As you know, New Returns under GST will be implemented from 1 April 2020. Earlier this new Return was implemented from 1 October 2019 in a phased manner. Now new form will be implemented for all the taxpayers from 1 April 2020.
This New Form is for Normal Taxpayer, not for Composition Taxpayer.
CATEGORIES OF TAXPAYER
1. Large Taxpayer: Whose Aggregate Annual Turnover in the Previous Year was more than Rs. 5 Crore.
2 Small Taxpayer : Whose Aggregate Annual Turnover in the Previous Year was more than Rs. 5 Crore
CATEGORIES OF NEW RETURN
1. FORM GST RET-1 (Regular/Normal)
2. FORM GST RET-2 (Sahaj)
3. FORM GST RET-3 (Sugum)
WHICH GST TAX RETURN OPTIONS AVAILABLE :-
FOR LARGE TAXPAYERS
There is no Option for Large Taxpayer to choice their New GST Return like Small Taxpayer. He have to File Form GST RET-1 on Monthly basis.
FOR SMALL TAXPAYERS
There are three option for Small Taxpayer to choice their New GST Return according their business structure are:-
1. FORM GST RET-1 (Regular/Normal) on Monthly/Quarterly Basic.
2. FORM GST RET-2 (Sahaj) on Quarterly Basic.
3. FORM GST RET-3 (Sugum) on Quarterly Basic.
How to choice option for Small Taxpayers
GST RET-2 (Sahaj)
If a taxpayer having a supply under B2C category and inward supply attracting reverse charge only then he can opt Form GST RET-2 (Sahaj). This Type of Taxpayer may choice other forms also. There is no restriction for this type of taxpayer to choice Other forms.
GST RET-3 (Sugam)
If a taxpayer having a supply under B2B, B2C and inward supply attracting reverse charge category only then he can opt Form GST RET-3 (Sugam). This Type of Taxpayer may choice Form GST RET-1 But he cannot choice form GST RET-2.
GST RET-1 (Normal)
If a taxpayer having a supply under B2B, B2C and inward supply attracting reverse charge, Export etc then he have to file Form GST RET-1 on Monthly or Quartely.
Important Point
1. There is no Option to file Monthly Return for Form GST RET-2 (Sahaj) and Form GST RET-3 (Sugam).
2. In Case of Quarterly Return Option, Taxpayer have to file Form GST PMT-08 on Monthly Basis.
3. All the new GST Return is based on Form GST ANX-1 ( Detail of Sale) And Form ANX-2 (Detail of Purchase Auto populated).
4. Taxpayer have to pay Tax on Monthly Basis.
5. Form GST RET-2 And Form GST RET-3 is not available to E-commerce Operator and Large Taxpayers.
6. There is no Option to Claim Missing ITC based on document in case of Form GST RET-2 (Sahaj) ANd Form RET-3 (Sugum).
7. In Form ANX-2, There is a option of ACCEPT, REJECT AND PENDING.
8. If the taxpayer accept faulty Bill on portal then Recipient have to unblock the bill so that supplier can amend.
9. FORM ANX-1 can be fill on regular (day to day) and real time basis irrespective mode of filling return.
10. Suppiler may edit the rejected bill before filing any subseuent return.
11. Taxpayer have the option to file NIL Return through SMS.