new gst return system
Now below is a tabular presentation of the returns under the new system. The new GST return system will come into action from October 2020 onwards. Authorities will calculate tax liability based on the filed returns. GST ANX-2 shows the Information on ITC. There would be a main return called FORM GST RET-1 and 2 annexures FORM GST ANX-1 (Annexure of Supplies) and FORM GST … New GST returns allows small taxpayers to upload invoices by 11th of the month after quarter. The New Return System will officially roll out in October 2020 and taxpayers need to be streamlining their documents, preparing for what will hopefully be, a convenient and glitch-free filing system. It has to file monthly by 11th of next month except in case of small taxpayers with turnover up to 1.5 crores in the preceding financial year, who can file the same on a quarterly basis. The GST Network (GSTN) has introduced an interactive web-based prototype of the Offline Tool, A taxpayer will be able to analyse and experience the practical aspects of the simplified GST returns with this prototype. Which return is applicable? This offline tool has also been introduced to get feedback from the users. Under new GST return filing system, every taxpayer whose turnover during the last financial year exceeds Rs 5 crore, will have to file monthly return in form GST RET-1. The GST Council in its 31 st meeting, on 22 nd December 2018, had decided that a new GST return system will be brought for the ease of taxpayers. The new system and format of the GST returns was initially introduced in the 28th GST Council meeting meeting held on 21 July, 2018.The return prototype gave a concrete picture of how the returns look like in actual and the detailed process of filing too. A large taxpayer with previous financial year turnover more than 5 crores will upload their monthly Form GST ANX-1 from October 2019 onwards. Focus area for Quarterly Return Filers-. In the case of small taxpayers. Most of these details will be auto-drafted from the details uploaded by the suppliers in their GST ANX-1. In case a recipient has acknowledged and locked an invoice, amendment of that invoice will not be allowed. But all the specified features are not enabled in prototype returns. Here is all you need to know on transitioning to the New Return System from the current system. Please share the blog with your friends also. New simplified return forms will be introduced in the second half of FY 2019. This prototype will also allow a user to experience various functionalities such as drop-down menus, upload of invoices, upload of the purchase for verifying with inward supplies (system-created), etc. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. New GST Return System originally planned. Additional Features of New GST Return Filing System The New Filing System emphasis simultaneously uploading invoices on a real-time basis to enable the recipients to take instant action. In order to ease the transition to the new return system, a transition plan has been worked out. Now below is a tabular presentation of the returns under the new system. A taxpayer will also be allowed to make payment through an amendment return, which in turn will help the taxpayer in saving on his interest liability. Plus, making a reconciliation of GSTR-1 and GSTR 3B form for big taxpayers became a tedious job. According to an Official Statement Made on Tuesday: The Goods and Services Tax Network had shared a prototype of the offline tool in May 2019. New GST Return System has been launched on a trial basis. The GST council in 31st meeting recommended the introduction and implementation of a new GST return system. 5 crores come … Introduction to new gst return system: The government has announced a simple GST filing regime for small taxpayers.This new returns will contain simplified GST returns forms for ease of filing. It is the Monthly/Quarterly return that should be filed by every registered dealer. Taxpayers whose turnover in preceding FY up to Rs. However, the look and feel of the offline tool would be the same as that of the online portal. Applying for GST return got simpler-. Currently, there are 3 types of New GST Returns GST RET-1 (Normal) GST RET-2 (SAHAJ) GST RET-3 (SUGAM) Know about the contents and instructions on filing FORM GST ANX-2. The New GST Return offline tool has been launched on a trial basis from July 2019. inward supplies. Let us know the GST Sugam returns in detail. GST Return : New GST Return System- Complete Guide • One monthly return for regular taxpayers (GST RET-1) • NIL returns can be filled by SMS • Taxpayers with turnover up to 5 Cr are included in the "Small Taxpayer" base. The recipient has not received the supply, The recipient is of the opinion that there is a need for an amendment in the invoice, The recipient is unsure about availing ITC for the time being. The amendment of a missing invoice which is reported later by a supplier can be done via an amendment return of the concerned tax period to which the invoice belongs.Â. 5 crores and have only B2C supplies and inward supplies attracting reverse charge can file this return. We will begin by a tabular presentation about returns under the existing scheme. A user will also get HSN via his GST ANX-2, wherever a supplier was supposed to declare the HSN code. New GST Return - Overview, Updates - Learn about important changes in New GST Returns prototype. The Main Return will be generated by the GST system based on the information available in Annexures and some sections will be kept editable for the taxpayer to fill or update if required. For small taxpayers, their first GST RET-01 will need to be filed for the quarter of October-December 2019. CATEGORY 1 – RETURN FILLING SYSTEM FOR TURNOVER BELOW 5 CRORE. The Form PMT-08 is for payment of self-assessed tax under the new GST returns. The pain point during the transition is that the taxpayer must get used to new features such as the upload of invoices in GST … Implementation in New GST Return System Under the new return system, there will be auto-population of key details in returns. Small taxpayers can choose between monthly or quarterly filing under the New GST Return system. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. Thus, the taxpayers having an annual turnover of upto 5 Crores have the option to either file monthly return or quarterly return. Find the key differences in reporting of Inward supplies and claiming of ITC in Old vs New GST Return Filing System. Small business taxpayers (under general circumstances) furnish 3 monthly and one annual return. The government plans to improve existing GST return filing system and dumps the new GST Return System. The new GST return system will have three main components – one Main Return (FORM GST RET-1) two Annexure, i.e. It contains details of the outward supplies, i.e. Read to know about Sahaj form in detail. Small Tax payers . GST ANX-2 (Annexure of Inward Supplies) will report details of all. Posted by Rohit Kapoor | Jan 21, 2020 | 0. As per the new process, taxpayers will need to upload the details of outward supplies and certain inward supplies as part of Annexure. of the new return system. Information on the ITC is reflected in GSTR-2A. Credit note & debit note in the new GST returns will have some changes in the way it was reported in GSTR-1 and GSTR-3B. The most important feature of the New System is that the recipient will be able to claim ITC on a provisional basis if the supplier fails to upload invoices or file his return, which will not … Taxpayers under the present return system will need ample time to adapt to the new GST return system. Taxpayers considered small if turnover is up to Rs 1.5 crore in the preceding financial year, otherwise considered large taxpayers, Taxpayers considered small if turnover is up to Rs 5 crore in the preceding financial year, otherwise considered large taxpayers, Multiple return forms to be filed depending on the category of taxpayers, such as -, A single simplified main return form GST RET-1 containing 2 annexures GST ANX-1 and GST ANX-2 to be filed by all categories of taxpayers, Revenue invoices can be uploaded only at the time of filing of returns of outward supplies, A mechanism for the continuous upload of revenue invoices on a real-time basis, Input tax credit could be claimed on a self-declaration basis, Input tax credit can be claimed based on invoices uploaded by the supplier, Missing invoices and amendments, if any, could only be made in the return of the following tax periodÂ, Missing invoices and amendments, if any, can be made by filing an Amendment Return, Taxpayers have to file GST returns until their registration has been cancelled, even if an application for cancellation of registration has been submitted, Registration will now be suspended, in cases where a taxpayer has applied for cancellation of registration, and returns will not need to be filed for this period. With this demo version of the prototype, a taxpayer will be able to navigate across different pages. The government of India and the GST Council has introduced the GST 2.0- A New Filing System in order to simplify the GST return filing process. The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers. Consolidated Credit/Debit Note details can be given under the new return system. In this blog, we will discuss in detail what these new return forms are, the difference between the existing and new returns, implementation schedule of new returns since these will be implemented in a phased manner and the intended benefits of the new return forms. 5 crores and have only B2C, B2B supplies and inward supplies attracting reverse charge can file this return. 5 crores can file this return by 25th of the month succeeding quarter. Under the new return system, decided to be implemented from 1 st April 2020, the proposed main return called FORM GST RET-1 will contain details of all outward supplies, availed input tax credit, and payment of taxes, along with interest and late fees, if any. ICAI Released RTP for CA Intermediate/IPCC May 2020 Examination, Online facility for seeking change of Centre/Group/Medium for appearing in CA Exams, Recent Changes in GST which you Must be Aware of, ICAI Notification-Exemption From Orientation and ITT, Concerns of Students Related To Cancellation Of CA Exams, A Young Woman Chartered Accountant Committed Suicide In Surat, Equalisation Levy Digital Taxation: BEPS Action Plan 1, Depression among the Chartered Accountancy Students, Important Announcement: OPT-OUT Scheme Further Extended By ICAI. Accepted documents shall not be available for amendment at the corresponding supplier’s end. Know about the contents of the new return format and its annexures. 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