new gst return forms from 1st april 2020

A taxpayer filing Normal return form & having turnover more than 5 crores can file the form (optional) as per the conditions as given by the government. If missing invoices do not get uploaded by the supplier within the stipulated time frame, then the ITC availed with respect to such debit notes/invoices will be recovered from the recipient. The invoices/ documents on which refund has already been claimed by the supplier/ recipient, it shall not be open for amendment. The due date for GSTR 4 annual return filing dates for FY 2020-21 is 30th April 2021. If supplier is filing April month return, he can upload invoices of April month on real time basis till 10th May. Supplier can upload the documents (Invoices/ credit notes/ debit notes) on real time basis till 10, If supplier uploads invoices of April month after 10, GST portal restricts supplier to upload documents on the GST portal during following period of every month/ quarter, Recipient can also view documents on near to real time basis, Tax amount shall be computed by the system based on the taxable value and tax rate. Structure of new GST returns is mentioned in the below table. These new forms trial has been running from 1st July 2019 and it will go live from October 2020. The tax amount will not be editable, Place of supply is required to be reported mandatorily for all supplies, Applicable tax rate can be selected from the drop down menu, Only supplier can edit and amend the details up to 10th of the following tax period, The invoice which is accepted by the recipient shall not be eligible for amendment. Howsoever, these new forms will be compulsorily implemented from the month of July 2019 on all the taxpayers across the country. In the 31st GST Council Meet (Dec 2018), it was decided that a New Return System under GST would be introduced for taxpayers. The Council has decided that the new return filing system will be implemented from April 2020. In place of these, a taxable business will need to file one or few of the following returns/annexures/declarations: Yarab A | Mar-04-2020. Missing document of prior period can not be added in this ANX 1A but has to be reported in ANX 1 itself (It requires amendment of original return). In her second Budget presentation, the finance minister said GST has resulted in gains of Rs 1 lakh crore to consumers and removed inspector raj and also helped the transport sector. April 20, 2020 12:23 PM . As per the decision taken at the 37th GST Council Meeting, the new GST return system for all taxpayers and for all forms will be implemented from April 2020. Recipient filing monthly returns can accept details uploaded by supplier till 10th of following month. CA Chitresh Gupta | Goods and Services Tax - Articles; 08 Jan 2020; 26,649 Views ; 0 comment; The Invoicing System is GST is destined for major overhaul in the coming financial year. This is a new box that will be included in the GST Return from periods ending on or after 1 Jan 2020. Budget 2021: A new condition introduced to avail Input Tax Credit, More than 5 CR with some exceptions (Refer Annexure 1), Supplier has to choose return form according to buyer criteria mentioned in this row, Reporting of HSN Level Data in GST return, HSN code at 6 digit level for goods and services, Optional facility to report HSN level data, GST ANX-1 (Outward supplies) and GST ANX -2 (Inward supplies), Recipient can unlock invoices in the following cases:-, Recipient can keep pending invoices in following cases:-, Recipient can reject invoices in following cases:-. Information declared through FORM GST ANX-1 and FORM GST ANX-2 shall be auto-populated   in the main return GST RET-01. In the 31st GST Council Meeting, it was decided that a New Return System under GST would be introduced for taxpayers. However, recipient can take any action of accept/reject/pending after 10th of the following month. Update as on 11th June 2019 The Ministry of Finance has released the transition plan for the proposed GST new return system. Recipient filing quarterly returns can accept details uploaded by supplier till 10th of the month succeeding the quarter. This includes E-Invoicing, Inclusion of Quick Response Code and Facility of Digital payments to recipients. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. These forms will be first implemented from 1st April 2019 on the pilot basis. 23rd March 2020: The e-invoicing system was pushed to 1st Oct 2020 in the 39th GST Council Meeting on 16th March 2020. e-invoicing notification 13/2020-Central Tax dated 23rd April pushed the e-invoicing requirement for companies with turnover of Rs 100 CR above to 1st October 2020. Monthly, 13th of the … Yarab A | Mar-09-2020 The new GST returns proposed to be introduced on 1 st October,2020, aims to drastically reduce the complexities attached to GST compliance in the current day. GSTR 4 Due Date. 20th July 2020 "Besides, bill of entry-wise import details and bill of entry-wise purchases from SEZs (special economic zones) would be required. For Large Tax payers. GSTR-6. > New System is proposed to be implemented from 1st April 2020. Amendment to ITC (upward/ downward adjustment) shall be reported in the main return (FORM GST RET-01) and not to be taken to the amendment return. New Delhi: The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems. (Note: Invoices neither accepted nor rejected will be deemed accepted). the deadline to reconcile FY 2019-20 GST data is here, i.e. This transition plan will be carried out in a phased manner. This would also require changes in the ERP systems to ensure thgat every invoice is tracked by the tax authorities. Article explains Background of Guidance Note on New GST Returns, Brief features of all types of GST return in table form, FORM GST ANX -1 AND ANX -1A (Details of outward supplies and amendment form), FORM GST ANX-2 (Details of inward supplies), FORM GST RET-01 AND RET 1A (Main return and amendment form) and Types of GST Invoices. The documents uploaded in FORM GST ANX-1 for month ‘M’ by a supplier who did not file return for the previous two consecutive tax periods (M-1 and M-2) months shall be made available to the recipient in FORM GST ANX-2 with an indication that the credit shall not be available on such documents. Supplier has an option to shift the documents in the appropriate table instead of amendment if documents are rejected due to reporting in wrong table. As per the Notification No. ANX 1, ANX 2 will be implemented on a regular basis to all the taxpayer from October 2020. For amendment in such invoice, the recipient needs to reset/unlock such invoice. A new GST return system will be introduced from 1 st April 2020 in terms of the decisions of the GST Council in its 31 st meeting and 37 th meeting. Full revised value of document has to be reported in the amendment. Budget 2021: GST Audit by professionals scrapped? However if refund arises, no refund shall be paid but the same shall be carried forward to next tax period. As of now, there is one-way traffic. The main aim of the new return system is to simplify the filing process for taxpayers registered under GST. The new GST return system is expected to be introduced from 1 st April,2020. Recipient can take actions (Accept/ Reject/ Pending) on the auto-populated documents after 10th of the month in which such documents have been uploaded. Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. Advertisement. Only recipient can reset/unlock the details, Amendment permissible till the September of the next F Y or date of filling annual return whichever is earlier. 1st April 2019, all Concord Taxpayers are expected to file Form GSTR-4 on a yearly basis for every fiscal year. In order to allow businesses to get used to new returns, a trail functionality has been enabled on the GST common portal. ITC of pending invoice shall not be available and the said shall be carry forward to next period. Entries which were not auto populated from ANX 1 & 2 and which were entered manually can be amended in this form. This is called missing invoices. When he ensures that that supplies will be received before filing of return by the recipient. In order to submit a comment to this post, please write this code along with your comment: 92a1228816f7b1fdb3c784c1924974f1. Current Update related to GST return filing system dated 14 March 2020 Implementation of new and modified GST return system from October 2020. Form No. Form No. Form GSTR-4 is an Annual Return which has carried by Composition Taxpayers, for the FY 2019-20, is now accessible for filing. In addition to the current invoices which are generated on the companies' ERP, the new system would require automatic uploading of the data on government systems. This section deals with options for return periodicity monthly or quarterly. Recipient can take credit in his return irrespective of whether the supplier files his return on monthly or quarterly basis. They would also be able to view and download, the inward supply of invoices using the FORM GST … September 2020.The existing GST returns in forms GSTR-1, GSTR- 2A and GSTR-3B are getting a complete makeover Copyright © TaxGuru. After uploading details in FORM GST ANX-1 and taking actions on the documents auto-populated in FORM GST ANX-2, the tax payer shall file the main return FORM GST RET-01. … The existing monthly summary returns GSTR-3B shall be completely phased out from January 2020 when the new form 'GST RET-01' is set to replace it, the ministry said while announcing the roadmap for 'Transition plan to the new GST Return'.. Elaborating on the system, the Finance Ministry said businesses will be able to use the new return filing system (ANX-1 and ANX-2) on … Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as purchases from unregistered dealers. According to the notification released by CBIC: As per the conclusions driven by the 37th GST Council meeting (held on 20 September 2019… In other words, such documents will be visible to the recipient but recipient cannot claim ITC on such inward supplies. 75/2019 … See Pics, US Golfer Tiger Woods In Surgery After Major Car Crash, Government May Cut Personal Income Tax, Slabs May Change: Report, How To Check Status Of Your Income Tax Refund, Uttarakhand Chief Minister Calls On PM, Informs Him About Floods Damage, French Film Giant Gerard Depardieu Charged With Rape: Report, After Rally, Rahul Gandhi Visits Protesting Job Seekers In Kerala, Intel Failures Compounded US Capitol Riot: Officials To US Congress, This website follows the DNPA Code of Ethics. Analysis of Changes in GST Invoicing System effective from 1st April, 2020. Particulars GST. GST and Taxation for MSMEs: In order to simplify the compliance procedure further for GST-registered businesses, the 31st GST Council meeting proposed a new return system "Average household now saves 4 per cent in monthly … In another way, you must have heard the famous quote ‘One Size Does … "It will not be something which will require complete overhaul of the system, but certainly some changes would be required after e-invoicing is implemented and more details in GST returns are required from early next year," Mr Bhagat said. When the recipient’s GSTIN is filled incorrectly by the supplier, the invoice will be visible to a taxpayer who is not the receiver of such supplies. However, the recipient can reject or keep pending until filing of return by the supplier. However, suppliers can upload the Invoices on a real-time basis in ANX-1 which can simultaneously be accessed in ANX-2 by … Blocking of a generation of E-way Bill, if GSTR-1 not filed. GSTR 1, GSTR 2A and GSTR 3B will no longer be in existence. Join our newsletter to stay updated on Taxation and Corporate Law. The government released these New GST Return forms with a view to ease the burden of GST Return. Presently, suppliers upload these data, but from April 2020, recipients will also have to upload all these data," said Vivek Jalan, Partner, Tax Connect Advisory Services LLP. Particulars Due Date; GST CMP-08: 1st Quarter- April 2020 to June 2020: 18.07.2020: GST CMP-08: 2nd Quarter- July 2020 to September 2020: 18.10.2020: GST CMP-08 : 3rd Quarter- October 2020 to December 2020: 18.01.2021: Also, Read- GSTR 4 Annual Return- Meaning and its Applicability for Composition Taxpayers. The move is aimed at curbing tax evasion. Like with any new system being introduced, there is always a set of initial challenges that need to be managed. All Rights Reserved. In order to smoothen the transition to the new return system, a transition plan was approved by the Council and the same was released for information vide a press release dated 11.06.2019. … And for the Quarter October to December 2019 , Small taxpayers will file their first FORM GST ANX-1 in January 2020. 3) ANX- 1 and ANX-1A: Details of outward supplies and amendment form, For e.g. Documents rejected by the recipient shall be conveyed to the supplier only after filing of the return by the recipient. If the original amount was shown as 100 but the correct amount is 120, 120 is to be shown. Follow our special coverage of Coronavirus pandemic in India and get news updates from around the world. While for the other 2 GST return forms namely Sahaj & Sugam forms, the condition is applicable for up to 5 crore … There are three main components to the new return – one main return (FORM GST RET-1)and two annexures (FORM GST ANX-1 and FORM GST ANX-2). To be filed by Input Service Distributors for distribution of ITC. If you are required to account for GST under the reverse charge regime, indicate ‘Yes’ and state the value of imported services that is subject to GST in Box 14. "Take Me Back": A Carton Recycling Program In Chennai. What are the new GST forms and which Return form to be chosen by which business, When are they likely to be introduced, ... GSTR 3B & GSTR 1 are to be filed till 31 March 2020. Details of documents uploaded by the supplier(s) will be auto-populated in FORM GST ANX-2 on near to real time basis. According to the conclusions made at the 37th GST Council Meeting on 20 September 2019, the implementation of the new GST return system and all the GST forms is postponed from October 2019 to April 2020 for all the taxpayers. Brief features of all types of return. 01.03.2021, Formats Resolutions related to Banking Operations, Interesting facts about education loans that you may not know, Submit Letter of Undertaking (LUT) for FY 2021-22 by 31.03.2021, Important Alert – Upcoming statutory Due Dates- You Must Know, Validity of Service Tax Notices Based on Form 26AS, Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client, Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C. New Delhi: A simplified return format for GST is being introduced from April 2020, Finance Minister Nirmala Sitharaman said on Saturday. To implement the new system: 1) Section 43A is to be notified 2) Corresponding Rules and Forms also to be notified and they should functional in GST Portal. GST Returns – current vs. new GST returns All the current GST returns which are in place i.e. Author can be reached at [email protected], Your email address will not be published. After that new returns Sahaj Sugam etc . The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems. On the GST portal, the Form GSTR-4 (Annual Return) is now accessible w.e.f. 21st July 2020. Recipient can take action of Accept/ reset only till 10th of following month. The new and revised return format would obviate the need to furnish returns under the family of GSTR-1, GSTR-2 and GSTR-3, but the annual return GSTR-9 might continue, experts said. When recipient has accepted the incorrect invoice mistakenly, The recipient has not received the supply, The recipient is of the opinion that there is a need for an amendment in the invoice, The recipient is unsure about eligibility of ITC. The due date for filing FY 2019-20 Return is 31st August 2020. The status of return filling of supplier shall be made known to the recipient in form GST ANX-2 after the due date of return filing is over. For the month of December 2019, Large taxpayers will need to start filing FORM GST RET-01, which is the main return of the New Return System, and this needs to be filed by the 20th of January 2020. Facility to file NIL return through SMS will also be available if no supplies have been made or received, Following types of suppliers are exempt from filing monthly returns, Filing process of amendment return will be similar to the filing process of original return (FORM GST RET-1). GST RET 1 return form includes details of all types of supplies, ITC claimed, tax and interest. Track Latest News Live on NDTV.com. Instead of the GST returns being the current supplier-driven traffic, starting April next year, it would become a workflow driven mechanism, he added. Different new and simplified GST return forms have been introduced considering the diversity of businesses operating in the country. The new GST return aims at enhancing transparency and accuracy of the return filing process. It is important … Any invoice on which no action has been taken shall be deemed to be accepted. ................................ Advertisement ................................ New GST Return Forms May Require Firms To Amend Software Systems: Tax Experts, Rising Invoice Fraud Top Agenda On GST Council Meet On Wednesday: Sources, GST Collections Cross Rs 1 Lakh Crore In October, First Time In 8 Months, 21 States Choose Centre's "Borrow" Option As Way Out Of GST Dues Row, Bipasha And Karan Singh Grover Are Busy Making Memories In Maldives, Kareena Kapoor, Saif Ali Khan Bring Baby Son Home. After which all the forms i.e. will be applicable Whether Returns to be Filed Monthly or Quarterly Those having turnover more than 5 Crores have to file Normal(Monthly) Returns … The new system, to … The GST Council had in July last year decided that the simplified GST return forms — Sahaj and Sugam — would be rolled out on a pilot basis from April 1, 2019, while mandatory filing across the country would kick in from July. The current GST return filing system (GSTR 1, 2A and 3B) is operational until 30 September 2020. The trial phase will be for users to familiarise themselves with the annexure forms of the new return system. Amit Bhagat, Partner, Dhruva Advisors said that depending on the details required in the new return system, the ERP would need to be changed. Profile Updation. GST RET 1 will take place of the GSTR 3B and ANX 1 will take place of GSTR 1 return, both (GSTR-3B and GSTR-1) which are being filed under the current system. Original details of invoices shall be mandatory for amendment. The new GST returns have been running on a trial basis since 1st January 2020, and the final version will go live from October 2020 as per the latest recommendation by GST council members. From July, 2019, users would be able to upload invoices using the FORM GST ANX-1 offline tool on trial basis for familiarisation. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). In the 31st meeting held by the GST council, an introduction to a new GST return system for taxpayers was decided. The new forms would be operated on a pilot basis from April 1, 2019, and would be mandated across the country from July, according to the decisions of the GST Council. If a supplier has not uploaded an invoice or a debit note, and a recipient claims ITC of such document. Ans: In 37th GST Council Meet it was decided that new returns for GST will be implemented from April 2020, and the format was earlier decided by 31 st GST Meet. Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Guidance Note on New GST Returns Effective From 1 April 2020, GST on Employees/ Recoveries From Employees with Advance Rulings, Complete Guidance Note on E-Invoice under GST, 100 % Clarity of Ineligible Input credit under GST, Budget 2021: Amendments proposed in Section 74, 107, 151, 152 & 168 of CGST Act, 2017, Proposed prosecution amendments under GST vide Budget 2021, Extended power under Section 83 of CGST Act, 2017 by Finance Bill, 2021, Amount received for security services including amount of wages for guards taxable @18%, Fino Payments Bank Limited included in Second Schedule of RBI Act, 1934, SOP for Vehicle Location Tracking, registration & activation in VAHAN, Physical hearing by NCLT Benches w.e.f. The new system would require automatic uploading of the data on government systems. For Small Tax … Supplier may edit the rejected documents before filing any subsequent return. Payment can be made if liability arises due to amendment in RET 01A. The Central Board of Indirect Taxes and Customs has released the proposed. In order to simplify the GST return filing process, the GST council meeting held on 21st July, 2018 has approved the new GST returns. Details uploaded by supplier are correct. The documents related to supplies made to composition tax payers, ISD, UIN holders may be amended by the supplier at any time and the same shall not be dependent upon the action taken of recipient. Options for return periodicity monthly or quarterly effective from 1st July 2019 and it will live! Be available and the said shall be auto-populated in FORM GST ANX-1 January! It will new gst return forms from 1st april 2020 live from October 2020, users would be able upload. 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