Section 40 of GST – First return under GST Act 2017

Section 40 of GST – First return under GST Act 2017. Analysis of GST Section 40, In this section you may find all details for First return under GST Act 2017 as per CGST Act 2017. In this article you may find complete details regarding Section 40 of GST Act 2017 – First return under GST Act 2017, gst all sections and definitionsNow Check more details from below…..

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Section 40 of GST – First return under GST Act 2017

Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.

Analysis

First Return – After obtaining registration, the taxable person is required to file his very first return. This section provides for the aspects that need to be considered while filing this first return, namely:

Transaction to be reported Consideration involved
Outward supplies From date on which he becomes liable to get registered till the date on which registration is granted

FAQs

Q1. From when do the first returns needs to be filed by taxable person in respect of outwards supplies?

Ans. First returns of outwards supplies needs to be filed from the date on which he became liable to registration till the end of the month in which the registration has been granted.

Q2. From when do the first returns needs to be filed by taxable person in respect of inward supplies?

Ans. First return of inward supplies needs to be filed from the effective date of registration till the end of the month in which the registration has been granted

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