Overview of New GST returns

GST has been introduced in July 2017. Since then, the government has been continuously looking to improve the Return filing system for accurate flow of tax data and easy reporting by the taxpayers.

The current GST returns filed by the taxpayers are GSTR 1 and GSTR 3B. GSTR-1 reports the details of all outward supplies made. GSTR-3B contains the details of outward supplies (self-declaration). Input tax credit availed and taxes paid.

With the new GST Return System, there is one main return called FORM GST RET-1. It incorporates the details of the supplies made; input tax credit availed and tax payments with interest (if any). GST RET-1 is supported by 2 annexures called GST ANX-1 (Annexure of Supplies) and GST ANX-2 (Annexure of Inward Supplies/Purchase).

GST ANX-1 will incorporate the details like outward supplies, inward supplies attracting reverse charge and import of goods and services (except B2C supplies).

GST ANX-2 will incorporate the details of inward supplies or purchases. The purchaser can take action on the auto-uploaded documents uploaded by the supplier whether it is the actual transaction made. This data will be available on a real-time basis.

The taxpayers are classified based on the annual turnover made in the previous Financial Year. Large taxpayers are those taxpayers if the annual turnover is more than Rs 5 crores in the previous financial year. If the annual turnover is upto Rs 5 crores, the taxpayers are classified as Small Taxpayers.

Small taxpayers can opt for Quarterly filing of GST RET-1, GST ANX 1 and GST ANX-2. However GST PMT-08 (tax payments) must be filed monthly.

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For more details, visit our page here https://www.govreports.co.in/GST-Facilitation-Service-Centre.html

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