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New GST Return system will be developed for the Taxpayer by GSTN as decided in the 31st GST Council meeting. This the simplified return system for the taxpayer for easy filling of GST returns. There will be 1 mandatory GST return under this new system GST RET-1 & Annexure i.e. GST ANX-1 & GST ANX-2. Small Taxpayer need to file these returns on Quarterly bases while Large Taxpayer whose turnover in previous Financial year crosses Rs 5 Crore need to file on a monthly bases
Under the New GST Return System below mentioned form/ returns need to be filled
GST RET-1 is the main return form that contains the details of all outward supplies, ITC needs to be availed and taxes need to be pay, along with penalty/interest if applicable. GST RET-1 will contain 2 Annexure
And above details need to be shown as an invoice-wise (excluding for B2C)
Differences between Current Vs New GST Return Systems
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Current Return-filing System |
New Simplified Return System |
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If Taxpayer having turnover up to 5 cr. then they will be considered as Small taxpayer otherwise considered as a Larger taxpayer |
If Taxpayer having turnover up to 5 cr. then they will be considered as Small taxpayer otherwise considered as a Larger taxpayer |
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In the Current System, there are Multiple returns need to be filed such as – GSTR-1, GSTR-4, GSTR-5, GSTR-6, GSTR-7, etc depends on the Category of the Taxpayer. |
In simplified return system form GST RET-1 containing 2 annexures GST ANX-1 and GST ANX-2 to be filed by all taxpayers |
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Sales invoices can be shown only at the time of filing of returns GSTR 1 |
A New mechanism for the continuous upload of Sales invoices |
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ITC can be claimed on a self-declaration basis and can be seen GSTR 2A |
ITC can be claimed based on Sales Invoices uploaded by the Seller |
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Missing invoices or amendments can only be made in following tax period Return |
Missing invoices and amendments, if any, can be made by filing an Amendment Return |
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Taxpayers have to file GST returns until their registration has been canceled, even if an application for cancellation of registration has been submitted |
when a taxpayer has applied for cancellation of registration, and taxpayers need not be filed Return. Registration will be deemed to be suspended |
Major Changes introduced in the New GST Return System
• HSN code will be needed in order to submit details at a document level as compare to the present system of separate HSN summary.
• A taxpayer will get HSN via his GST ANX-2, but a supplier of good or services need to declare the HSN code.
• Goods and services liable to reverse charge (B2B Supplies) need not be shown by the supplier in the GST ANX-1, a taxpayer can show the aggregate figure in GST RET-1.
• Inward supplies which are liable to RCM has to be shown in GST ANX-1 by the recipient of supplies.
• B2C-Large Bill has been vanished by GSTN. The turnover limit for quarterly filers (small taxpayers having turnover up to Rs 5 crore can file Quarterly return as compare to the current limit of Rs 1.5 crore.
• A recipient of Good and services can report invoices which are not shown by Supplier in T+2 period at an invoice level
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26 Feb
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