NEW GST RETURN SYSTEM
In the GST COUNCIL Meet, it was decided that a new
simplified return system, for the ease of filing, under GST would be introduced
for Taxpayers. Under new System, there will be one main return GST RET-1 and
two annexures GST ANX-1 and GST ANX-2.
This return needs to be
filled monthly, small taxpayers (taxpayers
with turnover up to 5 crores in the preceding financial year) can opt to file the same quarterly.
Content to be Filled in
the form:
The main return GST RET-1
will contain details of :
- All Supplies Made
- Input Tax Credit Availed
- Payment of tax, along with interest, if any.
This return will also contain
2 annexures:
- GST ANX-1 (Annexure for Outward Supplies) is for
reporting details of
- all outward supplies,
- inwards supplies liable to reverse charge, and
- Import of goods and services:
This needs to be reported invoice wise ( except for B2C
supplies) on a real time basis.
- GST ANX-2 (Annexure for Inward Supplies) to
report details of all inward supplies.
-Most of the details will be auto-drafted from the
details uploaded by the supplier in their GST ANX-1. Recipient of supplies will
be able to take action on these auto-drafted documents, on a real time basis.
New Return Form as
under:
- FORM GST
RET-1 (Normal Monthly) – Tax
payers whose aggregate turnover in preceding
FY was above Rs 5 crores will have to file monthly.
Taxpayers opting to filing monthly return shall be able to declare
- all types of outward supplies,
- inward supplies,
- Take credit of MISSING INVOICES.
- FORM GST RET-1 (Normal Quarterly) - Tax payers whose aggregate
turnover in preceding FY was up to Rs 5 crores will have to
file quarterly but the tax has to be paid on monthly basis through GST
PMT-08 . Taxpayers opting to filing normal quarterly return
- all types of outward supplies,
- inward supplies,
- Take credit of MISSING INVOICES.
- FORM GST RET-2 (SAHAJ QUARTERLY) - Tax payers whose aggregate turnover in preceding
FY was upto Rs 5 crores AND have
supplies only to consumers and unregistered persons can file this return quarterly but the tax has to
be paid on monthly basis through GST PMT-08 . Taxpayers opting to
filing SAHAJ return shall be allowed to declare
- outward supplies under B2C category,
- inward supplies attracting reverse charge only.
- Not Allowed to take credit of Missing Invoices
- FORM GST RET-3 (SUGAM QUARTERLY) - Tax payers whose aggregate turnover in preceding
FY was upto Rs 5 crores AND have
supplies only to consumers and unregistered persons AND to registered
persons (B2B) can file this return quarterly but the tax has to
be paid on monthly basis through GST PMT-08 . Taxpayers opting to
filing SUGAM return shall be allowed to declare
- outward supplies under B2C and B2B category,
- inward supplies attracting reverse charge only.
- Not Allowed to take credit of Missing Invoices
However such tax payers may make Nil rated, exempted or Non-GST
supplies which need not be declared in said return.
SWITCHING BETWEEN
RETURNS:-
- From Quarterly (Normal) to Sugam or Sahaj only
once in a financial year at the beginning of any quarter.
- From Sugam to Sahaj only once in a financial year
at the beginning of any quarter.
- From Sahaj to Quarterly (Normal) or Sugam more
than once in a financial year at the beginning of any quarter.
- From Sugam to Quarterly (Normal) more than once
in a financial year at the beginning of any quarter.
Important Changes
introduced in New GST System:-
- HSN code will be needed in order to submit
details at document level (on the basis of turnover) versus a separate HSN
summary.
- A user will also get HSN via his GST ANX-2,
wherever a supplier was supposed to declare the HSN code
- B2B supplies, liable to reverse charge mechanism
need not be shown by the supplier in the GST ANX-1, however, the aggregate
figure will need to be shown by the supplier in GST RET-1.
- Inward supplies which are liable to RCM has to be
declared in GST ANX-1 at the GSTIN level, by the recipient of supplies.
- The concept of B2C-L has been removed. The
turnover limit for quarterly filers (small taxpayers) will be considered
as 5 crores.
- A recipient can report missing invoices at
invoice level.
INPUT TAX CREDIT (ITC)
:-
Availing of ITC will depend
on uploading of Invoices by the supplier in ANX-1. An invoice uploaded by the
supplier within the 10th of the following month will be visible to
recipient as and when uploaded. Invoices that
are uploaded by the supplier after the 10th of the following month
will get posted in the concerned field of the recipient’s return of the
subsequent month, however, the
viewing facility will be on a continuous basis.
--By Manish Sonthalia
