New GST returns e-book in PDF
New GST Returns – Changes and Challenges
1. New GST Returns – Key aspects
New GST returns are going to be applicable soon. Since the introduction of GST in India, regular GST payers (i.e. other than composition payers etc) are typically required to file, two returns on a monthly basis as under. You can download the full ebook from the link at the end of the article
They are applicable from October this year.
The new return system comprises of following returns:
Comparison between the present and new system:
The comparison between the present and the new system is provided below:
1.6 Return is monthly unless opted for quarterly
It may be noted that the new return system will be monthly for all GST payers unless GST payers opt for quarterly GST returns.
It may be noted that GST payment will be ‘monthly’ for every GST payer (including Quarterly filers).
As regards the change in periodicity of the return filing (from quarterly to monthly and vice versa) is concerned, it will be allowed only once12 at the time of filing the first return by a taxpayer13. Further, the periodicity of the return filing will remain unchanged during the next financial year unless changed before filing the first return of that year14.
Transition to the new GST returns system
7.1 July 2019 to September 2019
The new GST returns will be applicable, on a trial basis, from July 2019 for three months. During the period from July 2019 to September 2019, the GST payers will continue to file GSTR-1 and GSTR-3B (as its filed as of now).
7.2 October 2019 onwards
The new forms i.e. ANX-1 will be compulsory and GSTR-1 will be replaced by ANX-1.
Large taxpayers (i.e. those taxpayers whose aggregate annual turnover in the previous financial year was more than Rs. 5 Crore)
Press release for new GST returns
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease the transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: –
In May 2019 a prototype of the offline tool has already been shared on the common portal to give the look and feel of the tool to the users. The look and feel of the offline tool would be the same as that of the online portal. Taxpayers may be aware that there are three main components to the new return – one main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2).
From July 2019, users would be able to upload invoices using the FORM GST ANX1 offline tool on trial basis for familiarisation. Further, users would also be able to view and download, the inward supply of invoices using the FORM GST ANX-2 offline tool under the trial program.
Instructions for returns:
A. General instructions
1. Terms used –
(a) GSTIN: Goods and Services Tax
(b) UIN: Unique Identity Number
(c)HSN Code: Harmonized System of Nomenclature Code (d)POS: Place of Supply (Respective State/UT)
(e)B2B: Supplies made to registered persons having GSTIN or UIN
(f) B2C: Supplies made to consumers and un-registered persons, not having GSTIN or UIN
(g) Type of document: Invoice (including revised invoices), debit / credit note, bill of supply, bill of entry etc.
(h)ARN: Acknowledgment Reference Number
2. Registered person can upload the details of documents any time during a month/quarter to which it pertains or of any prior period but not later than the due date for furnishing of return for the month of September or second quarter following the end of the financial year to which such details pertain or the actual date of furnishing of relevant annual return whichever is earlier except that –
(i) the taxpayer filing the return on monthly basis will not be able to upload the details of documents from 18th to 20th of the month following the tax period.
(ii) the taxpayer filing the return on quarterly basis will not be able to upload the details of documents from 23rd to 25th of the month following the quarter.
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