New GST Returns.

1. Firstly if the Turnover during the preceding financial year is more than Rs. 5 Crores, then the assessee by default has to file monthly returns.

2. If the Turnover is less than Rs 5 crores then the assessee has an option available to choose Monthly or Quarterly Returns.

3. If you have chosen quarterly option, then you will have a choice to opt for Normal, Sahaj or Sugam.

4. There are three types of Returns.

Sugam Return -“GST RET – 3” B2C supply only

Nil rated, exempted or Non-GST supply allowed

Supply Not Allowed through E- Commerce operator

Cannot take ITC on missing invoices

Quarterly Filing

Note: Eligible for filing quarterly return if newly registered for GST or aggregate annual turnover was less than Rs.5 crores in the previous financial year

Sahaj Return “GST RET – 2” B2B or B2C supply only

Need not reported nil rated, exempted or Non-GST supply allowed

Supply not allowed through E -Commerce operator

Cannot take ITC on missing invoices

Quarterly Filing

Note: Eligible for filing quarterly return if newly registered for GST or aggregate annual turnover was less than Rs.5 crores in the previous financial year

Normal Return “ GST RET-1” Any type of supply (including Exports, Imports, Supplies to SEZ units and deemed exports)

Supply allowed through E-Commerce operator

Can take ITC on missing invoices

HSN Code (6 Digits) is Compulsory

a) for Organisation having turnover of more than 5 crore

b) in relation to exports, imports and SEZ supplies even if turnover is less than 5 crore

Quarterly or Monthly Filing

Note: Eligible for filing quarterly return if newly registered for GST or aggregate annual turnover was less than Rs.5 crores in the previous financial year .

Annexure to be filed on monthly basis even if return is chosen quarterly

GST Anx – 1 ( equivalent to GSTR1)- all the outward supplies and inward supplies attracting reverse charge) has  to be filed on monthly basis.

GST PMT 08- Tax must be paid on monthly basis even if return is chosen quarterly

Other Annexures

GST Anx-2 (equivalent to GSTR 2 )-all the Inward supplies will be auto-populated from supplier  GST Anx-1 

FORM GST ANX- 1A – Amendment to FORM GST ANX-1

FORM GST RET-1A/2A/3A- Amendment to FORM GST RET-01/02/03

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