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To facilitate filing of returns by registered taxpayers under GST, the GST Council in its 31st meeting, proposed the implementation of a new GST return system from October 2019 onwards. The new GST return filing system has been put into place on a trial basis to familiarize the users, and the same will be legitimately invoked from 1st April 2020. Under the new GST return mechanism, three major components to the GST return are recognized, namely one simplified main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2).
Large taxpayers having aggregate annual turnover of more than Rs. 5 crore in the preceding financial year have to upload monthly returns. On the other hand, small taxpayers having aggregate annual turnover of up to Rs. 5 crore in the preceding financial year can opt to upload quarterly returns. Hence, FORM GST RET-1 needs to be periodically filed on a monthly basis by all taxpayers unless quarterly filing of returns is explicitly opted for by small taxpayers. Newly registered taxpayers shall be considered as small taxpayers having the option to file quarterly returns.
Small taxpayers, instead of filing FORM GST RET-1, may choose any of the 2 new quarterly returns, namely SAHAJ (FORM GST RET-2) and SUGAM (FORM GST RET-3), as applicable to them. The provisions pertaining to new GST returns are summarized as shown below:
Also, Read: GST Network all set to Launch a New Version of Return Filing Interface on 22nd October.
FORM GST RET-1 (Normal Monthly)
FORM GST RET-1 (Normal Quarterly)
FORM GST RET-2 (SAHAJ Quarterly)
FORM GST RET-3 (SUGAM Quarterly)
Taxpayers having aggregate annual turnover of more than Rs. 5 crore in the preceding financial year need to file this return.
Taxpayers having aggregate annual turnover of up to Rs. 5 crore in the preceding financial year may opt to file this return.
Taxpayers having aggregate annual turnover of up to Rs. 5 crore in the preceding financial year; and who supply only to consumers and unregistered dealers (B2C), may opt to file this return.
Taxpayers having aggregate annual turnover of up to Rs. 5 crore in the preceding financial year; and who supply both to consumers and unregistered dealers (B2C) and to registered dealers (B2B), may opt to file this return.
It has to be filed monthly by 20th of the succeeding month (i.e., succeeding the month in which tax liability arises).
These returns have to be filed quarterly by 20th of the succeeding month (i.e., succeeding the quarter in which tax liability arises).
Each such return has to be filed on the basis of FORM GST ANX-1 and FORM GST ANX-2.
Tax needs to be paid on a monthly basis with the help of FORM GST PMT-08.
Tax needs to be paid on a monthly basis with the help of FORM GST PMT-08. For the first two months of the quarter, tax payment shall be declared using a payment declaration form.
Taxpayers opting for GST RET-1 (Monthly) can declare all types of outward supplies, inward supplies, credit availed, tax or interest payment, etc.
Taxpayers opting for GST RET-1 (Quarterly) can declare all types of outward supplies, inward supplies, credit availed, tax or interest payment, etc.
Taxpayers opting for SAHAJ Quarterly return can declare the following:
• Outward B2C supplies
• Inward supplies attracting reverse charge
Taxpayers opting for SUGAM Quarterly return can declare the following:
• Outward B2C and B2B supplies
Sales via e-commerce platforms may be covered here.
E-commerce dealers cannot file this return.
The present FORM GSTR-1 shall be replaced by the new FORM GST ANX-1. Both large and small taxpayers can upload their invoices on a continuous basis through FORM GST ANX-1. The annexures to new GST returns[1] (which are linked to the main return) comprise the following:
FORM GST ANX-1 (Annexure of Supplies)
FORM GST ANX-2 (Annexure of Inward Supplies)
The following information is to be declared in this form:
These details need to be declared invoice-wise (other than B2C supplies) on a real-time basis.
The recipient can function on auto-populated documents available on a real-time basis, which are uploaded by the supplier.
Some of the peculiarities of the new GST return system are as follows:
To keep transparency intact and knock off any scope for tax evasion under the indirect taxes regime, the GST Council has promulgated the launch of new GST return filing system. Such system is easier for the taxpayers as well as fairer for the revenue department.
Also, Read: CBIC withdraws GST Circular on Supply of ITeS.
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