I am a small business man owning a local kiryana shop. I asked my ca to register for composition scheme but he mistakenly applied for regular scheme. But i got it changed to composition after 3 months. So from September 9 2017 to 31 Dec 2017 I had regular GST and after that I have composition GST. Now due to this complication I couldn't file any GST return. Moreover, due to say unawareness or mistake, not many parties from whome I buy items do not have my GST number. Due to which not many transactions show up in my portal. And I didnt make any GST invoice while selling products. So now the problem is I don't have sale invoices. And the purchase invoices that show up in my return portal are very few. Now if I file return on those few invoices there will be transaction clash between my current account statement and GST statement. And I am also scared of the late fees that I will have to shell out now. So I need help urgently and in a wise manner. Thank you.
Sir,
Kindly note that in composition scheme you would not be allowed any input credit nor your buyer will be able to take input credit. So, even if you are opting for Composition from 1st Jan 2018, all your input credit on stock will get reversed.
Regarding filling of return, till September ;late fees have been waived off and after that there were many changes for late filling fees slabs.
Regarding your query for reconciliation, it can be examined and then replied.
Dear Sir/Madam,
You can simply show the Purchases from unregistered dealers and can also show sale s to some unregistered dealers in Cash as for composition there is no criteria of availing or passing on of Input credit.
In your case, as a composition dealer, you simply have to show your sales amount and pay lets say 1% of that in your GST Return.
Further, in your case there is Quarterly return of which late fee / penalty is Rs. 50 per day.
Thanks,
CA Sourabh Pahuja
Hi,
As far as penalty is concerned, late fee of INR 50 per day is applicable. GST return was required to be furnished quarterly.
As you said you are in composition, you are anyways not required to charge gst in your invoice and you will not get any input of your purchases. So you need not to worry about less purchase invoice being shown in your GST account.
Hi
Late fees upto Sep 17 for GSTR 3B was waived off. From Oct, it would be Rs. 50 per day. GSTR 1 was to be filed quarterly.
For Sep to Dec under regular scheme, claim ITC for all the purchase invoices in which GST was charged and you possess such invoices. For sales, you can consider a reverse calculation for GST and create invoices accordingly.
From Jan 18 under composition scheme, I don't think there would be any issue. 1% GST has to be paid on total sales; no ITC allowed.
1) From sept.17 to Dec.17, you were under regular scheme, first of all file GSTR1 return for the sale done by you for the 3 months on the basis of opening stock and purchase done by you during the three months.
2) Share your GST No. with all the suppliers so that in future you can calculate the figure of sale done by you.
3) Issue invoices daily for all the sales done by you. Start immediately. For sales than Rs.200, issue self consolidated invoice otherwise individual invoice.
4) From Jan.18 onwards you converted to composition scheme, first of all reverse ITC on the stock as on 01.01.2018 and file the concerned return of it. In composition scheme you are not required to issue tax invoice and you need to file return quarterly and also you are not eligible to claim ITC.
For calculation of sale for the period sept.17 to dec.17, you need to do reverse calculation.
Thanks
As per my info,some period penelty has waived off by govt .
Since now you are under composition scheme,you are not liable to charge any gst in you invoice.so no GST invoice required. And you have file quartely return under composition scheme.
Your case seems to be more complicated. In this case, since you have not filed the return and late fee is automatically charged by GST website, you can not get away from that.
But what you can do is to ascertain the suppliers from whom you have purchased goods and convince them to issue you proper tax invoice so that you can take the credit.
Not issuing Invoice will not be a great issue as for Kirana Shop you can issue a consolidated Invoice for all the Sales made during the day.
Trust this meets your understanding!!!
