NEW GST RETURNS

The new GST returns would be implemented on a pilot basis from April 1, 2019 and will be made mandatory from July 1, 2019 according to the decision by the GST Council. Since the new returns would be run on a pilot basis, the existing return formats (i.e. GSTR-3B) will be continued to be filed for the quarter 1, FY 2019-20 vide notification no. 13/2019-Central Tax ,dt. 07-03-2019.

Periodicity of filing new returns and there types:

1. Periodicity of filing return will be monthly by default.

2. Change in periodicity from monthly to quarterly and vice versa will be allowed only once at the time of filing of first return. If once chosen then it cannot be changed for rest of the financial year and can be changed only at the time of filing of first return of the next financial year.

3. Three types of Returns:

Normal (Monthly or quarterly)

Sugam (Quarterly)

Sahaj (Quarterly)

APPLICABILITY AND REPORTING UNDER NEW GST RETURN FORMS (w.e.f. 01st April 2019)

Type of Return

Normal or Form GST RET-1 (Monthly or quarterly)

Sugam or Form GST RET- 3 (Quarterly)

Sahaj or Form GST RET-2 (Quarterly)

Cases

Whether filing applicable

Whether reporting required

Whether filing applicable

Whether reporting required

Whether filing applicable

Whether reporting required

B2C supplies

Yes

Yes Yes Yes Yes

Yes

B2B supplies

Yes

Yes Yes Yes No

No

Inward supplies attracting RCM

Yes

Yes Yes Yes Yes

Yes

Nil rated, exempted or Non GST supplies

Yes

Yes Yes No Yes

No

Zero rated (Exports)

Yes

Yes No No No

No

Supplies through Ecommerce operators

Yes

Yes No No No

No

Input tax credit of missing invoices

Allowed

Not Allowed

Not Allowed

Aggregate turnover as basis of choosing the periodicity

If the aggregate turnover during the preceding financial year is upto  ₹ 5.00 Crores the taxpayer has the option to file return (namely Sahaj or Sugam or Normal) on a quarterly basis.

Switching of returns, as per the applicability and reporting requirements will be allowed in the beginning of any quarter in a FY and as follows:

Switching of return type
From To No. of times allowed in a Financial Year
Normal (Monthly or quarterly) Sugam (Quarterly) Only Once in the beginning of any quarter
Normal (Monthly or quarterly) Sahaj (Quarterly) Only Once in the beginning of any quarter
Sugam (Quarterly) Sahaj (Quarterly) Only Once in the beginning of any quarter
Sahaj (Quarterly) Sugam (Quarterly) More Than Once, in the beginning of any quarter
Sahaj (Quarterly) Normal (Monthly or quarterly) More Than Once, in the beginning of any quarter
Sugam (Quarterly) Normal (Monthly or quarterly) More Than Once, in the beginning of any quarter

The new forms are available for review under the Downloads section on www.gst.gov.in

Payment of self-assessed tax under Form GST PMT-08:

  • The taxpayers need to make payment of tax on a monthly basis even though they have opted for quarterly filing of returns.
  • Payment of tax shall be made by 20th of the month succeeding the month to which the liability pertains.
  • Payment of tax shall be made for the first two months of the quarter.
  • Credit of the tax paid during the first two months of the quarter shall be available at the time of filing the return for the quarter. While filing the quarterly return and feeding the output details and input details of the quarter the total tax calculated shall be reduced by the amount so deposited for the first two months of the quarter and the balance tax shall be payable.

(Author Nishant Agrawal, ACA is associated with Ashok O P Agrawal & Co., Delhi and can be reached at nishant@aopa.co.in)

Author Bio

Qualification: CA in Job / Business
Company: Ashok O P Agrawal & Co.
Location: New Delhi, New Delhi, IN
Member Since: 20 Mar 2019 | Total Posts: 1

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