GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
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1. Between July, 2019 to September, 2019, the new return system (FORM GST ANX-1&FORM GST ANX-2 only) to be available for trial for taxpayers. Taxpayers to continue to file FORM GSTR-1&FORM GSTR-3B as at present.
2. From October, 2019 onwards, FORM GST ANX-1 to be made compulsory. Large taxpayers (having aggregate turnover of more than Rs. 5 crores in previous year) to file FORM GST ANX-1 on monthly basis whereas small taxpayers to file first FORM GST ANX-1 for the quarter October, 2019 to December, 2019 in January, 2020.
3. For October and November, 2019, large taxpayers to continue to file FORM GSTR-3B on monthly basis and will file first FORM GST RET-01 for December, 2019 in January, 2020. It may be noted that invoices etc. can be uploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019 onwards. FORM GST ANX-2 may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2.
4. From October, 2019, small taxpayers to stop filing FORM GSTR-3B and to start filing FORM GST PMT-08. They will file their first FORM GST-RET-01 for the quarter October, 2019 to December, 2019 in January, 2020. From January, 2020 onwards, FORM GSTR-3B to be completely phased out.
The supplier has to furnish the details of invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies made during the tax period. Key points to be disclosed are as follows:-
• supplies made to registered persons and unregistered persons including consumers.
• Inter-State supplies to a consumer (non-registered person) where invoice value is more than Rs. 2,50,000/- should be separately captured.
• Consolidated amount of Intra-State supplies to a consumer (non-registered person) for each rate of tax.
• Zero rated supplies, Exempted supplies, Nil-rated supplies, Exports (including deemed exports) and non-GST supplies should each be captured, separately.
• Tax liability arising in the current tax period where invoice is not issued in the current tax period (i.e., yet to be raised, in case of advance).
• Invoices issued in the current tax period for which tax was already paid earlier (adjusting the previous advances).
• Supplies made through e-commerce portal of other companies to registered taxable persons and other consumers, separately.
• The supplier has to mention the Harmonized System of Nomenclature for goods and Service Accounting Code.
• Documents issued during the tax period.
The details uploaded by the supplier in GSTR-1 would be communicated to the recipient in Part A of FORM GSTR-2A, which is an auto-drafted form.
In FORM GSTR-1 (return), the description of goods and services may not be required to be submitted by the taxpayer as the same will be identified through the submission of HSN code for goods and Accounting Code for services. HSN code as specified below shall be furnished in FORM GSTR-1. In order to differentiate between the HSN code and the Service Accounting Code (SAC), the latter will be prefixed with “S”. The taxpayers who have turnover below the limit of Rs. 1.5 Crore will have to mention the description of goods/service, as the case may be, wherever applicable.
The recipient can verify and validate/modify/delete such details and even add details, and thereafter submit the same in FORM GSTR-2 on or before 15th of the succeeding tax period.
If the recipient modifies/deletes any details, such modification/deletion will be communicated to the supplier in FORM GSTR-1A. The supplier can accept/reject such modification/deletion before 17th of the succeeding tax period. To the extent of such modifications/ deletions, FORM GSTR-1 of the supplier would stand amended.
FORM GSTR-2A is an auto-drafted form and contains the details of inward supplies of the assesse, the details of which have been uploaded by the supplier. It also contains the input tax credit distributed by the Input Service Distributor, tax deducted at source under Section 51 and tax collected at source under Section 52.