Form No. This is a new box that will be included in the GST Return from periods ending on or after 1 Jan 2020. 3) ANX- 1 and ANX-1A: Details of outward supplies and amendment form, For e.g. 75/2019 … Update as on 11th June 2019 The Ministry of Finance has released the transition plan for the proposed GST new return system. The invoices/ documents on which refund has already been claimed by the supplier/ recipient, it shall not be open for amendment. Author can be reached at [email protected], Your email address will not be published. "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. "Besides, bill of entry-wise import details and bill of entry-wise purchases from SEZs (special economic zones) would be required. 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. 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. Budget 2021: GST Audit by professionals scrapped? And for the Quarter October to December 2019 , Small taxpayers will file their first FORM GST ANX-1 in January 2020. 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 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. 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. Recipient can take action of Accept/ reset only till 10th of following month. GSTR-6. After which all the forms i.e. Entries which were not auto populated from ANX 1 & 2 and which were entered manually can be amended in this form. 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. Recipient can take actions (Accept/ Reject/ Pending) on the auto-populated documents after 10th of the month in which such documents have been uploaded. Like with any new system being introduced, there is always a set of initial challenges that need to be managed. The due date for filing FY 2019-20 Return is 31st August 2020. This transition plan will be carried out in a phased manner. This includes E-Invoicing, Inclusion of Quick Response Code and Facility of Digital payments to recipients. 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:-. 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. However, recipient can take any action of accept/reject/pending after 10th of the following month. In order to submit a comment to this post, please write this code along with your comment: 92a1228816f7b1fdb3c784c1924974f1. Amit Bhagat, Partner, Dhruva Advisors said that depending on the details required in the new return system, the ERP would need to be changed. 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. April 20, 2020 12:23 PM . While for the other 2 GST return forms namely Sahaj & Sugam forms, the condition is applicable for up to 5 crore … As of now, there is one-way traffic. The due date for GSTR 4 annual return filing dates for FY 2020-21 is 30th April 2021. 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. 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. 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 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. Blocking of a generation of E-way Bill, if GSTR-1 not filed. 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. 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. 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. Recipient filing quarterly returns can accept details uploaded by supplier till 10th of the month succeeding the quarter. If supplier is filing April month return, he can upload invoices of April month on real time basis till 10th May. 21st July 2020. 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. Structure of new GST returns is mentioned in the below table. However, suppliers can upload the Invoices on a real-time basis in ANX-1 which can simultaneously be accessed in ANX-2 by … (Note: Invoices neither accepted nor rejected will be deemed accepted). This is called missing invoices. From July, 2019, users would be able to upload invoices using the FORM GST ANX-1 offline tool on trial basis for familiarisation. Form No. Recipient filing monthly returns can accept details uploaded by supplier till 10th of following month. … In place of these, a taxable business will need to file one or few of the following returns/annexures/declarations: the deadline to reconcile FY 2019-20 GST data is here, i.e. Details uploaded by supplier are correct. The new GST return system is expected to be introduced from 1 st April,2020. GST RET 1 return form includes details of all types of supplies, ITC claimed, tax and interest. ................................ 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. All Rights Reserved. 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 … 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. 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. Track Latest News Live on NDTV.com. 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. In other words, such documents will be visible to the recipient but recipient cannot claim ITC on such inward supplies. 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. In order to allow businesses to get used to new returns, a trail functionality has been enabled on the GST common portal. Particulars GST. September 2020.The existing GST returns in forms GSTR-1, GSTR- 2A and GSTR-3B are getting a complete makeover The government released these New GST Return forms with a view to ease the burden of GST Return. 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. Payment can be made if liability arises due to amendment in RET 01A. GSTR 1, GSTR 2A and GSTR 3B will no longer be in existence. Analysis of Changes in GST Invoicing System effective from 1st April, 2020. Brief features of all types of return. The trial phase will be for users to familiarise themselves with the annexure forms of the new return system. The main aim of the new return system is to simplify the filing process for taxpayers registered under GST. It is important … This section deals with options for return periodicity monthly or quarterly. Details of documents uploaded by the supplier(s) will be auto-populated in FORM GST ANX-2 on near to real time basis. Profile Updation. 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. Recipient can take credit in his return irrespective of whether the supplier files his return on monthly or quarterly basis. 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. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Howsoever, these new forms will be compulsorily implemented from the month of July 2019 on all the taxpayers across the country. will be applicable Whether Returns to be Filed Monthly or Quarterly Those having turnover more than 5 Crores have to file Normal(Monthly) Returns … However if refund arises, no refund shall be paid but the same shall be carried forward to next tax period. Advertisement. If a supplier has not uploaded an invoice or a debit note, and a recipient claims ITC of such document. 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). To be filed by Input Service Distributors for distribution of ITC. Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. Current Update related to GST return filing system dated 14 March 2020 Implementation of new and modified GST return system from October 2020. The new system, to … If the original amount was shown as 100 but the correct amount is 120, 120 is to be shown. Full revised value of document has to be reported in the amendment. 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. Return FORM includes details of invoices shall be conveyed to the recipient needs to reset/unlock such invoice is 120 120! 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