details of Bank Account
In this section, enter the number of bank accounts held by the applicant. If there are 5 accounts,
enter 5. Then provide details of the bank account like account number, IFSC code and type of
account. Finally, upload a copy of the bank statement or passbook in the place provided.
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Step 13: Verification of Application
In this step, verify the details submitted in the application before submission. Once verification
is complete, select the verification checkbox. In the Name of Authorized Signatory drop-down
list, select the name of the authorized signatory. Enter the place where the form is filled. Finally,
digitally sign the application using Digital Signature Certificate (DSC)/ E-Signature or EVC.
On signing the application, the success message is displayed. The acknowledgement shall be
received in the registered e-mail address and mobile phone number. Application Reference
Number (ARN) receipt is sent to the e-mail address and mobile phone number. Using the GST
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GST RETURN
GST return is a document that will contain all the details of your sales, purchases, tax collected
on sales (output tax), and tax paid on purchases(input tax). Once you file GST returns, you will
need to pay the resulting tax liability (money that you owe the government).
All business owners and dealers who have registered under the GST system must file GST
Regular Businesses.
Amendments.
Auto-drafted Returns.
Tax Notice.
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Different types of GST Returns
services as agreed by
goods and
services.
outwardsupplies of
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GSTR-3B Returns of outward Previously it was the 20th of
taxpayer.
GSTR-4 GST filing for The due date is the 30th ofthe
schemeunder section 10
(Supplier of goods)
person.
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GSTR-6 Returns that an Input
Service Distributor
information of the
invoices on which
issued by an ISD.
under
GST.
electronic commerce
operator who is
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required to deductTax
Collected at
year.
liability
outstanding.
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How to file GST returns online?
For those taxpayers who are not registered, you need to register to get the GSTIN number. It is a
15-digit number that is generated based on your state code of operation and PAN.
You must log in to the GST portal (https://www.gst.gov.in/) using your username and password
You will see an option called the ‘Returns dashboard’. Click on that. You will be asked to
choose a financial year for which you are filing the GST return. Choose the appropriate one
You must then select the return you wish to file. You will be given options of how you wish to
file. For the online GST return process, click on the ‘Prepare Online’ option.
You will need to enter all the details correctly in the fields provided. Note that if you have any
pending late fees, you must fill in the details of that as well when you are filing your GST
returns. Next, you need to save the form and then submit it.
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Step 6: Check submission status
When the GST return form has been submitted, you need to ensure the status of the GST return
When the status shows the return has been submitted, then you need to click on ‘Payment of
Tax.’ You will see a ‘Check Balance’ option which you need to click. The balance shown will
You must click on the option that says ‘Offset Liability’ to make the GST payment online in a
few minutes. You need to then check the relevant boxes for declaration purposes. Then click on
‘File Form with DSC’/’File Form with EVC’ and then make the payment.
There are numerous GST return forms available and filling each can have additional steps or
even lesser steps than the general steps outlined above. The details of how to fill in the details
can be found on the official GST website. Before you fill out any GST form, you should keep
all the information and details close by. Using a software solution such as Tally Prime is
advised to ensure no errors are made during filing the return process.
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Impact on Common People
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CHAPTER – 3
RESEARCH
METHODOLOGY
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OBJECTIVES OF STUDY
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SCOPE OF STUDY
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RESEARCH METHODOLOGY
A research methodology encompasses the way in which you intend to carry out your research.
This includes how you plan to tackle things like collection methods, statistical analysis,
participant observations.
Primary Data
Secondary Data
During internship we have use primary data from seller such as purchase and sale invoice to
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Impact on Indian Economy
It will reshape the indirect tax structure by a subsuming majority of indirect taxes
This will do away with the complex indirect tax structure of the country, thus
2. Exports
Exports will become competitive as the GST regime will eliminate the cascading impact
of taxes.
GST is a key for India’s gross domestic product in times of challenging global
environment.
The GST will bring about a qualitative change in the tax system by redistributing the
impact on growth due to reduction in direct cost and cost reduction on capital inputs
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4. Inflation
Due to lower burden of taxes on the manufacturing sector, the manufacturing costs will
Due to reduced cost some products like car, FMCG, etc. will become cheaper.
5. Foreign Exchange
The passing of the GST will be welcome news for the Indian rupee (INR).
GST will lead to higher foreign direct investment inflows and a narrow current account
The tax reforms through GST will play a crucial role to attract large-scale investment.
The impending GST promises a progressive tax system which avoids tax cascades and
GST will reduce the cost of production and allows the hassle-free supply of goods
7.Unification of Market
GST will lead to the creation of a unified market, which would facilitate seamless
movement of goods across states and reduce the transaction cost of businesses.
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8. Clean–up India
The clean-up of the Indian taxation system will reduce the number of excise duty
exemptions.
According to the estimates, excise tax exemptions result in foregone revenues of Rs. 1.8
lakh crore
9. Foreign Trade
GST is a solution provider by lining up total indirect tax structure of all streams into one
The impact of this will be on the all multinational companies and facilitates for ease of
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CHAPTER – 4
ANALYSIS &
INTERPRETATION
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GRAPHICAL REPRESENTATION
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GST COLLECTION GRAPH
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Comparison of GSTR-3B vs GSTR-2A
Form GSTR – 3B is a monthly summary return filed by the taxpayer by the 20th of the next
month or 22nd/24th of month following the quarter. Taxpayers are allowed to take the input
Form GSTR – 2A is an auto-populated form generated in the recipient’s login, covering all the
When the supplier files GSTR – 1 in any particular month disclosing his sales, the
corresponding details are captured in GSTR-2B and GSTR – 2A of the recipient. While the
filing of Form GSTR – 2 has been kept in abeyance, it’s still important under the GST
framework for the taxpayers to reconcile the ITC claimed in Form GSTR – 3B andForm GSTR
– 2A.GSTR – 3B is a summary return. Hence, the amount of ITC available as disclosed in Table
4(a) must match with tax detailsdisclosed in Form GSTR-2B regularly, along with GSTR – 2A.
GSTR-3B vs GSTR-2A is an important exercise that businesses must not miss out on. It helps
businesses claim the full Input tax credit (ITC)and also reverse any excess ITC claimed. In turn,
the reconciliation before filing GSTR-3B will help avoid any potential demand notices from
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Importance for GSTR-3B vs GSTR-2A
GST authorities have issued notices to a large number of taxpayers asking them to
reconcile the ITC claimed in a self- declared summary return Form GSTR – 3B with
the auto- generated Form GSTR-2B and Form GSTR – 2A. Such notices are issued in
Form GST ASMT – 10. The taxpayer would be required to reply to such notices or pay
Tax evaders claiming ITC on the basis of fake invoices have also been penalized in the
past.
Reconciliation ensures that credit is being claimed for the tax which has been actually
Ensures that no invoices have been missed/recorded more than once, etc.
In case the supplier has not recorded the outward supplies in Form GSTR – 1,
communication can be sent out to the supplier to ensure that the discrepancies are
corrected.
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Reasons for non-reconciliation of GSTR-2A vs 3B
The details disclosed in Form GSTR – 2A and Form GSTR – 3Bmay not reconcile on
ITC for goods and services received in FY 2020-21 but availed inFY 2021-22.
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Advantages of GSTR-3B vs 2A report
Download GSTR-2A anytime across months from the GST portalto start comparing with
GSTR-3B data. Verify GST login once using OTP, and continue to easily update data
Check the difference for every field such as B2B other than reverse charge to compare
Know the differences instantly at a monthly level or at a quarterly level, to take further
action.
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Auditing of GSTR-3B with GSTR-1
taxpayer in order to ensure that there are no variations or gaps, which could, in turn, lead to a
demand notice from the tax authorities or unwanted issues that may arise and hinder the
GSTR-3B is a monthly summary return filed by a taxpayer by the 20th of the next month or
22nd/24th of month following a quarter. GSTR- 3B discloses supplies made during the month
along with GST to be paid, input tax credit claimed, purchases on which reverse charge is
applicable, etc., and also makes a provision for the payment of taxes, ifany, for the relevant
month.
supplies for the month – along with their tax liability. Here, invoice-wise details are to be
uploaded so that the Government can keep a check on every transaction. This forms the basis
for the recipient of supplies to accept the same and take the eligible input tax credit.
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Importance for GSTR-3B vs GSTR-1
Time and again, GST authorities have issued show cause notices to a large number of
taxpayers asking them to reconcile the total of sales disclosed in the GSTR-3B summary
Reconciliation ensures that no invoice is omitted or recorded more than once in either
of the returns.
This ensures a taxpayer to arrive at an accurate amount of output tax payable on the sales
made in a period.
From 1st January 2021, taxpayers must ensure that supplies declared in GSTR-1 must
match the summary total of supplies declared in GSTR-3B. Otherwise, the GSTIN may
be suspended.
revenue to the concerned states. This reconciliation is specifically useful to identify any
errors that havebeen made when entering the details of integrated taxes while filing
GSTR-3B.
GSTR-1 forms the base for the recipients of supplies to claim input tax credit while
filing their returns. Hence, a timely and accurate declaration in both GSTR-1 and GSTR-
3B is necessary,to avoid hassles with recipients at a later date, and also ensure thatonly
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Reconciliation at the time of filing of Annual return
supplies is a must to ensure that the details disclosed match the details disclosed in
GSTR-1 and GSTR-3B, across all months. Details of tax paid during the year need to
be mentioned as well and this must tally with the total taxes disclosed and paid in
GSTR-3B.
Therefore, it is important that GSTR-1 and GSTR-3B match as the return-filing system
is integrated and a mismatch between thesame could result in improper disclosure in the
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Reasons for mismatches in GSTR-3B vs GSTR-1
Reporting of supplies under the wrong table in GSTR-3B, but correctly reporting the
sales correctly in Table 6A of GSTR-1, but incorrectly reporting it under Table 3.1(a)
in GSTR-3B.
Issue of an invoice in a particular month, and issue of a debit or credit note at a later
GSTR-1.
Value of supplies correctly shown but tax paid under the wrong head. For example,
Supplies that may have been amended after GSTR-1 has been filed. In other words, any
change of tax liability between the timeof filing GSTR-1 and GSTR-3B.
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Advantages of GSTR-3B vs GSTR-1 Tax Comparison
Report
Download GSTR-1 and GSTR-3B anytime across months and upload sales ledgers to
start comparing data. Verify GST login once using OTP, and continue to easily update
Check the difference for every field such as outward tax, outwardtaxable value, supplies
Know the differences instantly at a monthly, quarterly, or annual level, to take further
action.
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Repercussion on not filling ITR
The ITR filing deadline has been extended twice, first from the usual July 31, 2021, to
September 30, and then eventually, to December 31. Note that the last date for filing belated
ITR for FY 2020-2021 i.e. AY2021-2022 is March 31, 2022. For the uninitiated, AY i.e.
Assessment Year is the year post financial year (FY) where your income is assessed and
evaluated.
While the due date i.e. December 31 indicates the day seller can file income tax returns without
paying any penalty charges or foregoing any benefits, the last date i.e. March 31 is the final
day seller can file ITR with the IT department, after paying the relevant fine and fees.
In the event seller miss out on filing your returns today, seller will haveto pay a maximum fine
pay Rs 1,000 as a fine for filing ITR after December 31. But, if seller/individual annual
income does not fall in the taxable category, seller/individual will not be charged any penalties.
The midnight of 31st December is the due date only for individual taxpayers whose accounts
A seller can still file your returns under ‘belated returns’, under section 139 (4) of the Income
Tax Act, 1961. Here is a list of financial implications you will have to face:
Payment of penal interest on unpaid tax liability, if any. This amount, payable by assesses will
increase proportionately to the delay. seller/individual will also have to forego any interest
on refund ofexcess taxes seller/individual have paid for the delay period.
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Seller/individual will not be able to set off losses against your current year's income if v fails
Significantly, seller/individual will not be able to carry forward any losses despite timely
payment of all past taxes. This includes losses from business and profession, short-term or long-
any other losses. The only exception here is the loss from house property up to an amount of
Rs.2 lakh.
For carrying forward the losses, it is compulsory that seller/individual file all taxes before the
due date. Notably, taxpayers can carry forward their short and long-term capital losses to a
maximum of 8 assessmentyears immediately after the AY in which the loss was evaluated.
And in the situation seller/individual don't file income tax returns at all, seller/individual will
be subjected to a penalty that can range anywhere between 50-200 percent of the assessed tax. In
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CHAPTER – 5
CONCLUSION
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FINDINGS
accounting.
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LIMITATIONS
Traders does not follow scheduled date to file return whichincreases work of filling
penalties.
Because of heavy traffic on website, it takes lot of time and effortsto download file
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CONCLUSION
Summer internship in SNGC Tax serve was very helpful for in learning about financial
During SIP I have gained knowledge of GST and how actual auditing is done to find
In this process I came that working in an organization and studying about working in
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BIBLIOGRAPHY
Reference book: -
Good and service tax, Dr. H.C. Mehrotra & Prof. V.P. Agrawalthe simplified Indian
Weblinks: -
https://gstcouncil.gov.in/
https://ijcrt.org/
https://www.incometax.gov.in/iec/foportal
https://gstcouncil.gov.in/
https://jgateplus.com/home/
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