Under the reign of new return forms, a taxpayer shall be able to make edits/amendments, as per the rules given forth by the GST Council.
The new returns, which are supposed to be simplified, if followed in complete sense, can actually decrease the compliance processes. With real time invoice matching and monthly reconciliations, it will not only make compliance easier but would also boost tax revenues.
Return RET-1 has a total of 9 tables, out of which in this article we will focus on table 4 in detail. Kindly note table 3 is already detailed in our previous articles GST Form RET 3.
Sugam, which is also known as RET-3, is a newly introduced simplified return for small taxpayers. Small tax payers may opt to file Sugam on quarterly basis.
With an aim to help taxpayers with the New Simplified Return System, a new beta version of the Offline Return Tool has been released on the GSTN portal.
The GST Council has introduced new return filing system in order to simplify the filing process. This system is currently postponed until October 2020.
Taxpayer having turnover upto Rs. 5 Cr in previous financial year, involved in B2C Supplies (supplies to unregistered persons and consumers) and Inward supplies attracting reverse charge only may opt to file Sahaj return on quarterly basis.
The annexure to the simplified form GST Ret1, Anx 1 allows a regular invoice-wise detail upload in the respective sections except in case of B2C Outward supplies, Inward RCM and Import of Services, wherein the taxpayer can upload aggregate details for the same.
In New Returns Table 4A.10 Provisional input tax credit on documents not uploaded by the suppliers [net of ineligible credit] gives the provision to the purchaser to take ITC on provisional basis.
Simplified GST Returns is expected to simplify indirect taxation for the taxpayers, and provide a boost to the economy in India.
Under the Simplified Returns regime, a taxpayers may notice the below-given 5 key changes in the return filing system
As per the transition plan for simplified GST Returns released by the CBIC will witness following updates in the current GST return filing system:
