THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
RETURNS
1[Section 38: Communication of details of inward supplies and input tax credit. (Relevant Rule 59 & 60) (Relevant Updates)
(1) The details of outward
supplies furnished by the
registered person
under sub-section (1) of
section 37
and of such other supplies as may be prescribed, and an auto-generated statement
containing the details of
input tax credit
shall be made available
electronically to the
recipients
of such supplies in such form and manner,
within such time, and subject to such conditions and restrictions
as may be
prescribed.
(2) The auto-generated statement under sub-section (1) shall consist of''
(a) details of inward supplies in respect of which credit of input tax
may be available to the recipient; and
(b) details of supplies in respect of which such credit cannot be availed, whether wholly or partly, by the recipient, on account of the details of the said supplies being furnished under sub-section (1) of section 37,''
(i) by any registered person within such period of taking registration as may be prescribed; or
(ii) by any registered person, who has defaulted in payment of tax and where such default has continued for such period as may be prescribed; or
(iii) by any registered person, the output tax
payable by whom in accordance with the statement of outward supplies furnished by him under the said subsection during such period, as may be prescribed, exceeds the output tax paid by him during the said period by such limit as may be prescribed; or
(iv) by any registered person who, during such period as may be prescribed, has availed credit of input tax of an amount that exceeds the credit that can be availed by him in accordance with clause (a), by such limit as may be prescribed; or
(v) by any registered person, who has defaulted in discharging his tax liability in accordance with the provisions of sub-section (12) of section 49 subject to such conditions and restrictions as may be prescribed; or
(vi) by such other class of persons as may be prescribed.
]
[helldodold[Section 38: Furnishing details of inward supplies (Relevant Rule 59 & 60)
(1) Every registered person, other than an
Input Service Distributor
or a
non-resident taxable person
or a person paying tax under the provisions of
section 10,
section 51 or
section 52, shall verify, validate, modify or delete,
if required, the details relating to outward supplies and credit or
debit notes
communicated under sub-section (1) of section 37 to prepare the details of his
inward supplies and credit or debit notes and may include therein, the
details
of inward supplies and credit or debit notes received by him in respect of such
supplies that have not been declared by the
supplier
under sub-section (1) of
section 37.
(2) Every
registered person
, other than an Input Service Distributor or a
non-resident taxable person or a person paying tax under the provisions of
section 10 or
section 51 or
section 52, shall furnish, electronically, the details of
inward supplies of taxable goods or services or both, including inward supplies
of goods or
services
or both on which the tax is payable on
reverse charge
basis under this Act and inward supplies of goods or services or both taxable
under the
Integrated Goods and Services Tax Act
or on which integrated goods
and services tax is payable under section 3 of the Customs Tariff Act, 1975,
and credit or debit notes received in respect of such supplies during a
tax period
after the tenth day but on or before the fifteenth day of the month
succeeding the tax period in such form and manner as may be prescribed:
Provided that the
Commissioner
may, for reasons to be recorded in writing, by
notification, extend the time limit for furnishing such details for such class
of taxable persons as may be specified therein:
Provided further that any extension of time limit notified by the Commissioner
of State tax or Commissioner of Union territory tax shall be deemed to be
notified by the Commissioner.
(3) The details of supplies modified, deleted or included by the recipient and
furnished under sub-section (2) shall be communicated to the supplier concerned
in such manner and within such time as may be prescribed.
(4) The details of supplies modified, deleted or included by the recipient in
the
return
furnished under sub-section (2) or sub-section (4) of
section 39
shall be communicated to the supplier concerned in such manner and within such
time as may be prescribed.
(5) Any registered person, who has furnished the details under sub-section (2)
for any tax period and which have remained unmatched under
section 42 or
section 43, shall, upon discovery of any error or omission therein, rectify
such error or omission in the tax period during which such error or omission is
noticed in such manner as may be prescribed, and shall pay the tax and
interest, if any, in case there is a short payment of tax on account of such
error or omission, in the return to be furnished for such tax period:
Provided that 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.]helldod]