NEW VS OLD GST Return System

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

FormDescriptionFor JULY to Sep 2019For Oct to Dec-19Jan-20 Onward
ANX 1Annexure for Outward & Inward Supplies under R.C.MOptionalMandatory on Quarterly BasisMandatory
ANX 2Annexure for inward SuppliesOptionView Facility only (No Action Allowed)Mandatory
PMT 08Payment of Self Assessed TAXNot RequiredMandatoryMandatory
RET 01Quarterly ReturnNot RequiredFile on Quarterly Basis Due on 20th Jan-20Mandatory

OLD RETURN SYSTEM

GSTR-3BMonthly Ret & tax PaymentMandatoryDiscontinueDiscontinue
GSTR-1Monthly/ Quarterly ReturnMandatoryDiscontinueDiscontinue

 

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

NEW RETURN SYSTEM

FormDescriptionFor JULY to Sep 2019For Oct to Dec-19Jan-20 Onward
ANX 1Annexure for Outward & Inward Supplies under RCMOptionalMandatory on Monthly BasisMandatory Monthly
ANX 2Annexure for inward SuppliesOptionalView Facility only (No Action Allowed)Mandatory
PMT 08Payment of Self Assessed TAXNot RequiredMandatoryMandatory
RET 01Quarterly ReturnNot RequiredFile on Monthly Basis Due on 20th Jan-20 for Dec-19Mandatory
OLD SYSTEM
GSTR-3BMonthly Ret & taxMandatoryMandatory on monthly basis for October & Nov-19 but not required for Dec-19Discontinue
GSTR-1Monthly ReturnMandatoryDiscontinueDiscontinue

Types of Returns in NEW vs OLD

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


Difference in Choices

NEWOLD
If Aggregate Turnover is Up to 5 Crore
SAHAJ (GST- RET-1) for B2C and RCM Inward SupplyAggregate 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!

 

Be the first to comment

Leave a Reply

Your email address will not be published.


*


Follow by Email
Facebook
Twitter
LinkedIn