Yarab A | Mar-04-2020. 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. Details of documents uploaded by the supplier(s) will be auto-populated in FORM GST ANX-2 on near to real time basis. The main aim of the new return system is to simplify the filing process for taxpayers registered under GST. Form No. A taxpayer filing Normal return form & having turnover more than 5 crores can file the form (optional) as per the conditions as given by the government. In the 31st meeting held by the GST council, an introduction to a new GST return system for taxpayers was decided. 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. This includes E-Invoicing, Inclusion of Quick Response Code and Facility of Digital payments to recipients. The new system, to … This transition plan will be carried out in a phased manner. 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. Form No. If a supplier has not uploaded an invoice or a debit note, and a recipient claims ITC of such document. "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. Like with any new system being introduced, there is always a set of initial challenges that need to be managed. According to the notification released by CBIC: As per the conclusions driven by the 37th GST Council meeting (held on 20 September 2019… In order to simplify the GST return filing process, the GST council meeting held on 21st July, 2018 has approved the new GST returns. Recipient can take credit in his return irrespective of whether the supplier files his return on monthly or quarterly basis. Author can be reached at [email protected], Your email address will not be published. This section deals with options for return periodicity monthly or quarterly. The new system would require automatic uploading of the data on government systems. 75/2019 … Documents rejected by the recipient shall be conveyed to the supplier only after filing of the return by the recipient. To implement the new system: 1) Section 43A is to be notified 2) Corresponding Rules and Forms also to be notified and they should functional in GST Portal. When he ensures that that supplies will be received before filing of return by the recipient. The government released these New GST Return forms with a view to ease the burden of GST Return. The new GST return system is expected to be introduced from 1 st April,2020. If you are required to account for GST under the reverse charge regime, indicate ‘Yes’ and state the value of imported services that is subject to GST in Box 14. GSTR 4 Due Date. 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. The Central Board of Indirect Taxes and Customs has released the proposed. … However, suppliers can upload the Invoices on a real-time basis in ANX-1 which can simultaneously be accessed in ANX-2 by … "Average household now saves 4 per cent in monthly … These forms will be first implemented from 1st April 2019 on the pilot basis. New Delhi: A simplified return format for GST is being introduced from April 2020, Finance Minister Nirmala Sitharaman said on Saturday. The due date for GSTR 4 annual return filing dates for FY 2020-21 is 30th April 2021. GSTR-6. 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. (Note: Invoices neither accepted nor rejected will be deemed accepted). For amendment in such invoice, the recipient needs to reset/unlock such invoice. 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. Details uploaded by supplier are correct. While for the other 2 GST return forms namely Sahaj & Sugam forms, the condition is applicable for up to 5 crore … Recipient filing monthly returns can accept details uploaded by supplier till 10th of following month. 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. To be filed by Input Service Distributors for distribution of ITC. This is a new box that will be included in the GST Return from periods ending on or after 1 Jan 2020. Update as on 11th June 2019 The Ministry of Finance has released the transition plan for the proposed GST new return system. If supplier is filing April month return, he can upload invoices of April month on real time basis till 10th May. In the 31st GST Council Meeting, it was decided that a New Return System under GST would be introduced for taxpayers. Amit Bhagat, Partner, Dhruva Advisors said that depending on the details required in the new return system, the ERP would need to be changed. This is called missing invoices. Join our newsletter to stay updated on Taxation and Corporate Law. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). 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:-. 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). The current GST return filing system (GSTR 1, 2A and 3B) is operational until 30 September 2020. 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