Thus, the taxpayers having an annual turnover of upto 5 Crores have the option to either file monthly return or quarterly return. Consolidated Credit/Debit Note details can be given under the new return system. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. Now below is a tabular presentation of the returns under the new system. Form GST ANX- 1 and Form GST ANX-2. Returns will be filed monthly except for small taxpayers who can opt to file returns quarterly. Government dumps new GST Return System. 5 crores can file this return by 25th of the month succeeding quarter. Taxpayers whose turnover in preceding FY up to Rs. There would be a main return called FORM GST RET-1 and 2 annexures FORM GST ANX-1 (Annexure of Supplies) and FORM GST … 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. NEW GST RETURN FILLING SYSTEM FROM 01-01-2021. This offline tool has also been introduced to get feedback from the users. tax payers with turnover of more then 5 Crore in the previous year, shall file their monthly GST ANX-1 from October 2019. Small Taxpayer need to file these returns on Quarterly bases while Large … 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. Let's look at the advantages and disadvantages associated with it. The government plans to improve existing GST return filing system and dumps the new GST Return System. 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. The old system got revised due to the need for a single, simple and concise return form which will take the place of multiple return forms of complex nature that are currently being filed by taxpayers. The GSTN has introduced Demo offline tools of new return, option for amendment return, availing ITC, uploading invoices online and watch our video to know all about New GST Returns. Applying for GST return got simpler-. However, the look and feel of the offline tool would be the same as that of the online portal. Download ClearTax App to file returns from your mobile phone. In other words, the New GST Return System … RET-1 needs to be filed based on Form GST ANX-1 and Form GST ANX-2. This the simplified return system for the taxpayer for easy filling of GST returns. Under the new return system, a taxpayer will be allowed to file two amendment returns for each tax period. Under the new GST return system, there will be one GST RET-1 and its two annexure GST ANX-1 and GST ANX-2. 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. These invoices will be available for availing ITC in the return which is filed by the recipient. A detailed guide on FORM GST RET-1, the main return under the new filing system. As per the decision taken at the 37th GST Council Meeting, the new GST return system for all taxpayers and for all forms will be implemented from April 2020. 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. 5 crores and have only B2C, B2B supplies and inward supplies attracting reverse charge can file this return. 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. 5 crores come … Check Out | Recent Changes in GST which you Must be Aware of. Find the key differences in reporting of Inward supplies and claiming of ITC in Old vs New GST Return Filing System. Focus area for Quarterly Return Filers-. With this demo version of the prototype, a taxpayer will be able to navigate across different pages. The new GST return system comprises of three main components: FORM GST RET-1/2/3; FORM GST ANX-1; FORM GST ANX-2; Eligibility for New GST Returns. Roadmap to new returns system: Large Tax Payers. 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. 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. But all the specified features are not enabled in prototype returns. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. The pain point during the transition is that the taxpayer must get used to new features such as the upload of invoices in GST … Know about the contents of the new return format and its annexures. Here are the steps for filing FORM GST ANX-1 offline. E-way Bill: Changes Introduced In The New Return System Under GST, Invoice Management Under the New GST Returns : Viewing, Locking, Pending, Missing, New GST Return Anx-2 Matching Tool: How To Use The Matching Tool, How to prepare FORM GST ANX-1 Offline using the prototype ANX-1 Offline Tool, Steps to Take Action in GST ANX-2 using the GST New Return Offline Tool, FORM GST RET-1A - Amendment Return To FORM GST RET-1, New GST Returns - Overview, Important Changes, ITC, Amendments, Offline Tool, Form GST RET-1: How To File A Detailed Return, Advantages/Disadvantages of the Simplified Return Forms, Transition Plan to the New GST Return by the Ministry of Finance, GSTN releases the New Return Prototype - demoofflinetool.gst.gov.in, I would like to get latest GST & Tax updates on, Forms to be filed under the New GST Return System, Differences between Current Vs New GST Return Systems, Transition plan to the New GST Return System, Important Changes introduced in the New GST Return System, Upload of Invoices under the New GST Return System, Input Tax Credit (ITC) under the New GST Return System, Amendment Returns under the New GST Return System, This page is best viewed in Chrome, Firefox or IE 11. No GSTR 1 … New GST Returns. Read to know terms like a pending invoice, missing invoice. And as per the leading business daily that quotes sources familiar with the … In the case of small taxpayers. From October 2019 onwards, the current Form GSTR-1 will be replaced by new return FORM GST ANX-1. The recipient can accept/reject or keep the invoices pending, but he cannot edit the invoices as in earlier Return regime. 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). There will be 1 mandatory GST return under this new system GST RET-1 & Annexure i.e. Taxpayers whose turnover in preceding FY up to Rs. Annexure 1 will contain details of all outward supplies, inward supplies liable to reverse charge and the import of goods and services. 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. 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 new GST return system will have three main components – one Main Return (FORM GST RET-1) two Annexure, i.e. For tax liability, the outward supply information as uploaded till 20th of the subsequent month will be considered. Here are the steps to upload data in GST ANX-1 using the offline tool. GST returns are a detailed report of the sales and purchases made along with tax collected or paid. To amend any specific value of a locked invoice, either a supplier will have to raise a debit/credit note, or a supplier can seek the help of the recipient in unlocking the invoice so that he will be able to make an amendment by filing an amendment return. The transition plan that was previously announced was as follows: From July to September, during the trial phase, taxpayers will continue to file their GSTR-1 and GSTR-3B returns as per the current system in place. © 2021 ‐ Defmacro Software Pvt. FORM GST RET-1A - Taxpayers can amend their returns under the New Return System. Inward supplies which are liable to RCM has to be declared in GST ANX-1 at the GSTIN level, by the recipient of supplies. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. As we already know that new returns are going to replace the old ones.Under new regime of GST Return system, first of all we have to categorize the tax payers on the basis of previous year's turnover. 5 crores will be required to monthly return by 20th of next month and those with aggregate turnover up to Rs. The government plans to improve existing GST return filing system and dumps the new GST Return System. The suppliers GSTR-1 invoices get populated into GSTR-2A of the recipient. The concept of B2C-L has been removed. 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. The new GST return system will come into action from October 2020 onwards. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. In this article, we will discuss the essential pointers a taxpayer needs to note when it comes to the New GST returns. The New GST Return offline tool has been launched on a trial basis from July 2019. sales. Ltd. New GST return system will change the system of invoice management and declaration process. Please share the blog with your friends also. However, GSTR-3B will still need to be filed up to November 2019. An invoice uploaded by the supplier within the 10th of the following month will be visible continuously for the recipient. In order to allow businesses to get used to new returns, a trail functionality has been enabled on the GST common portal. 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. 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. However Small taxpayers whose turnover in the previous financial year was up to 5 crores will upload their first Quarterly FORM GST ANX-1 only in January 2020 for Quarter Oct-Dec 2019. Let us know the GST Sugam returns in detail. 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. The GST Council in its 31st meeting, announced that this new return system would be introduced on a trial basis from April 1, 2019 and will be made mandatory from July 1, 2019. It was then decided that a new Return System under GST would be introduced for taxpayers in the 31st GST Council Meet. Find the comparison between Old vs New GST Returns Filing System. of the new return system. Here is all you need to know on transitioning to the New Return System from the current system. As per the new process, taxpayers will need to upload the details of outward supplies and certain inward supplies as part of Annexure. ; An auto-drafted Annexure, which will primarily include the B2B purchase transactions and other tax credits will be made available by the GST system. When the recipient’s GSTIN is filled incorrectly by the supplier, the invoice will be visible for a taxpayer who is not the receiver of such supplies. A recipient can report missing invoices at an invoice level (that is when a supplier has not uploaded an invoice in T+2 period). Currently, there are 3 types of New GST Returns GST RET-1 (Normal) GST RET-2 (SAHAJ) GST RET-3 (SUGAM) New GST return forms from 1st April, 2020 As per the decision taken at the 37th GST Council Meeting, the new GST return system for all taxpayers and for all forms will be implemented from April 2020. 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. Below are some of the benefits of simplified returns which makes its introduction a necessary move: Simplified returns are … 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. GST ANX-2 - The Matching Tool will automatically compare the purchase register and data uploaded by the supplier. 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. Filling PART A of Questionnaire of GST ANX-1 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 trial phase will be for users to familiarise themselves with the annexure forms of the new return system. 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. New GST Return system will be developed for the Taxpayer by GSTN as decided in the 31st GST Council meeting. 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. This can be done on a continuous basis, i.e. An overview of the key terms and processes that are distinguishing under the New GST returns are explained here. NEW DELHI: GST officers will immediately suspend registration of taxpayers whose sales return or GSTR-1 forms show "significant differences or anomalies" from the return filed by their suppliers, a move aimed at curbing tax evasion and safeguarding revenues. This transition plan will be carried out in a phased manner. Here are the steps to download the utility and generate the GSTR-9C JSON file offline, then upload and file form GSTR-9C on the GST portal. 5 crores and have only B2C supplies and inward supplies attracting reverse charge can file this return. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Invoices that are uploaded by the supplier after the 10th of the following month will get posted in the concerned field of the recipient’s return of the subsequent month, however, the viewing facility will be on a continuous basis. The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers. We have tried to present the New GST Return System in a summarised manner. Reverse Charge Mechanism (RCM) comparison between old and new GST returns filing system, there are some changes in reporting supplies under reverse charge mechanism (RCM). 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. as and when an invoice is booked or accounted for by the taxpayer. The council made a recommendation to implement this new system in a phased manner from October 2019 to facilitate taxpayers. 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. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. This return form will have two annexures, namely, FORM GST ANX … Here are the steps to download and install the Offline Tool. In order to ease the transition to the new return system, a transition plan has been worked out. Learn about the differences with example. Comparison Analysis: Old vs New GST Return System - Reporting of Exports, Zero-rated Supplies & Deemed Exports, Comparison Between the Old & New GST Return System: 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. Under the new return system, there will be auto-population of key details in returns. Government dumps new GST Return System. Know the forms, procedure and impact. 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. FORM GST ANX-2 is the annexure for inward supplies under the main return FORM GST RET-1. Know about the contents and instructions on filing FORM GST ANX-2. A Chartered Accountant by Profession and Writer by Passion. 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.. Small business taxpayers (under general circumstances) furnish 3 monthly and one annual return. Which return is applicable? 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. 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). This return will contain two annexure forms namely GST ANX-1 and GST ANX-2.Â. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). HSN will be captured at the invoice unlike in the earlier GST return system. 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. Here are the key differences in reporting of exports, supplies to SEZ and deemed exports. The Large Taxpayer will file their First GST RET-1 for the month of December 2019 by 20th January 2020. Comparison Analysis Quarterly vs Monthly GST Returns. In case an amendment needs to be made to a particular invoice, the supplier will have to issue a debit or a credit note. We will begin by a tabular presentation about returns under the existing scheme. The Form PMT-08 is for payment of self-assessed tax under the new GST returns. Compare old vs new GST return filing system, there are some additions and changes in reporting of outward supplies and tax liabilities. 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. 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: The government on Tuesday announced that the new and simplified Goods and Services Tax (GST) return forms will roll-out from April 1. The New GST Return System will begin on Trial Basis July 2019 and has been deferred to April 2020. The new GST return system will come into action from October 2020 onwards. 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. Availing of ITC will depend on uploading of invoices or debit notes by the supplier, within the stipulated time frame. Implementation in New GST Return System Under the new return system, there will be auto-population of key details in returns. GST ANX-1 & GST ANX-2. The turnover limit for quarterly filers (small taxpayers) will be considered as Rs 5 crore versus the present limit of Rs 1.5 crore. The new GST return system will have three main components – one Main Return (FORM GST RET-1) two Annexure, i.e. The Goods and Services Tax Network had shared a prototype of the offline tool in May, 2019, an official statement said on Tuesday. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. The taxes payable thereafter which can be claimed as ITC will be posted in the ITC table of the recipient’s return before the 11th of the following month. 1. There would be capturing of place of supply at document level which shall ensure smooth settlement of IGST. The Suppliers ANX-1 invoices get auto-populated in ANX-2 of the recipient. The new system was supposed to be launched on 1 October this year. 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 government has already provided the prototype of the new GST return system. A large taxpayer with previous financial year turnover more than 5 crores will upload their monthly Form GST ANX-1 from October 2019 onwards. HSN will be captured at the invoice unlike in the earlier GST return system. 2.Why New GST return system? 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. In case ITC is available in the taxpayer’s electronic credit ledger (ECL), it can be utilised for paying the liability in the amendment return. The current GST return filing system (GSTR 1, 2A and 3B) is operational until 30 September 2020. An E-Way bill is an electronic way bill for the movement of goods. The GST council introduced new quarterly returns called Sahaj & Sugam in 27th GST council meeting. The council made a recommendation to implement this new system in a phased manner from October 2019 to facilitate taxpayers. The GST council revealed a new system on May 24, 2018 designed to reduce the complexity of GST filing and excessive documentation. The new system will feature only one main return called the GST RET-1, which will comprise of 2 annexures – GST … We will be more than happy to respond. Plus, making a reconciliation of GSTR-1 and GSTR 3B form for big taxpayers became a tedious job. From October 2019, GST ANX-1 will need to be filed by large taxpayers, which will replace the GSTR-1 return. In this article let's cover the most emphasized facts about the changes brought to Invoicing under the new system, how to manage the invoices, involved processes, … For the separate filing of GST RET1/2/3 in a phased manner from October 2020 onwards will. Large taxpayer will be replaced by new return system, there will be allowed file... 1.Jan.2020, however due to practical difficulties date further extend to 1.April.2020 business registered for Goods & tax! Unlike in the previous year 's turnover is more than Rs the import of Goods and Services invoices auto-populated... With previous financial year turnover more than 5 crores can file this return main. 1 – return FILLING system for the quarter of October-December 2019 the return... Any point please ask in the earlier GST return, click here comment.! 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