New GST Return formats [Normal (Monthly or quarterly) Sugam (Quarterly) Sahaj (Quarterly)]

Understand New and Simplified GST Returns formats quickly effective from 01.07.2019

Goods and Services Tax (GST) is a technology oriented tax with a focus to plug revenue leakages. There had been major changes in the procedures like returns, assessments amongst others since the new law had been enforced. In the process of simplifying the procedures for industry at large, the concept of new returns is commencing with effect from 01.04.2019. For the first three months, these returns forms would be filed on trial run basis and if found successful, the new return formats will be made mandatory from 01.07.2019. Here is the brief of the new returns:

Quick understanding of New GST Return formats effective from 01.07.2019
Simplified Return Forms
Normal Return (RET-1)
Sahaj (RET-2)
Sugam (RET-2)
Who needs to file
Person having any type of transaction like exports, supply to SEZ, E-commerce etc.
Person having only B2C transactions and inward supplies subject to reverse charge
Persons having B2C , B2B transactions and inward supplies subject to reverse charge
Frequency of filing
Monthly/Quarterly
Quarterly
Quarterly
Time for filing
Data can be entered on regular basis except 18thto 20th of month following the tax period
Data can be entered on regular basis except 18th to 20th of month following the tax period
Data can be entered on regular basis except 18th to 20th of month following the tax period
Reflection of Input Tax Credit from the seller
By 10th of next month
By 10th of next month
By 10th of next month
Claim of ITC on basis of Invoice where the seller does not enter the invoice
Yes, Taxpayer can enter missing invoice to claim ITC
No, Taxpayer cannot enter missing invoice to claim ITC
No, Taxpayer cannot enter missing invoice to claim ITC
Reporting of HSN Codes
Turnover exceeds Rs. 5 crores – 6 level HSN Code
Turnover up to Rs. 5 crores – Optional
Basic Forms
ANX-1: Details of Outward Supplies
ANX-2: Details of Inward supplies (Auto-Populated)
RET-1: Auto Populated based on ANX-1 and ANX-2 (advances to be manually reported)
ANX-1: Details of Outward Supplies
ANX-2: Details of Inward supplies (Auto-Populated)
RET-2: Auto Populated based on ANX-1 and ANX-2 (advances to be manually reported)
ANX-1: Details of Outward Supplies
ANX-2: Details of Inward supplies (Auto-Populated)
RET-3: Auto Populated based on ANX-1 and ANX-2 (advances to be manually reported)
Amendment Returns
ANX – 1A – Amendment in FORM ANX-1
RET-1A : Amendment to RET-1
ANX – 1A – Amendment in FORM ANX-1
RET-2A : Amendment to RET-2
ANX – 1A – Amendment in FORM ANX-1
RET-3A : Amendment to RET-3
Taxpayer engaged with e-commerce entities
Yes, he can file RET-1
No, he cannot file RET-2
No, he cannot file RET-3
Self – Adjustment of Credit Notes
Permissible

Looking at the complexity involved the industry may initially prefer to opt for monthly RET-1 form where all sorts of adjustments are permissible including claim of Input Tax Credit based upon missing invoices. It must be noted that the taxpayer can switch over to other forms as per table below:

Switchover
Frequency and When
From
To
RET – 1
RET -2
Once in Financial Year at Beginning of any quarter
RET – 1
RET-3
Once in Financial Year at Beginning of any quarter
RET -2
RET-3
More than once in a Financial Year at the beginning of Quarter
RET-2
RET-1
More than once in a Financial Year at the beginning of Quarter
RET – 3
RET -2
Once in Financial Year at Beginning of any quarter
RET – 3
RET-1
More than once in a Financial Year at the beginning of Quarter
RET -1 (Normal Return), RET – 2 (Sahaj), RET- 3 (Sugam)

It must further be noticed that Forms ANX-1, ANX-2 and RET are the replacement of GSTR 1, GSTR 2, GSTR3/GSTR 3B. All other returns from i.e. GSTR 4 to GSTR 10 shall continue to be filed in the same manner even after 01.04.2019. With this background the taxpayers opting for composition scheme under GST will have no change in their return format. This means they shall continue to file GSTR 4 even after 01.04.2019 as they were doing earlier. Similarly government agencies/e-commerce or person liable to deduct tax under GST would also continue to file the same returns before and after 01.04.2019.

From above it can be understood that new return formats are going to become an on-going procedure for business entities requiring higher indulgence of professionals in understanding ITC mismatch issues.
(CA Ankit Shrivastav, Ex-GSTN Officer who is one of the most sought-after GST knowledge & thought leader in the country with more than 12 years of experience in direct and indirect taxation, internal audit, systems review and management consultancy.)

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