New GST Return Forms 2019

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  • Last Updated on 19 October, 2021

Introduction to New GST Forms:

The Central Board of Indirect Taxes and Customs has released the proposed GST Returns forms. It is expected that the new GST returns forms – Normal, Sahaj and Sugam, shall be made applicable from the second quarter of Financial Year 2019-20 and for the first quarter the existing return forms, i.e., GSTR-3B and GSTR-1 would continue to apply. 

Which GST return a tax-payer shall opt for:

Taxpayers who opt to file returns on monthly or quarterly (GST RET-1) basis would be eligible to take credit of missing invoices. However, the credit of missing invoices shall not be available in case taxpayers opts to file Sahaj (GST RET-2) or Sugam (GST RET-3). The taxpayers can switch their returns in the following manner:-

♦ From Quarterly (Normal) to Sugam or Sahaj only once in a financial year at the beginning of any quarter

♦ From Sugam to Sahaj only once in a financial year at the beginning of any quarter

♦ From Sahaj to Quarterly (Normal) or Sugam more than once in a financial year at the beginning of any quarter

♦ From Sugam to Quarterly (Normal) more than once in a financial year at the beginning of any quarter  

Below is the summarized presentation of New GST Return Forms:-

S. No.

Particulars

Normal  (GST RET-1)

Sahaj  (GST RET-2)

Sugam  (GST RET-3)

1.

Periodicity of Return

Quarterly or monthly

Quarterly

Quarterly

2.

Aggregate Turnover

More than 5 Crore-mandatory, Up to 5 Crore -optional

Up to 5 Crore-Optional

Up to 5 Crore- Optional

3.

Type of Outward Supply

 

 

-B2B

Yes

No

Yes

 

-B2C

Yes

Yes

Yes

 

-Exports

Yes

No

No

 

-SEZ units/developers

Yes

No

No

 

-Deemed Exports

Yes

No

No

 

-Supply to E-Commerce Operators

Yes

No

No

 

-Nil Rated, Exempted or Non-GST

Yes

Yes(even without declaration)

Yes(even without declaration)

4.

Type of Inward Supply

 

 

-RCM

Yes

Yes

Yes

 

-Import of Services

Yes

No

No

 

-Import of Goods

Yes

No

No

 

-Import of Goods from SEZ

Yes

No

No

5.

The credit of Missing Invoices Available

Yes

No

No

6.

ISD Credits Received

Yes

No

No

7.

HSN Code (6 Digits) on the basis of Annual Aggregate Turnover

T/o > 5 crores, in relation to exports, imports and SEZ supplies, mandatory; T/o <5 crore or equals to 5 crores then optional.

Optional

Optional

8.

NIL Return by SMS

Yes

Yes

Yes

 

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Structure of New GST Return:

S.No.

 

Name

Description

1.

FORM GST ANX-1

Annexure of outward supplies and inward supplies attracting reverse charge

2.

FORM GST ANX-2

Annexure of inward supplies

 

3.

FORM GST RET-01/02/03

 

Monthly/Quarterly return

4.

FORM GST ANX- 1A

 

Amendment to FORM GST ANX-1

 

5.

FORM GST RET-1A/2A/3A

 

Amendment to FORM GST RET-01/02/03

 

6.

FORM GST PMT-08

Payment of Self-assessed tax

The taxpayer firstly needs to upload details of outward supplies in FORM GST ANX-1 and take action on the inward supplies auto-populated in FORM GST ANX-2. After that, the taxpayer shall file the main return in FORM GST RET-1/2/3 in which some data will be auto-populated from FORM GST ANX-1 and FORM GST ANX-2 and some data need to be manually entered by the taxpayer.

Return Prototype Functionality:

A New Return Prototype functionality has been enabled on the GST common portal.

Unlike the traditions, the Government has provided a prototype of ‘New Return Forms’ on the GST common portal to enable the taxpayers and consultants to experience and learn the new functionality before it goes live. The portal has also given an option wherein taxpayers can share their feedbacks. This is a good practice ever started by any Dept. before implementing a new compliance process.

Though the date of implementing the new return forms has not been confirmed, yet the Govt. may work in full swing to implement it from the second quarter of FY 2019-20.

The prototype does not make any arithmetic calculations but it provides a complete walk-through of the figures reported in the return forms. 

In the proposed system of new GST Return filing, a normal taxpayer would have to file Form GST RET-1 (Normal) or GST RET-2 (Sahaj) or GST RET-3 (Sugam) on either monthly or quarterly basis. Annexure of outward supplies (GST ANX-1) and (GST ANX-2) Annexure of Inward Supplies will be filed as part of these returns.

 

Author: CA Sonakshi Jain & CA Rahul Dhuparh

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

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