Complete Guide on New GST Returns System | GST Return Filing Services

Complete Guide on New GST Returns System Presented By : E M S Tax Filing Solutions

For all your income tax TDS return filing, income tax filing online, and GST filing services you can take help of E M S Tax Filing Solutions, the also provide income tax filing services.

About New GST Returns System With the introduction of the New Returns System under the GST filing services is less than a month away and the new returns system has removed majority of forms that are currently required to submit while filing GST returns.

Under the current GST filing system, taxpayers are expected to file GSTR-1, GSTR-4, GSTR-5, GSTR-6, GSTR-7 etc. But under the GST New Returns System this is not the case; taxpayers will be required to file a simplified main return form GST RET-1 containing 2 annexure GST ANX-1 and GST ANX-2.

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Who is required to file GST RET-1?

It has to be filed by taxpayers making business to consumer supplies, business supplies, inward supplies that attract a reverse charge mechanism, and also supplies through e-commerce operators.

When should one file GST RET-1?

Under GST, taxpayers are small or large depending on business turnover in the financial year. Under the current GST return forms, taxpayers who have a turnover of up to Rs.1.5 crore will be considered as small taxpayers. The slab is raised under the GST new returns system, now the taxpayers having an annual turnover up to Rs. 5 crores would be considered as small taxpayers and turnover above this will be classified as large taxpayers. Large taxpayers are required to file a monthly return while small will be required to file GST return filing services on a quarterly basis.

New GST form will also contain two annexure forms; GST ANX-1 and GST ANX-2.

GST ANX-1 With this annexure, taxpayers can report details of all outward and inward supplies liable to reverse charge, and import of goods and services required to be reported invoice-wise (except for B2C supplies) on a real-time basis.

GST ANX-2 With this annexure, taxpayers will be required to report details of all inward supplies. These details will be auto-populated from the details uploaded by the suppliers in their GST ANX-1.

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GST RET-2 (Sahaj Quarterly) Taxpayers having turnover of up to Rs 5 Crore in the financial year and have only B2C supplies. Additionally, returns should be filed as per FORM GST ANX-1 and FORM GST ANX-2 quarterly, but tax has to be paid monthly through FORM GST PMT-08. Taxpayers opting to file under the Sahaj Quarterly scheme have to declare outward supply under B2C category and inward supplies attracting reverse charge only. E-commerce operators are not eligible to file under Sahaj.

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FORM GST RET-3 (Sugam Quarterly) Taxpayers having turnover of up to Rs 5 Crore in the financial year and have B2C and B2B supplies. The returns has to be filed based on FORM GST ANX-1 and FORM GST ANX-2 quarterly, but tax has to be paid monthly through FORM GST PMT-08. Taxpayers opting to file under the Sugam Quarterly scheme can declare outward supply under B2C & B2B category and inward supplies with reverse charge only. E-commerce operators are not eligible to file under Sugam.

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