GST RETURNS EFFECTIVE FROM 1.4.2019 WITH ELIGIBILTY AND NON-ELIGIBILITY DETAILS AND RETURN CHOOSING OPTIONS WITH PERIODICITY DETAILS AND PAYMENT GUIDELINES
The Goods and Services Tax Act, 2017 came into force
in India with effect from 1.7.2017.
At the time of introduction of GST in India, the
following GST returns were prescribed with last dates as mentioned below:
RETURN TYPE
|
DUE DATE
|
DETAILS TO BE FURNISHED
|
FORM GSTR-1
|
On or before 10th of the succeeding
month
|
Supply of Goods or Services or both by the Supplier
|
FORM GSTR-2
|
On or before 15th of the succeeding
month
|
Verification and acceptance of auto-populated
details of Goods or Services or both received by the Recipient
|
FORM GSTR-3
|
On or before 20th of succeeding month
|
Payment of Taxes, Interest, Penalty, Late fees and
completing return filing process.
|
In addition to above, FORM GSTR-3B was prescribed temporarily for the first two month i.e. July 2017 and August 2017 and the same has been extended upto June 2019 by the Central Government.
There are also separate return formats for
Composition Opted taxpayers and Service Providers and E-Commerce Operators etc.
NEW RETURNS UNDER GST
The Central Government has now prescribed three types
of GST Returns in simplified format instead of FORM GSTR-1, FORM GSTR-2 and
FORM GSTR-3.
The newly prescribed returns are
·
Normal
or Form GST RET-1 (Monthly or Quarterly)
·
Sahaj
or Form GST RET-2 (Quarterly)
·
Sugam
or Form GST RET-3 (Quarterly)
CHOOSING OF RETURN TYPE
GST RETURN TYPE AND PERIODICITY
|
ELIGIBILITY
|
NON-ELIGIBILITY
|
GST RET-1 NORMAL
MONTHLY RETURN
OR
QUARTERLY
RETURN
AS PER TAXPAYER’S CHOICE
Tax to be paid
each month before 20th of the succeeding month irrespective of choice
of periodicity.
|
B2C Supplies
B2B Supplies
RCM applicable
for inward goods or services
NIL rated,
Exempted or Non-GST Supplies
Exportes with
Zero-rated
E-Commerce
Operations
Input tax
credit on missing invoces
|
NIL
|
GST RET-2 SAHAJ
(whose aggregate
in the preceeding financial year is upto 5 Crores)
QUARTERLY RETURN
|
B2C Supplies
RCM applicable
for inward goods or services
NIL rated,
Exempted or Non-GST Suppliers
|
B2B Supplies
Exports with
Zero-rated
E-Commerce
Operations
Input Tax
Credit on missing invoices
|
GST RET-3 SUGAM
(whose
aggregate in the preceeding financial year is upto 5 Crores)
QUARTERLY RETURN
|
B2C Suppliers
B2B Suppliers
RCM applicable
for inward goods or services
NIL rated,
Exempted or Non-GST Suppliers
|
Exports with
Zero-rated
E-Commerce
Operations
Input Tax
Credit on missing invoices
|
HOW TO OPT FOR
PERIODICITY OF RETURN
1.
Periodicity of filing return will be deemed to be monthly for all taxpayers
unless quarterly filing of the return is opted for.
2.
For newly registered taxpayers, turnover will be considered as zero and hence
they will have the option to file monthly, Sahaj, Sugam or Quarterly (Normal)
return.
3.
Change in periodicity of the return filing (from quarterly to monthly and vice
versa) would be allowed only once at the time of filing the first return by a
taxpayer.
4.
The periodicity of the return filing will remain unchanged during the next
financial year unless changed before filing the first return of that year.
5.
The taxpayers opting to file quarterly return can choose to file any of the
quarterly return namely – Sahaj, Sugam or Quarterly (Normal).
6.
Taxpayers filing return as Quarterly (Normal) can switch over to Sugam or Sahaj
return and taxpayers filing return as Sugam can switch over to Sahaj return
only once in a financial year at the beginning of any quarter.
7.
Taxpayers filing return as Sahaj can switch over to Sugam or Quarterly (Normal)
return and taxpayers filing return as Sugam can switch over to Quarterly
(Normal) return more than once in a financial year at the beginning of any
quarter.
8.
Taxpayers opting to file quarterly return as ‘Sahaj’ shall be allowed to
declare outward supply under B2C category and inward supplies attracting
reverse charge only. Such taxpayers cannot make supplies through e-commerce
operators on which tax is required to be collected under section 52. Such tax
payers shall not take credit on missing invoices and shall not be allowed to
make any other type of inward or outward supplies. However, such taxpayers may
make Nil rated, exempted or Non-GST supplies which need not be declared in the
said return.
9. Taxpayers opting to file
quarterly return as ‘Sugam’ shall be allowed to declare outward supply under
B2C and B2B category and inward supplies attracting reverse charge only. Such
taxpayers cannot make supplies through e-commerce operators on which tax is
required to be collected under section 52. Such tax payers shall not take
credit on missing invoices and shall not be allowed to make any other type of
inward or outward supplies. However, such taxpayers may make Nil rated, exempted or Non-GST
supplies which need not be declared in said return.
10. Taxpayers
opting to file monthly return or Quarterly (Normal) return shall be able to
declare all types of outward supplies, inward supplies and take credit on
missing invoices.
WHAT IS NEW
IN THE NEWLY PRESCRIBED RETURNS?
TYPE OF RETURN
|
TYPES OF TRANSACTIONS ALLOWED
|
DETAILS TO BE FURNISHED
|
GST RET-1 NORMAL
MONTHLY RETURN
OR QUARTERLY RETURN
AS PER TAXPAYER’S CHOICE
|
B2C Supply
B2B Supply
Export with
payment of taxes details
Export without
payment of tax details
Supplies to SEZ
Units / developers with payment of tax
Supplies to SEZ
Units / developers without payment of tax
Supply which is
treated Deemed Exports
Receipt of
supplies attracting Reverse Charge
Import of
Services
Import of Goods
Import of goods
from SEZ units / developers on Bill of Entry
Details of
missing invoices omitted by the suppliers
Supply through
e-commerce operators
Debit Note /
Credit Note details.
|
Recipient’s or
E-Commerce Operator’s GSTIN/UIN, Place of Supply with Name of the State, Bill
wise details were to be furnished with 6 digit HSN Codes and taxable value
and applicable IGST, CGST and SGST with details of Shipping Bill or Bill of
Export details.
(HSN Code not
necessary for supplies made to Consumers i.e. B2C)
|
GST RET-2 SAHAJ
QUARTERLY
RETURN
|
B2C Supply
Inward supplies attracting Reverse Charge
Debit Note /
Credit Note details.
|
Place of Supply
with Name of the State, taxable value and applicable IGST, CGST and SGST with
details with 6 digit HSN codes for Reverse Charge
(HSN Code not
necessary for supplies made to Consumers i.e. B2C)
|
GST RET-3 SUGAM
QUARTERLY
RETURN
|
B2C Supply
B2B Supply
Receipt of
supplies attracting Reverse Charge
Debit Note /
Credit Note details.
|
Recipient’s
GSTIN/UIN, Place of Supply with Name of the State, Bill wise details were to
be furnished with 6 digit HSN Codes and taxable value and
applicable IGST, CGST and SGST.
(HSN Code not
necessary for supplies made to Consumers i.e. B2C)
|
Amendments if any is admissible in Normal Return FORM GST RET -1 through FORM GST ANX-1 and FORM GST RET-1.
The taxpayers opting to file returns in form GST RET-2 (Sahah) can only supply Goods or Services or both only to consumers and not to the registered taxpayers because the Recipients of Goods or Services or both cannot claim Input Tax Credit for inward supplies.
The taxpayers opting to file returns in form GST RET-2 (Sahah) and GST RET-3 (Sugam) cannot claim Input Tax Credit on any missing invoices omitted by the suppliers.
PAYMENT OF GST
Payment of self-assessed tax may be made through FORM
GST PMT-08.
In this Form, details of liability to pay tax on
reverse charge and other than reverse charge and the details of Input Tax
Credit available were to be furnished carefully and the tax payable to be
arrived cautiously as the payment is called self-assessed tax. If there is any difference, interest or
penalty is applicable as per GST Act and Rules.
The newly introduced GST Return links are given below for
ready reference for choosing the correct return type and also for the maintenance of accounts well in advance:
Sahaj or Form GST RET-2
(Quarterly)
Sugam or Form GST RET-3
(Quarterly)
(Click the link below)
https://tutorial.gst.gov.in/offlineutilities/returns/NewGSTReturn_Sugam.pdf
Normal or Form GST RET-1
(Monthly or Quarterly)
(Click the link below)
Sahaj or Form GST RET-2
(Quarterly)
(Click the link below)
Sugam or Form GST RET-3
(Quarterly)
(Click the link below)
https://tutorial.gst.gov.in/offlineutilities/returns/NewGSTReturn_Sugam.pdf