NEW VS OLD GST Return System

0
10

NEW VS OLD GST Return System
New Return System is depending on the turnover of the taxpayer.
Check Whether the Taxpayer is Large Taxpayer or Small Tax Payer
A large Taxpayer is a person who is not a small taxpayer.

A small taxpayer whose Aggregate Turnover in the last Financial year is Up to Rs 5 Crore

NEW RETURN SYSTEM

Form Description For JULY to Sep 2019 For Oct to Dec-19 Jan-20 Onward
ANX 1 Annexure for Outward & Inward Supplies under R.C.M Optional Mandatory on Quarterly Basis Mandatory
ANX 2 Annexure for inward Supplies Option View Facility only (No Action Allowed) Mandatory
PMT 08 Payment of Self Assessed TAX Not Required Mandatory Mandatory
RET 01 Quarterly Return Not Required File on Quarterly Basis Due on 20th Jan-20 Mandatory

OLD RETURN SYSTEM

GSTR-3B Monthly Ret & tax Payment Mandatory Discontinue Discontinue
GSTR-1 Monthly/ Quarterly Return Mandatory Discontinue Discontinue

 

For Large Tax Payer  having Aggregate turnover more than Rs 5 Crore in preceding F.Y

NEW RETURN SYSTEM

Form Description For JULY to Sep 2019 For Oct to Dec-19 Jan-20 Onward
ANX 1 Annexure for Outward & Inward Supplies under RCM Optional Mandatory on Monthly Basis Mandatory Monthly
ANX 2 Annexure for inward Supplies Optional View Facility only (No Action Allowed) Mandatory
PMT 08 Payment of Self Assessed TAX Not Required Mandatory Mandatory
RET 01 Quarterly Return Not Required File on Monthly Basis Due on 20th Jan-20 for Dec-19 Mandatory
OLD SYSTEM
GSTR-3B Monthly Ret & tax Mandatory Mandatory on monthly basis for October & Nov-19 but not required for Dec-19 Discontinue
GSTR-1 Monthly Return Mandatory Discontinue Discontinue

Types of Returns in NEW vs OLD

NEW OLD
GST RET 01 GSTR-3B
GST ANX-1 GSTR-1
GST ANX-2 GSTR-4(For Composition Dealers)
GST PMT-08 GSTR-5/5A (Non-Resident/OIDAR Services)
GSTR-6(Input Service Distributor)


Difference in Choices

NEW OLD
If Aggregate Turnover is Up to 5 Crore
SAHAJ (GST- RET-1) for B2C and RCM Inward Supply Aggregate Turnover Up to 1.5 Crore for Monthly or Quarterly
SUGAM (GSTR RET-1) for B2B, B2C & RCM
Monthly Quarterly (Normal return)- GST- RET01

BENEFITS of fillings in New over Old
–  One Return for GST i.e. GST RET-1 to be filled in compare to GSTR-1 & 3B in the old System.
–  Nil Return Can be Filled by SMS in New Proforma whereas as Nil return to be filled for both GSTR-3B and GSTR-1 in the OLD system.

–  Aggregate Turnover Increased for differentiating  Large & Small Taxpayers from Rs 1.5 Crore to Rs 5 Crore.
–  E-commerce Operator needs to File GST RET-1 instead of GSTR-8 in the old system.
–  The facility of Continuous Uploading of Invoices and View in Real Time Basis whereas in old  System Invoice uploaded at the time of return and can view thereafter.

 

Benefits for ITC of New Over Old

New System–  ITC Can Be Claimed if Details are uploaded by Supplier (FORM ANX-2)
Action to be taken Invoices can be marked accepted & rejected  by buyer or same kept pending or action to be taken on later

Old System– ITC based on self-declaration
no acceptance & rejection but matched in GSTR-9 attached with GSTR-2A

New System – Purchase register is can be uploaded in the new system for finding a mismatch in purchases. This Facility was not available in the old system.

Tax payment in New Return System

For Monthly Return – Pay taxes in GST RET -1

For Quarterly
Taxpayer Opting For Quarterly Basis Have To Make Payment On Monthly Basis On Supply Made During Month In GSTR PMT 08 FORM
Payment Of Self Assessed Liability Shall Be Made For First 2 Month Of Quarter And Credit Of Tax Paid Of First 2 Month Of Quarters Shall Be Available At The Time Of Filling Of Quarterly Return GST-RET01

whereas in OLD System Taxes are Paid monthly in GSTR-3B

So what do you think about the Article?

Let us know your thoughts in the comment section Below!

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here