GST NEW RETURNS LACUNAE IN THE EARLIER RETURNS
- Slides: 43
GST NEW RETURNS
LACUNAE IN THE EARLIER RETURNS • GSTR – 3 B is based on manual inputs. • GSTR 2 & 3 not operational. • No link between GSTR 1 and GSTR 3 B, leading to scams. • Recipient cannot know return filed status of supplier. • Duplication in many places. • Same return format for all assesses. • Missing credit menace. • GSTR 2 A is dynamic.
PRELUDE TO NEW RETURNS • Section 43 A enacted – not yet notified. • Rule 36 (4) introduced – Premature? • Other rules to be introduced.
Large taxpayers having aggregate turnover of more than Rs. 5 Crores in preceding FY Can file only Normal return- RET 01 on monthly basis All types of supplies- B 2 B, B 2 C, zero rated, deemed exports, supplies through e-com etc. Quarterly Normal in RET -01 Small taxpayers having an aggregate turnover up to Rs. . 5 Crores in preceding FY Only B 2 C + RCM + B 2 B – SUGAM – RET-03 (Quarterly) Only B 2 C + RCM - SAHAJ – RET 02(Quarterly)
Switching over from one type of return to another is allowed as tabulated below From Quarterly/Monthly (Normal) To Monthly/Quarterly (Normal) Sahaj/Sugam Sahaj Sugam/Quarterly (Normal) Sugam Quarterly (Normal) Frequency Once at time of filing first return. It cannot be changed during the FY. . Once in a FY at the beginning of any quarter. More than once in a FY at beginning of any quarter.
Summary S. No. PARTICULARS NORMAL Monthly Quarterly SAHAJ SUGAM 1 2 3 Type of Returns Periodicity of Filing Periodicity of Payment of Tax RET-01 Monthly RET-01 Quarterly Monthly RET-02 Quarterly Monthly RET-03 Quarterly Monthly 4 Form used and Date of Payment of Tax RET-01 (20 th of Following Month) PMT-08 (20 th of Following Month) 5 Date of Filing 20 th of Following Month 25 th of Following Month 6 Aggregate (Preceding FY) Above 5 Cr. Upto 5 Cr. (Mandatory) (Optional) Upto 5 Cr. (Optional) 7 Nature of Supply All Types of Supply All types of Supply B 2 C, RCM transactions B 2 B, RCM 8 Provisional ITC Available Not Available Turnover B 2 C,
CONSTITUENTS OF THE RETURN NORMAL SAHAJ SUGAM • ANX - 1 • ANX - 2 • RET – 1 • ANX – 1 A • RET – 1 A
TABLE - 3 • This creates the tax liability. • All transactions which leads to tax liability should be declared here. • No invoice-wise reporting of B 2 C. • HSN at 6 digit level for more than Rs. 5 Crore assesses. • Import & SEZ, to be linked to icegate.
3 L – Missing credits. • Credit for missing invoices can be taken upto 10 % of credits reflected in ANX-2. • Invoices in respect of which such credit is taken should be identified. • Credit taken in April, not uploaded by supplier (monthly) in April, May & June – to be declared in July return filed in Aug. • Credit taken in April, not uploaded by supplier (Quarterly) in Q 1 – to be declared in July return filed in Aug.
3 L – Missing credits. • As and when declared by supplier and reflecting in ANX-2, such credit to be reversed, as credit already taken provisionally. • If the supplier is not at all filing his returns, is recipient liable to reverse such provisional credit availed? • Missing credit over and above 10 % has not at all been availed. • Cumulative method to be followed.
DETAILS ITC AS PER ANX-2 ITC AS PER BOOKS ITC CAN BE TAKEN MONTH ON MONTH CUMULATIVE APRIL MAY JUNE 100000 110000 50000 100000 210000 260000 150000 120000 40000 150000 270000 310000 121000 55000 110000 231000 286000 ITC CAN BE TAKEN ACTUALLY TOTAL ITC TAKEN 120000 40000 270000 121000 55000 286000
This table does not create liability. All E-commerce transactions which are already covered in table 3 should be shown here separately.
Amendments through ANX-1 A • 3 A – B 2 C Supplies. • 3 C – Exports with payment of tax. • 3 D – Exports without payment of tax. • 3 H – Inward supplies liable under RCM. • 3 I – Import of Services. • 3 J – Import of goods. • 3 K – Imports from SEZ. Will generate RET -1 A and liability to be discharged. Even negative liability possible.
Amendments through RET-1 • 3 B – B 2 B Supplies. • 3 E – Supplies to SEZ with payment of tax. • 3 F – Supplies to SEZ without payment of tax. • 3 G – Deemed Exports. All amendments which have a bearing on recipient to be amended through RET-1 and not through ANX-1 A.
RET-2 - SAHAJ New. GSTReturn_Sahaj. pdf
RET- 3 - SUGAM New. GSTReturn_Sugam. pdf
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