Is the proposed GST return filing really simplified???

Is the proposed GST return filing really simplified???
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Is the proposed GST return filing really simplified???

To facilitate the taxpayers, Government plans to introduce the new GST return system. Based on the discussion in the 31st GST Council Meeting, Government has given the details of the indicative transition plan vide a press release dated 11th June ’19 as to how the new GST return system needs to be followed.

NOTE: Press release does not have legal validity unless the same is notified by the Government. 

NOTE: One important change which is visible in the press release is new return filing system has divided the regular taxpayers into two categories based on turnover which is different from the current division of taxpayers based on turnover. The government needs to notify the change before the new return filing system is rolled out.

 

What are the new return forms that are introduced?

FORM GST RET-1 : Monthly / Quarterly (Normal) return

FORM GST PMT-08 : Payment of self- assessed tax

FORM GST ANX-1 : Annexure of outward supplies, imports and inward supplies attracting reverse charge

FORM GST ANX-2 : Annexure of inward supplies

If any amendments are to be made in the returns filed that needs to be done using these return forms.

FORM GST ANX-1A : Amendment to FORM GST ANX-1

⊗  FORM GST RET-1A : Amendment to FORM GST RET-1

 

Transition of Return filing to new system

 Large taxpayers

⊗ Large taxpayers are those taxpayers whose aggregate annual turnover in the previous financial year was more than Rs. 5 crore.

⊗ First main return in FORM GST RET 01 & payment return in FORM GST PMT 08 needs to be filed for the month of December 2019 in the month of January 2020.

⊗ First annexure to the main return in FORM GST ANX 1 needs to be filed for the month of October 2019 in the month of November 2019. 

Small taxpayers are those taxpayers whose aggregate annual turnover in the previous financial year was  upto Rs. 5 crore.

⊗ First main return in FORM GST RET 01 needs to be filed for the quarter ending December 2019 in the month of January 2020.

⊗ First payment return in FORM GST PMT 08 needs to be filed for the month of October 2019 in the month of November 2019. 

⊗ First annexure to the main return in FORM GST ANX 1 needs to be filed for the quarter ending December 2019 in the month of January 2020.

 

Is the proposed GST return filing really simplified???

In my opinion, it doesn’t really look so. GSTR – 3B which was a monthly consolidated return has been divided into two parts one is GST PMT 08 for making the monthly payment and another is GST RET-01. So, it has not reduced the burden of filing returns rather increased it. Then there is another bifurcation as to SAHAJ return, SUGAM return, and Quarterly(Normal) return. It took long for taxpayers of the country to understand and get familiar with the GST return filing system. Again change in names and formats will create more confusion and hassle for taxpayers.

  • GST ANX -1 is similar to GSTR – 1.
  • GST ANX -2 is similar to GSTR – 2A.
  • GST PMT -08 & GST RET-01 is similar to a consolidated return GSTR -3B.

 

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About CA Ankita Khetan 165 Articles
Ankita is a Chartered Accountant in practice and holds a Diploma in IFRS (from ACCA, UK). She is also a Commerce PG and Certified Independent Director (from IICA). She holds a certification in Forex and Treasury Management. Her area of expertise is GST and Income tax. She is passionate about reading, writing, and sharing knowledge on areas related to finance and taxation.

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