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) |
||||||
|
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
For FY 2018-19 i filed GSTR 1 and 3B monthly And my turnover is below 1.5 cr. In FY 2019-20 Which return should i opt.
What is the new GST rate payble on purhase of house for buyers of home ?. Please provide gazzate notification if it is possible.
Thanks for information. But can you explain more about ‘Input tax credit of missing invoices’?