Old Vs New GST Returns- New Return Forms and features

Forms

Features

Form GST RET-1 (Normal)

• Periodicity- deemed monthly/ unless quarterly filing is opted by the taxpayers having aggregate annual t/o of upto Rs.5 crores in preceding F.Y.
• Aggregate T/o- newly registered taxpayers deemed to be zero
• E-commerce operator can opt
• Nil return through SMS
• Information auto-populated through Form GST ANX-1 and Form GST ANX-2
• Declare all types of outward and inward supplies and take credit on missing invoices

Form GST ANX-1

• Outward supplies, inward supplies attracting RCM  and details of import of goods and/or services
• Real time uploading of documents
• Due date of uploading the invoice is last date of furnishing of  return for the month of September or second quarter following the end of financial year or actual date of furnishing relevant annual return
• Supplies attracting reverse charge uploaded by recipient with PAN, if received from un-registered persons
• At-least 6 digit HSN for suppliers with annual aggregate t/o of more than Rs.5 crores other have option to fill HSN wise data or leave it blank
• Value of supplies and tax amount to be reported in whole number or upto max. 2 decimal points
• Supplies to be reported net of debit/ credit notes. Negative fig. can also be uploaded
• Documents can be edited by supplier only upto 10^th of following month, if the same is not accepted by recipient upto the said date
• Documents in relation to supply made to composition taxpayers, ISD, UDIN holders etc. can be amended at any time irrespective of action taken by recipient.

Form GST ANX-2

• Details uploaded by suppliers auto-populated on near real-time basis
• Recipient can accept, reject or keep pending upto 10^th of following month
• Documents on which no action is  taken shall be deemed to be accepted
• Return filing status of supplier will be shown
• Credit in respect of documents for month or quarter ‘T’ will not be available where supplier has not furnished the return for previous two consecutive tax periods (T-1 and T-2). However, recipient can reject or keep pending such documents.

Form GST RET-2 (Sahaj)

• Option for taxpayers with aggregate t/o of upto Rs.5 crores in preceding F.Y.
• Supplies only to consumers and unregistered persons (B2C supplies)
• Supplies attracting RCM can be reported but if received from unregistered persons PAN is to be reported.
• E-commerce operators are ineligible
• Supplies to be reported net of debit/ credit notes. Negative fig. can also be uploaded
• Value of supplies and tax amount to be reported in whole number or upto max. 2 decimal points

Form GST RET-3 (Sugam)

• Option for taxpayers with aggregate t/o upto Rs.5 crores in preceding F.Y.
• Supplies only to consumers and unregistered persons (B2C supplies) and B2B supplies
• Supplies under RCM can be reported but where received from unregistered persons PAN is to be reported.
• E-commerce operators are ineligible
• Supplies to be reported net of debit/ credit notes. Negative fig. can also be uploaded
• Value of supplies and tax amount to be reported in whole number or upto max. 2 decimal points