GST RETURNS: GST Return will simplified Soon | GSTSEVA

GST RETURNS: GST Return will simplified Soon

GST RETURNS ARE GOING TO SIMPLIFIED SOON GSTN UPLOADED THE PROPOSED RETURNS

Proposed GST Return documents, as approved by competent authority

New Delhi: 08/03/2019

Proposed Return documents, as approved by competent authority, can now be downloaded from the Download section of the GST Portal.

This is to enable various stakeholders in adapting their systems to make them compatible with the proposed return format and business processes.

These are the simplified proposed Return, Simplified Returns under GST regime is now available on GSTN portal in PDF format. 

Type of New Simplified GST Returns :

RET-1 Monthly/Quarterly Return
RET-2 Sahaj Return
RET-3 Sugam Return

Download Returns in PDF from Here:

RET-1 https://bit.ly/2tXf1bb
RET-2 https://bit.ly/2NQoE4S
RET-3 https://bit.ly/2EH3MZE

Features of New GST Returns

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.

EDITOR Founder

EDITOR

CA CMA MANISH MALHOTRA EDITOR GSTSEVA.COM

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