The GST council announced the new GST quarterly returns for small taxpayers known as Sahaj & Sugam. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. 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. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. What is the new GST return filing system? 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. FORM GST ANX-2 is the annexure for inward supplies under the main return FORM GST RET-1. 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 turnover limit for quarterly filers (small taxpayers) will be considered as Rs 5 crore versus the present limit of Rs 1.5 crore. An incorrectly locked invoice can be unlocked by the recipient online, subject to a reversal of ITC claim made, and an online confirmation thereafter.Â. It was then decided that a new Return System under GST would be introduced for taxpayers in the 31st GST Council Meet. GST ANX-1 (Annexure of Outward Supplies) is for reporting details of all outward supplies, inward supplies liable to reverse charge, and import of goods and services, that will need to be reported invoice-wise (except for B2C supplies) on a real-time basis. HSN will be captured at the invoice unlike in the earlier GST return 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). For tax liability, the outward supply information as uploaded till 20th of the subsequent month will be considered. Important Changes introduced in the New GST Return System Harmonized System of Nomenclature ( HSN) code will be needed in order to submit details at a document level (on the... A user will also get HSN via his GST ANX-2, wherever a supplier was supposed to declare the HSN code. This the simplified return system for the taxpayer for easy filling of GST returns. However, the look and feel of the offline tool would be the same as that of the online portal. 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. inward supplies. 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. The new GST return system will have three main components – one Main Return (FORM GST RET-1) two Annexure, i.e. Small taxpayers can choose between monthly or quarterly filing under the New GST Return system. 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). New system basically consist one main return in form GST RET-1 which includes summery of all the supplies made, input tax credit availed along with details of payment of tax and interest etc. © 2021 ‐ Defmacro Software Pvt. This return will contain two annexure forms namely GST ANX-1 and GST ANX-2.Â. 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. The taxpayer has to use the latest technologies to overcome those issues. To know more about the transition into the New Return System, click here. 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. 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. A Chartered Accountant by Profession and Writer by Passion. The new system was supposed to be launched on 1 October this year. New GST Return System Focus area for Monthly Return Filers-. The new system will feature only one main return called the GST RET-1, which will comprise of 2 annexures – GST … Large Taxpayers 2. New GST Return - Overview, Updates - Learn about important changes in New GST Returns prototype. We have tried to present the New GST Return System in a summarised manner. The new system was supposed to be launched on 1 October this year. Availing of ITC will depend on uploading of invoices or debit notes by the supplier, within the stipulated time frame. The New Return System has been launched on a trial basis and the prototypes released. Download ClearTax App to file returns from your mobile phone. The government plans to improve existing GST return filing system and dumps the new GST Return System. 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. Taxpayers whose turnover in preceding FY up to Rs. Ltd. And as per the leading business daily that quotes sources familiar with the … The GST council revealed a new system on May 24, 2018 designed to reduce the complexity of GST filing and excessive documentation. 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. FORM GST RET-1A - Taxpayers can amend their returns under the New Return System. 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. Comparison Analysis Quarterly vs Monthly GST Returns. 5 crores come … The new GST return system will come into action from October 2020 onwards. 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. GST ANX-1 & GST ANX-2. GST ANX-2 - The Matching Tool will automatically compare the purchase register and data uploaded by the supplier. In other words, the New GST Return System … Information’s to be provided in new GST returns form. Here is all you need to know on transitioning to the New Return System from the current system. From October 2019, GST ANX-1 will need to be filed by large taxpayers, which will replace the GSTR-1 return. FAQs for different business type-. New simplified return forms will be introduced in the second half of FY 2019. 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. 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 GST council in 31st meeting recommended the introduction and implementation of a new GST return system. The New GST Return System will begin on Trial Basis July 2019 and has been deferred to April 2020. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. The Goods and Services Tax Network had shared a prototype of the offline tool in May, 2019, an official statement said on Tuesday. 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. Here are the steps to download and install the Offline Tool. Form GST ANX- 1 and Form GST ANX-2. HSN will be captured at the invoice unlike in the earlier GST return system. The details of the indicative transition plan are as follows: – No GSTR 1 … CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. 5 crores and have only B2C, B2B supplies and inward supplies attracting reverse charge can file this return. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. The present return filing system (GSTR-1, 2A & 3B) will continue until September 2020. New GST Return System originally planned. According to the notification released by CBIC: As per the conclusions driven by the 37th GST Council meeting (held on 20 September 2019… 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. It is the Monthly/Quarterly return that should be filed by every registered dealer. 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. As per the latest press release, dt: 11th June 2019, It has been decided as under: Large tax payers, i.e. A recipient will have the option to lock in an invoice, if he agrees with the details reported in that invoice. 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. 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. The New GST Return offline tool has been launched on a trial basis from July 2019. 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 … Consolidated Credit/Debit Note details can be given under the new return system. This can be done on a continuous basis, i.e. Here are the key differences in reporting of exports, supplies to SEZ and deemed exports. 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. Current Update related to GST return filing system dated 14 March 2020 Implementation of new and modified GST return system from October 2020. In a fresh upsurge to implement the new return system, Government has recently released the draft new return forms. Accepted documents shall not be available for amendment at the corresponding supplier’s end. There will be provision for the amendment of the return under the new GST return system. If you have any doubt at any point please ask in the comment box. Consolidated Credit/Debit Note details can be given under the new return system. Most of these details will be auto-drafted from the details uploaded by the suppliers in their GST ANX-1. Know about the integration of GST returns with E-Way bills under the New Return System. RET-1 needs to be filed based on Form GST ANX-1 and Form GST ANX-2. The recipient can avail and utilize this ITC for tax payment. The pain point during the transition is that the taxpayer must get used to new features such as the upload of invoices in GST … Under the new return system, a taxpayer will be allowed to file two amendment returns for each tax period. The new GST return system will come into action from October 2020 onwards. The Government has launched the New Filing System under GST on a trial basis. ClearTax is a product by Defmacro Software Pvt. An invoice uploaded by the supplier within the 10th of the following month will be visible continuously for the recipient. The Taxpayers whose turnover in the preceding FY was above Rs. Invoices that are uploaded by the supplier after the 10th of the following month will get posted in the concerned field of the recipientâs return of the subsequent month, however, the viewing facility will be on a continuous basis. The new GST return system is expected to be implemented with effect from October 2020 for all category of taxpayers. These returns would require lesser information to be declared as when compared to a regular taxpayer. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. 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. New GST Return system will be developed for the Taxpayer by GSTN as decided in the 31st GST Council meeting. The Large Taxpayer will file their First GST RET-1 for the month of December 2019 by 20th January 2020. The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers. In the case of small taxpayers. To learn more about the advantages associated with the simplified GST return, click here. 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. Monthly vs. Quarterly GST Returns â A Comparison Analysis: What Should Small Taxpayers Opt For? 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. 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. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Find the key differences in reporting of Inward supplies and claiming of ITC in Old vs New GST Return Filing System. The GST council in 31st meeting recommended the introduction and implementation of a new GST return system. Invoice level liability gets declared in GSTR-1. In this article, we will discuss the essential pointers a taxpayer needs to note when it comes to the New GST returns. New GST return system is simplified form of filing return by taxpayer, where taxpayer need to file only a single return along with its annexures (ANX-1 & ANX-2). From December 2019, large taxpayers will have to start filing GST RET-01, the main return under the new return system. This offline tool has also been introduced to get feedback from the users. 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. The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) … 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 suppliers GSTR-1 invoices get populated into GSTR-2A of the recipient. Small business taxpayers (under general circumstances) furnish 3 monthly and one annual return. Learn about the differences with example. To ease the filing process, the GST Council this year agreed to launch new forms with simplified steps to file indirect tax returns. Read to know terms like a pending invoice, missing invoice. Large Taxpayers: Those taxpayers whose previous year's turnover is more than Rs. 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