The new GST return system will be implemented from October 2020. Here are the measures taxpayers can take to ensure that their vendors file their GST returns on time, under the new GST return system. Form GST ANX- 1 and Form GST ANX-2. These returns would require lesser information to be declared as when compared to a regular taxpayer. 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. To make the task of rejecting invoices hassle-free, the matching IT tool will have the option to create a recipient/seller master list via which the correct GSTIN can be identified. Under new GST return system, the main return FORM RET-1 will have 2 annexures. No GSTR 1 … The Form PMT-08 is for payment of self-assessed tax under the new GST returns. The Large Taxpayer will file their First GST RET-1 for the month of December 2019 by 20th January 2020. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. There are several challenges in the implementation of the new GST return system. New GST Returns. 5 crores can file this return by 25th of the month succeeding quarter. In this article, we will discuss the essential pointers a taxpayer needs to note when it comes to the New GST returns. The council made a recommendation to implement this new system in a phased manner from October 2019 to facilitate taxpayers. Taxpayers whose turnover in preceding FY up to Rs. In case an amendment needs to be made to a particular invoice, the supplier will have to issue a debit or a credit note. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Now below is a tabular presentation of the returns under the new system. This return will contain two annexure forms namely GST ANX-1 and GST ANX-2.Â. Consolidated Credit/Debit Note details can be given under the new return system. The new GST return system will come into action from October 2020 onwards. The trial phase will be for users to familiarise themselves with the annexure forms of the new return system. Know more about the reporting requirements under new GST returns, Compare between the old and new GST return system to know about changes in reporting of Supplies from Special Economic Zone (SEZ). 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. The taxpayer creates a challan on the portal, and deposit cash and this cash payment by the taxpayer gets populated in the electronic cash ledger of the taxpayer, GSTR-3B is the consolidated summary of return of inward and outward supplies. As per the new process, taxpayers will need to upload the details of outward supplies and certain inward supplies as part of Annexure. This can be done on a continuous basis, i.e. There will be 1 mandatory GST return under this new system GST RET-1 & Annexure i.e. Let's look at the advantages and disadvantages associated with it. Authorities will calculate tax liability based on the filed returns. The Government has launched the New Filing System under GST on a trial basis. From December 2019, large taxpayers will have to start filing GST RET-01, the main return under the new return system. ; An auto-drafted Annexure, which will primarily include the B2B purchase transactions and other tax credits will be made available by the GST system. Users can learn how to take action in FORM GST ANX-2 offline tool. GST ANX-2 - The Matching Tool will automatically compare the purchase register and data uploaded by the supplier. The new GST returns proposed to be introduced on 1 st October,2020, aims to drastically reduce the complexities attached to GST compliance in the current day. There would be a main return called FORM GST RET-1 and 2 annexures FORM GST ANX-1 (Annexure of Supplies) and FORM GST … 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 suppliers GSTR-1 invoices get populated into GSTR-2A of the recipient. inward supplies. Thus, the taxpayers having an annual turnover of upto 5 Crores have the option to either file monthly return or quarterly return. Compare old vs new GST return filing system, there are some additions and changes in reporting of outward supplies and tax liabilities. Large Taxpayers 2. The old return system has many complications regarding Input tax credit and amendments. A large taxpayer with previous financial year turnover more than 5 crores will upload their monthly Form GST ANX-1 from October 2019 onwards. they will need to pay taxes using PMT-08, which will replace their GSTR-3B return. 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 in GST RET-1. New GST Return System Focus area for Monthly Return Filers-. Now below is a tabular presentation of the returns under the new system. 2.Why New GST return system? Government dumps new GST Return System. Download ClearTax App to file returns from your mobile phone. Availing of ITC will depend on uploading of invoices or debit notes by the supplier, within the stipulated time frame. Amendment of a GST invoice will be allowed only if ITC has not yet been availed by the recipient. Here are the key differences in reporting of exports, supplies to SEZ and deemed exports. As per the latest press release, dt: 11th June 2019, It has been decided as under: Large tax payers, i.e. An invoice on which ITC has already been availed by a recipient will be considered a locked invoice, and will not be open for amendments. Small Tax payers . Taxpayers under the present return system will need ample time to adapt to the new GST return system. Accepted documents shall not be available for amendment at the corresponding supplier’s end. 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. The taxpayer has to use the latest technologies to overcome those issues. The main reasons for the introduction of this new return filing mechanism, i.e., Goods and Service Tax 2.0, by the government include simplification of tax procedures, evade & control tax evasion, and increase compliance. RET-1 needs to be filed based on Form GST ANX-1 and Form GST ANX-2. According to the notification released by CBIC: As per the conclusions driven by the 37th GST Council meeting (held on 20 September 2019… MSMED Act fixes a maximum credit period to pay MSME vendors. Under this New Return System, there will be one main return, The main return GST RET-1 will contain details of all supplies made, input tax credit availed, and the payment of taxes, along with interest, if any. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. GST return filing is generally done either on a quarterly or annual basis. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, 1 click auto-fill GSTR-3B with G1 & 2B data. ClearTax is a product by Defmacro Software Pvt. Most of these details will be auto-drafted from the details uploaded by the suppliers in their GST ANX-1. These returns would require lesser information to be declared as when compared to a regular taxpayer. Learn about the differences with example. Invoice level liability gets declared in GSTR-1. Find the key differences in reporting of Inward supplies and claiming of ITC in Old vs New GST Return Filing System. Credit note Debit note Reporting under New GST Returns, New MSME Act and its Effect on the Payment Cycle Under the New GST Returns, Forms under New GST Returns for claiming refund on Exports, Comparison Between the Old & New GST Return System - Miscellaneous, Comparison between Old and New GST returns - Refunds, Comparison Between the Old & New GST Return System - Supplies from Special Economic Zone (SEZ), Comparison Between the Old & New GST Return System - Supplies Under Reverse Charge Mechanism (RCM). The recipient of supplies will be able to take action on these auto-drafted documents, which will be available to them on a real-time basis. 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 case ITC is available in the taxpayerâs electronic credit ledger (ECL), it can be utilised for paying the liability in the amendment return. Continue to read this article to know in detail about the form. 5 crores come … The arrival of the New GST Return System & e-invoicing in the near-future spectated to be implemented by October 2020, has raised the requirement of taking the management of Invoices into deliberation.. Filling PART A of Questionnaire of GST ANX-1 GSTN has released the trial version of New Return Offline Tool with Form GST ANX-1, Form GST ANX-2 (with a matching tool built-in) and a template for Purchase Register which can be used to import data for purchase register. From October 2019 onwards, the current Form GSTR-1 will be replaced by new return FORM GST ANX-1. 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. The New Return System has been launched on a trial basis and the prototypes released. Large Taxpayers: Those taxpayers whose previous year's turnover is more than Rs. New GST returns have brought changes to the reporting of various particulars like using HSN codes, TDS, TCS for e-commerce operators and Advances received. In other words, the New GST Return System … Government dumps new GST Return System. We will begin by a tabular presentation about returns under the existing scheme. Know about the contents and instructions on filing FORM GST ANX-2. The important details that need to be declared in Form GST ANX-1 are Outward Supplies, Inward supplies attracting reverse charge and details of Import of Goods and Services. From October 2019 onwards, the current Form GSTR-1 will be replaced by new return FORM GST ANX-1. It is the Monthly/Quarterly return that should be filed by every registered dealer. The Suppliers ANX-1 invoices get auto-populated in ANX-2 of the recipient. The taxes payable thereafter which can be claimed as ITC will be posted in the ITC table of the recipientâs return before the 11th of the following month. New GST Return System has been launched on a trial basis. The recipient can accept/reject or keep the invoices pending, but he cannot edit the invoices as in earlier Return regime. Comparison Analysis: Old vs New GST Return System - Reporting of Exports, Zero-rated Supplies & Deemed Exports, Comparison Between the Old & New GST Return System:Â Outward Supplies and Other Tax Liabilities, Comparison Analysis: Old vs New GST Return System - Reporting of Inward Supplies and ITC, How to Upload Data in GST ANX-1 using the GST New Return Offline Tool, How to Download and Install the New GST Return Offline Tool. Here are the steps to download and install the Offline Tool. tax payers with turnover of more then 5 Crore in the previous year, shall file their monthly GST ANX-1 from October 2019. Form GST ANX-1 will require details of all the transaction on which tax is liable to be paid. An invoice which has been uploaded by a supplier, however one of the following scenarios applies to that invoice: An invoice in such cases will be marked pending by the recipient, and no ITC will be availed by a recipient on these pending voices.Â. The new GST return system will have three main components – one Main Return (FORM GST RET-1) two Annexure, i.e. 5 crores and have only B2C, B2B supplies and inward supplies attracting reverse charge can file this return. If there is a huge volume of invoices, it may not be practical to lock in individual invoices, and in such cases, deemed locking of invoices will be done on those invoices uploaded which are neither rejected nor have been kept as pending by recipient. To ease the filing process, the GST Council this year agreed to launch new forms with simplified steps to file indirect tax returns. The turnover limit for quarterly filers (small taxpayers) will be considered as Rs 5 crore versus the present limit of Rs 1.5 crore. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Ltd. Let us know the GST Sugam returns in detail. The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) … 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. New GST Return - Overview, Updates - Learn about important changes in New GST Returns prototype. However, the look and feel of the offline tool would be the same as that of the online portal. 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. Taxpayers whose turnover in preceding FY up to Rs. Small business taxpayers (under general circumstances) furnish 3 monthly and one annual return. This system was proposed to be implemented from 1.Jan.2020, however due to practical difficulties date further extend to 1.April.2020. 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