Sec 2(117) – Valid Return

You are here :Home>Bare Law>Sec 2(117) – Valid Return
Sec 2(117) – Valid Return 2017-04-28T23:53:56+00:00
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • Ashish BadalaCA Ashish Badala
    Moderator
    Post count: 184
    Topics: 181
    Replies: 3
    Been thanked: 4 times
    #1916 |

    “valid return” means a return furnished under sub-section (1) of section 39 on which self-assessed tax has been paid in full;

    Priya MadrechaPriya Madrecha
    Moderator
    Post count: 280
    Topics: 4
    Replies: 276
    Been thanked: 0 times

    The term ‘valid return’ is attributable only to the monthly return in Form GSTR-3, to be filed by every registered person (except a composition supplier, non-resident taxable person, ISD, person liable to deduct tax at source and person liable to collect tax at source). The return will be treated as a valid return only where the tax liability determined in the return is fully remitted.

    The following aspects need to be noted:

    • The law mandates that the liability determined in the returns of previous months must be discharged prior to discharging the liability determined in the returns of current month;
    • Input tax credit will become available to the recipient only if the return furnished by the supplier is a ‘valid return’.
Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.