Contents

  1. Summary
  2. The New GST Return to System
  3. Forms to be filed underneath the New GST Return to System
  4. Differences between Current Vs New GST Return Systems

Summary

In the thirty-first GST Council Meet, it was determined that a New Return System underneath GST would be introduced for taxpayers. This Return system can contain simplified Return forms, for easy filing across taxpayers registered underneath GST. underneath this New Return System, there’ll be one main Return GST RET-1 and a pair of annexures GST ANX-1 and GST ANX-2. This Return can be filed every month, aside from tiny taxpayers United Nations will choose to file an equivalent quarterly. tiny taxpayers with a turnover up to Rs five large integer within the preceding fiscal year.

The New GST Return to System

From July 2019, the new Return system has been launched on an attempt basis wherever, at present, the offline tool epitome GST ANX-1 is offered for suppliers to transfer invoices, and for the recipient of providers to look at and transfer the invoices of inward offer within the offline tool epitome GST ANX-2. This contains a specimen of the screen which can be created offered once the particular offline tool gets launched on the GST Portal.

From July to Sept 2019, there’ll be an attempt amount for users to inform themselves with the annexure varieties of the New Return System i.e. kind GST ANX-1 and kind GST ANX-2. However, throughout this era, all taxpayers can still file their GSTR-1 and GSTR-3B returns.

From Oct 2019, kind GST ANX-1 can be mandatorily filed by massive taxpayers (annual turnover over Rs five Crore), and this may replace the GSTR-1 Return. within the case of tiny taxpayers, they’ll file kind GST PMT-08, that is that the kind for the self-declaration and payment of taxes. massive taxpayers can continue filing their GSTR-3B returns for Oct and November 2019.   For Dec 2019, massive taxpayers can begin filing kind GST RET-01, which is the main Return of the New Return System, and this has to be filed by the twentieth of January 2020. And for the Quarter Oct to Dec 2019, tiny taxpayers can file their initial kind GST ANX-1 in January 2020.

Forms to be filed underneath the New GST Return to System

The main Return GST RET-1 can contain details of all provides created, input step-down availed, and therefore the payment of taxes, together with interest, if any. This Return can contain 2 annexure forms specifically GST ANX-1 and GST ANX-2. GST ANX-1 (Annexure of Outward Supplies) is for news details of all outward provides, inward provides vulnerable to reverse charge, and import of products and services, that may be reported invoice-wise (except for B2C supplies) periodically.

GST ANX-2 (Annexure of Inward Supplies) can report details of all inward provides. Most of those details are going to be auto-drafted from the small print uploaded by the suppliers in their GST ANX-1. The recipient of provides is going to be able to take action on these auto-drafted documents, which can be offered to them periodically.

Differences between Current Vs New GST Return Systems

Old Return-filing System

  • Taxpayers thought of tiny if turnover is up to Rs one.5 large integer within the preceding fiscal year, otherwise thought of massive taxpayers
  • Multiple Return forms to be filed betting on the class of taxpayers, like – GSTR-1, GSTR-4, GSTR-5, GSTR-6, GSTR-7, etc
  • Revenue invoices are uploaded solely at the time of filing of returns of outward provides
  • Input step-down may well be claimed on a self-declaration basis
  • Missing invoices and amendments, if any, may solely be created within the Return of the subsequent tax amount
  • Taxpayers ought to file GST returns till their registration has been off, though the application for cancellation of registration has been submitted

New GST Return to System

  • Taxpayers thought of tiny if turnover is up to Rs five large integer within the preceding fiscal year, otherwise thought of massive taxpayers
  • A single simplified main Return kind GST RET-1 containing a pair of annexures GST ANX-1 and GST ANX-2 to be filed by all classes of taxpayers
  • A mechanism for the continual transfer of revenue invoices on a period basis
  • Input step-down is claimed supported invoices uploaded by the provider
  • Missing invoices and amendments, if any, is created by filing associate change Return
  • Registration can currently be suspended, in cases wherever a remunerator has applied for cancellation of registration, and returns won’t be filed for this era
Uncategorized