5 crores will be required to monthly return by 20th of next month and those with aggregate turnover up to Rs. GST ANX-2 (Annexure of Inward Supplies) will report details of all. The GST council in 31st meeting recommended the introduction and implementation of a new GST return system. From October 2019, GST ANX-1 will need to be filed by large taxpayers, which will replace the GSTR-1 return. Annexure 1 will contain details of all outward supplies, inward supplies liable to reverse charge and the import of goods and services. Invoices that are uploaded by the supplier after the 10th of the following month will get posted in the concerned field of the recipient’s return of the subsequent month, however, the viewing facility will be on a continuous basis. They are deemed to be filed on the filing of GST RET1/2/3. This return will contain two annexure forms namely GST ANX-1 and GST ANX-2.Â. As per the new process, taxpayers will need to upload the details of outward supplies and certain inward supplies as part of Annexure. To make the task of rejecting invoices hassle-free, the matching IT tool will have the option to create a recipient/seller master list via which the correct GSTIN can be identified. The GST council revealed a new system on May 24, 2018 designed to reduce the complexity of GST filing and excessive documentation. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. New GST Return System Focus area for Monthly Return Filers-. Users can learn how to take action in FORM GST ANX-2 offline tool. We will be more than happy to respond. FORM GST ANX-2 is the annexure for inward supplies under the main return FORM GST RET-1. When the recipient’s GSTIN is filled incorrectly by the supplier, the invoice will be visible for a taxpayer who is not the receiver of such supplies. The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) … GST ANX-1 (Annexure of Outward Supplies) is for reporting details of all outward supplies, inward supplies liable to reverse charge, and import of goods and services, that will need to be reported invoice-wise (except for  B2C supplies) on a real-time basis. According to the notification released by CBIC: As per the conclusions driven by the 37th GST Council meeting (held on 20 September 2019… New GST Return System has been launched on a trial basis. Through GSTR-3B, the taxpayer self declares his tax liability and ITC and pays his tax by utilizing cash and ITC both, GST Anx-1 just like GSTR-1 reports the invoice level liability and is uploaded on the portal. as and when an invoice is booked or accounted for by the taxpayer. As per the decision taken at the 37th GST Council Meeting, the new GST return system for all taxpayers and for all forms will be implemented from April 2020. In order to ease the transition to the new return system, a transition plan has been worked out. In this article, we will discuss the essential pointers a taxpayer needs to note when it comes to the New GST returns. A user can then share feedback or suggestions with the GSTN.Â, These are some of the changes introduced in the new return system-, There are several terms introduced in the new return system, with regard to the upload of invoices-, Whenever a supplier has not uploaded an invoice or a debit note, and a recipient claims ITC, it will be termed as “missing invoices”. A Chartered Accountant by Profession and Writer by Passion. To know more about the transition into the New Return System, click here. The implementation timeline was however deferred. Consolidated Credit/Debit Note details can be given under the new return system. An E-Way bill is an electronic way bill for the movement of goods. As per the latest press release, dt: 11th June 2019, It has been decided as under: Large tax payers, i.e. To learn more about the advantages associated with the simplified GST return, click here. The GST council introduced new quarterly returns called Sahaj & Sugam in 27th GST council meeting. The new GST return system will be implemented from October 2020. In this blog, we will discuss in detail what these new return forms are, the difference between the existing and new returns, implementation schedule of new returns since these will be implemented in a phased manner and the intended benefits of the new return forms. Form GST ANX- 1 and Form GST ANX-2. Please share the blog with your friends also. Taxpayers whose turnover in preceding FY up to Rs. Posted by Rohit Kapoor | Jan 21, 2020 | 0. The government plans to improve existing GST return filing system and dumps the new GST Return System. The transition plan that was previously announced was as follows: From July to September, during the trial phase, taxpayers will continue to file their GSTR-1 and GSTR-3B returns as per the current system in place. Taxpayers whose turnover in preceding FY up to Rs. Under the new return system, taxpayers will be allowed to amend return for any tax period by filing Form GST RET–1A/2A/3A including Form GST ANX-1A. The GST council in 31st meeting recommended the introduction and implementation of a new GST return system. There will be provision for the amendment of the return under the new GST return system. Filling PART A of Questionnaire of GST ANX-1 A user will also get HSN via his GST ANX-2, wherever a supplier was supposed to declare the HSN code. New GST Returns. This offline tool has also been introduced to get feedback from the users. It has to file monthly by 11th of next month except in case of small taxpayers with turnover up to 1.5 crores in the preceding financial year, who can file the same on a quarterly basis. 2.Why New GST return system? This the simplified return system for the taxpayer for easy filling of GST returns. However, GSTR-3B will still need to be filed up to November 2019. The new GST return system will have three main components – one Main Return (FORM GST RET-1) two Annexure, i.e. New simplified return forms will be introduced in the second half of FY 2019. MSMED Act fixes a maximum credit period to pay MSME vendors. The Small Taxpayer opting to file FORM GST RET-1 on a quarterly basis and will file their first FORM GST RET-1 for Quarter Oct 2019 to Dec 2019 by 20th January 2020. Thus, the taxpayers having an annual turnover of upto 5 Crores have the option to either file monthly return or quarterly return. New GST Return System: The government on Tuesday announced that the new and simplified Goods and Services Tax (GST) return forms will roll-out from April 1. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. The new system was supposed to be launched on 1 October this year. Find the comparison between Old vs New GST Returns Filing System. From December 2019, large taxpayers will have to start filing GST RET-01, the main return under the new return system. There will be two types of tax payers: 1. Form GST ANX-1 will require details of all the transaction on which tax is liable to be paid. GST Return : New GST Return System- Complete Guide • One monthly return for regular taxpayers (GST RET-1) • NIL returns can be filled by SMS • Taxpayers with turnover up to 5 Cr are included in the "Small Taxpayer" base. The taxpayer has to use the latest technologies to overcome those issues. Below are some of the benefits of simplified returns which makes its introduction a necessary move: Simplified returns are … The look and feel of the offline tool would be same as that of the online portal. An invoice uploaded by the supplier within the 10th of the following month will be visible continuously for the recipient. Under the new return system, decided to be implemented from 1 st April 2020, the proposed main return called FORM GST RET-1 will contain details of all outward supplies, availed input tax credit, and payment of taxes, along with interest and late fees, if any. Form GST ANX- 1 and Form GST ANX-2. Returns will be filed monthly except for small taxpayers who can opt to file returns quarterly. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). In case ITC is available in the taxpayer’s electronic credit ledger (ECL), it can be utilised for paying the liability in the amendment return. Consolidated Credit/Debit Note details can be given under the new return system. Under the new GST return system, there will be one GST RET-1 and its two annexure GST ANX-1 and GST ANX-2. In the case of small taxpayers. Here are the measures taxpayers can take to ensure that their vendors file their GST returns on time, under the new GST return system. ; An auto-drafted Annexure, which will primarily include the B2B purchase transactions and other tax credits will be made available by the GST system. Here are the key differences in reporting of exports, supplies to SEZ and deemed exports. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, 1 click auto-fill GSTR-3B with G1 & 2B data. To ease the filing process, the GST Council this year agreed to launch new forms with simplified steps to file indirect tax returns. The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers. Small Tax payers . Now below is a tabular presentation of the returns under the new system. Invoice level liability gets declared in GSTR-1. Under new GST return filing system, every taxpayer whose turnover during the last financial year exceeds Rs 5 crore, will have to file monthly return in form GST RET-1. The GSTN has introduced Demo offline tools of new return, option for amendment return, availing ITC, uploading invoices online and watch our video to know all about New GST Returns. Here are the steps for filing FORM GST ANX-1 offline. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. Monthly vs. Quarterly GST Returns – A Comparison Analysis: What Should Small Taxpayers Opt For? The GST New Return Offline Tool has been launched on a trial basis since July 2019. The GST Council in its 31 st meeting, on 22 nd December 2018, had decided that a new GST return system will be brought for the ease of taxpayers. Accepted documents shall not be available for amendment at the corresponding supplier’s end. Under new GST return system, the main return FORM RET-1 will have 2 annexures. Under the new return system, there will be auto-population of key details in returns. These invoices will be available for availing ITC in the return which is filed by the recipient. Large Taxpayers 2. The taxes payable thereafter which can be claimed as ITC will be posted in the ITC table of the recipient’s return before the 11th of the following month. These returns would require lesser information to be declared as when compared to a regular taxpayer. For small taxpayers, their first GST RET-01 will need to be filed for the quarter of October-December 2019. The important details that need to be declared in Form GST ANX-1 are Outward Supplies, Inward supplies attracting reverse charge and details of Import of Goods and Services. The GST Council in its 31st meeting, announced that this new return system would be introduced on a trial basis from April 1, 2019 and will be made mandatory from July 1, 2019. Currently, there are 3 types of New GST Returns GST RET-1 (Normal) GST RET-2 (SAHAJ) GST RET-3 (SUGAM) There will be no requirement for the separate filing of GST ANX-1 and GST ANX-2. Small taxpayers can choose between monthly or quarterly filing under the New GST Return system. FAQs for different business type-. We will begin by a tabular presentation about returns under the existing scheme. Amendment of a GST invoice will be allowed only if ITC has not yet been availed by the recipient. GST ANX-2 - The Matching Tool will automatically compare the purchase register and data uploaded by the supplier. Small business taxpayers (under general circumstances) furnish 3 monthly and one annual return. Introduction to new gst return system: The government has announced a simple GST filing regime for small taxpayers.This new returns will contain simplified GST returns forms for ease of filing. Find the key differences in reporting of Inward supplies and claiming of ITC in Old vs New GST Return Filing System. Taxpayers under the present return system will need ample time to adapt to the new GST return system. There would be capturing of place of supply at document level which shall ensure smooth settlement of IGST. Here are the steps to upload data in GST ANX-1 using the offline tool. The new GST return system comprises of three main components: FORM GST RET-1/2/3; FORM GST ANX-1; FORM GST ANX-2; Eligibility for New GST Returns. The arrival of the New GST Return System & e-invoicing in the near-future spectated to be implemented by October 2020, has raised the requirement of taking the management of Invoices into deliberation.. E-way Bill: Changes Introduced In The New Return System Under GST, Invoice Management Under the New GST Returns : Viewing, Locking, Pending, Missing, New GST Return Anx-2 Matching Tool: How To Use The Matching Tool, How to prepare FORM GST ANX-1 Offline using the prototype ANX-1 Offline Tool, Steps to Take Action in GST ANX-2 using the GST New Return Offline Tool, FORM GST RET-1A - Amendment Return To FORM GST RET-1, New GST Returns - Overview, Important Changes, ITC, Amendments, Offline Tool, Form GST RET-1: How To File A Detailed Return, Advantages/Disadvantages of the Simplified Return Forms, Transition Plan to the New GST Return by the Ministry of Finance, GSTN releases the New Return Prototype - demoofflinetool.gst.gov.in, I would like to get latest GST & Tax updates on, Forms to be filed under the New GST Return System, Differences between Current Vs New GST Return Systems, Transition plan to the New GST Return System, Important Changes introduced in the New GST Return System, Upload of Invoices under the New GST Return System, Input Tax Credit (ITC) under the New GST Return System, Amendment Returns under the New GST Return System, This page is best viewed in Chrome, Firefox or IE 11. Read to know about Sahaj form in detail. The recipient has not received the supply, The recipient is of the opinion that there is a need for an amendment in the invoice, The recipient is unsure about availing ITC for the time being. of the new return system. Important Changes introduced in the New GST Return System Harmonized System of Nomenclature ( HSN) code will be needed in order to submit details at a document level (on the... A user will also get HSN via his GST ANX-2, wherever a supplier was supposed to declare the HSN code. This can be done on a continuous basis, i.e. Comparison of new GST returns with old/present returns for various refund types under GST. Just upload your form 16, claim your deductions and get your acknowledgment number online. 5 crores and have only B2C supplies and inward supplies attracting reverse charge can file this return. ClearTax is a product by Defmacro Software Pvt. Most of these details will be auto-drafted from the details uploaded by the suppliers in their GST ANX-1. Which return is applicable? In a fresh upsurge to implement the new return system, Government has recently released the draft new return forms. The new GST return system will come into action from October 2020 onwards. The details of the indicative transition plan are as follows: – The new system and format of the GST returns was initially introduced in the 28th GST Council meeting meeting held on 21 July, 2018.The return prototype gave a concrete picture of how the returns look like in actual and the detailed process of filing too. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. A taxpayer will also be allowed to make payment through an amendment return, which in turn will help the taxpayer in saving on his interest liability. The New GST Return offline tool has been launched on a trial basis from July 2019. demoofflinetool.gst.gov.in - GSTN introduces an interactive prototype of the “Offline Tool of New Return”. The most important feature of the New System is that the recipient will be able to claim ITC on a provisional basis if the supplier fails to upload invoices or file his return, which will not … New GST returns allows small taxpayers to upload invoices by 11th of the month after quarter. However, the look and feel of the offline tool would be the same as that of the online portal. Know about the contents of the new return format and its annexures. The current GST return filing system (GSTR 1, 2A and 3B) is operational until 30 September 2020. Taxpayers considered small if turnover is up to Rs 1.5 crore in the preceding financial year, otherwise considered large taxpayers, Taxpayers considered small if turnover is up to Rs 5 crore in the preceding financial year, otherwise considered large taxpayers, Multiple return forms to be filed depending on the category of taxpayers, such as -, A single simplified main return form GST RET-1 containing 2 annexures GST ANX-1 and GST ANX-2 to be filed by all categories of taxpayers, Revenue invoices can be uploaded only at the time of filing of returns of outward supplies, A mechanism for the continuous upload of revenue invoices on a real-time basis, Input tax credit could be claimed on a self-declaration basis, Input tax credit can be claimed based on invoices uploaded by the supplier, Missing invoices and amendments, if any, could only be made in the return of the following tax periodÂ, Missing invoices and amendments, if any, can be made by filing an Amendment Return, Taxpayers have to file GST returns until their registration has been cancelled, even if an application for cancellation of registration has been submitted, Registration will now be suspended, in cases where a taxpayer has applied for cancellation of registration, and returns will not need to be filed for this period. NEW GST RETURN FILLING SYSTEM FROM 01-01-2021. NEW DELHI: GST officers will immediately suspend registration of taxpayers whose sales return or GSTR-1 forms show "significant differences or anomalies" from the return filed by their suppliers, a move aimed at curbing tax evasion and safeguarding revenues. The new system was supposed to be launched on 1 October this year. As ITC will not be eligible to be taken on these invoices, the recipient will need to reject these invoices. The new GST returns proposed to be introduced on 1 st October,2020, aims to drastically reduce the complexities attached to GST compliance in the current day. These returns would require lesser information to be declared as when compared to a regular taxpayer. It was then decided that a new Return System under GST would be introduced for taxpayers in the 31st GST Council Meet. Government dumps new GST Return System. Applying for GST return got simpler-. It is the Monthly/Quarterly return that should be filed by every registered dealer. In order to allow businesses to get used to new returns, a trail functionality has been enabled on the GST common portal. The council made a recommendation to implement this new system in a phased manner from October 2019 to facilitate taxpayers. The amendment of a missing invoice which is reported later by a supplier can be done via an amendment return of the concerned tax period to which the invoice belongs.Â. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. In this article let's cover the most emphasized facts about the changes brought to Invoicing under the new system, how to manage the invoices, involved processes, … The Suppliers ANX-1 invoices get auto-populated in ANX-2 of the recipient. An incorrectly locked invoice can be unlocked by the recipient online, subject to a reversal of ITC claim made, and an online confirmation thereafter.Â. We have tried to present the New GST Return System in a summarised manner. The old system got revised due to the need for a single, simple and concise return form which will take the place of multiple return forms of complex nature that are currently being filed by taxpayers. This prototype will also allow a user to experience various functionalities such as drop-down menus, upload of invoices, upload of the purchase for verifying with inward supplies (system-created), etc. GST return filing is generally done either on a quarterly or annual basis. This system will contain simplified return forms, for ease of filing across the registered taxpayers. Government dumps new GST Return System. There will be unidirectional flow of invoices and recipient will not be allowed to amend the invoices and the same can only be accepted or rejected at the recipient’s end but cannot be amended by him. GST ANX-2 shows the Information on ITC. Know about the contents and instructions on filing FORM GST ANX-2. Continue to read this article to know in detail about the form. The recipient can avail and utilize this ITC for tax payment. The GST Network (GSTN) has introduced an interactive web-based prototype of the Offline Tool, A taxpayer will be able to analyse and experience the practical aspects of the simplified GST returns with this prototype. So, the government is now launching new GST return system. A detailed guide on FORM GST RET-1, the main return under the new filing system. The suppliers GSTR-1 invoices get populated into GSTR-2A of the recipient. inward supplies. Learn about the differences with example. The New GST Return System will begin on Trial Basis July 2019 and has been deferred to April 2020. Read to know terms like a pending invoice, missing invoice. If there is a huge volume of invoices, it may not be practical to lock in individual invoices, and in such cases, deemed locking of invoices will be done on those invoices uploaded which are neither rejected nor have been kept as pending by recipient. The New Return System has been launched on a trial basis and the prototypes released. FORM GST RET-1A - Taxpayers can amend their returns under the New Return System. New GST Return - Overview, Updates - Learn about important changes in New GST Returns prototype. This system was proposed to be implemented from 1.Jan.2020, however due to practical difficulties date further extend to 1.April.2020. The government plans to improve existing GST return filing system and dumps the new GST Return System. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Know the forms, procedure and impact. The return filing system have been completely overhauled & new GST return form SAHAJ, SUGAM & NORMAL have been proposed to be introduced w.e.f 1st October 2019.A prototype of the offline tool has also been shared on the GST common portal to give the look and feel of the tool to the users. Current Update related to GST return filing system dated 14 March 2020 Implementation of new and modified GST return system from October 2020. The old return system has many complications regarding Input tax credit and amendments. New GST return system will change the system of invoice management and declaration process. Ltd. GST Refund process for Exports of both goods & services will become better and seamless under New GST returns system. GST ANX-1 & GST ANX-2. The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In case a recipient has acknowledged and locked an invoice, amendment of that invoice will not be allowed. Check Out | Recent Changes in GST which you Must be Aware of. they will need to pay taxes using PMT-08, which will replace their GSTR-3B return. The new GST return system is expected to be implemented with effect from October 2020 for all category of taxpayers. In case an amendment needs to be made to a particular invoice, the supplier will have to issue a debit or a credit note. The pain point during the transition is that the taxpayer must get used to new features such as the upload of invoices in GST … Focus area for Quarterly Return Filers-. 5 crores come … In other words, the New GST Return System … New GST Return System originally planned. The Taxpayers whose turnover in the preceding FY was above Rs. The council made a recommendation to implement this new system in a phased manner from October 2019 to facilitate taxpayers. The present return filing system (GSTR-1, 2A & 3B) will continue until September 2020. 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