Introduction to New GST Forms:
The CBIC has released the proposed GST Return forms. It is expected that the Newly GST Return Normal, Sahaj and Sugam, shall be made applicable from the First quarter of Financial Year 2020-21 and the existing return forms, i.e., GSTR-3B and GSTR-1 would continue to apply.
Which GST return a tax-payer shall opt for:
Taxpayers who opt to file returns on monthly or quarterly (GST RET-1) basis would be eligible to take credit of missing invoices. However, the credit of missing invoices shall not be available in case taxpayers opts to file Sahaj (GST RET-2) or Sugam (GST RET-3).The taxpayers can switch their returns in the following manner:-
♦ From Quarterly (Normal) to Sugam or Sahaj only once in a financial year at the beginning of any quarter
♦ From Sugam to Sahaj only once in a financial year at the beginning of any quarter
♦ From Sahaj to Quarterly (Normal) or Sugam more than once in a financial year at the beginning of any quarter
♦ From Sugam to Quarterly (Normal) more than once in a financial year at the beginning of any quarter
For quarterly return filing, three types of forms are available-
Sahaj – This form may be opted if the taxpayer has only outward supplies to unregistered persons i.e. only b2C sales. Such taxpayers cannot make supplies through e-commerce operators, take credit on missing invoices or allowed to make any other inward or outward supplies.
Sugam – This form allows you to record details for outward supplies made to both registered and unregistered dealers i.e. B2B plus B2C. However, no export details (exports, deemed exports, SEZ) are allowed to be recorded here. Such taxpayers cannot make supplies through e-commerce operators or take credit on missing invoices..
Normal return – This return allows recording of all outward supplies made including exports.
FORM GST PMT-08 -Payment of Self-assessed tax. To be filed by tax payer opting for quarterly filing.
By Vishal Moudgill
B.Com, MBA Finance & International Business
Gud Information... Thanx
ReplyDeleteThanks Keep Supporting
DeleteReally appreciated
ReplyDeleteThanks Chimkandi keep Supporting
DeleteReally appreciated
ReplyDeleteThanks Gagan Keep Supporting
DeleteGood information about GST and really appreciable
ReplyDeleteNyc information about GST
ReplyDeleteReally appreciated
ReplyDeleteExactly ...!! That's great ..!!
ReplyDeleteHi ur information blog is fantastic. It's Big helpful.
ReplyDeleteOh nyc really genius
ReplyDeleteThanks to all keep supporting
ReplyDeleteJust fill in your basic details here. One of our GST Experts will call you and clarify all your doubts and then we will get your Online GST Registration in Chennai, Tamilnadu done here.GST Registration in Chennai
ReplyDeleteGood one!! for new commerce and business owners. I understood by reading your blog that GST Registration is important for new as well as old companies or GST Return filing is good for country.
ReplyDelete