Observations from Team EZTax.in
- The new Forms are a relief in the eyes of taxpayers as the PMT-8 is a simplified return that need to be filed Monthly. But either the Software or a tax consultant has to go thru the complete calculation, which is not changing from the earlier GSTR-3B
- Fundamental difference from the previous forms is to have incremental or rolling uploads in to GSTN is a welcoming move to get the credits reflected to the businesses much earlier than current modal.
- Except export and import related activity, much of the old functionality still exist part of RET-1.
- As we move forward, we expect GST Council may make compliance even easier through simplification of these forms to have a revenue tiered approach. Such as less than 1 Cr, less than 5 Cr, more than 5Cr. This will bring more businesses in to the tax net and reduce the compliance burden for small to medium businesses.
GST ANX-1 (Sales)
1. Form GST ANX-1 - Annexure of outward supplies, imports and inward supplies attracting reverse charge (Sales)
2. Details of outward supplies, inward supplies attracting reverse charge and import of goods and services
2A. Supplies made to consumers and un-registered persons (Net of debit / credit notes)
2B. Supplies made to registered persons (other than those attracting reverse charge)(including edit/amendment)
2C. Exports with payment of tax
2D. Exports without payment of tax
2E. Supplies to SEZ units/developers with payment of tax (including edit/amendment)
2F. Supplies to SEZ units/developers without payment of tax (including edit/amendment)
2G. Deemed exports (including edit/amendment)
2H. Inward supplies attracting reverse charge (to be reported by the recipient, GSTIN wise for every supplier, net of debit/credit notes and advances paid, if any)
2I. Import of services (net of debit/ credit notes and advances paid, if any)
Will be Discontinued - 2J. Import of goods
Will be Discontinued - 2K. Import of goods from SEZ units / developers on a Bill of Entry
2L. Missing documents on which credit has been claimed in T-2 /T-1 (for quarter) tax period and supplier has not reported the same till the filing of return for the current tax period
3. Details of the supplies made through e-commerce operators liable to collect tax under section 52 (out of any outward supplies declared in table 3)
GST ANX-1A (Sales Amendment Return)
GST ANX-1A is an amendment to the ANX-1 form for a corresponding period. The taxpayer need to select few options to get a simplified questionnaire to fill, and make the necessary changes corresponding to the sales made during the corresponding period.
GST ANX-2 : Annexure of inward Supplies (Purchases)
Form is an auto generated inward supplies (Purchases), which is similar to GSTR-2A. Consists of following components other than the basic information about the tax paying entity information.
1A. Supplies received from registered persons including services received from SEZ units (other than those attracting reverse charge)
1B. Import of goods from SEZ units / developers on Bill of Entry
1C. Import of goods from overseas on Bill of Entry
2. Summary of the input tax credit
3. ISD credits received (eligible credit only)
What is GST PMT-08 Form ?
The Form is used for the Payment of Self-assessed Tax consists of following components other than the basic information about the tax paying entity information.
- Liability to pay tax (other than reverse charge)
- Liability to pay tax (reverse charge)
- Input tax credit availed
RET-1
RET-1A
Critical items for the Taxpayer to understand
1. FORM GST ANX-2 will be treated as deemed filed upon filing of the main return (FORM GST RET-1) relating to the tax period
2. The documents uploaded in FORM GST ANX-1 for month ‘M’ by a supplier who did not file his return for the previous two consecutive tax periods (M-1 and M-2 months)shall be made available to the recipient in FORM GST ANX-2 with an indication that the credit shall not be available on such documents. In other words, such documents will be visible to the recipient but the recipient cannot claim ITC on such inward supplies. However, the recipient can reject or keep such documents pending until filing of return by the supplier. For suppliers filing return on quarterly basis, this period will be one quarter i.e. if return of one quarter has not been filed, then recipient will not be able to claim credit on the invoices uploaded during next quarter.
Note – Table 3B and 3C shall be used after the data from the ICEGATE and SEZ (through ICEGATE) starts flowing to the GST system online. Thereafter, table 3J & 3K of FORM GST ANX-1 shall be discontinued. Data will be shown to the taxpayer as received from the ICEGATE.
Demo Offline Tools from demoofflinetool.gst.gov.in
Web based Prototype of Offline Tool of New Return is an interactive demo or mock-up of the “Offline Tools of New Return” to give stakeholders a feel of what the Tool will look like and to get their feedback on the same, before it goes live.
Get Access and try it out for yourself @ https://demoofflinetool.gst.gov.in
GSTR-3B
GSTR-3B is a simplified summary return. GSTR-3B filing is mandatory for all the taxpayers who have registered under GST regular scheme. Every registered taxable person must file GSTR-3B every month. It contains the details of all outward as well as inward supplies of goods and services. After considering the details furnished, GSTIN will determine your input tax credit availability or the amount of tax payable.
GSTR-1
Detailed GST Return that the supplier has to furnish the details of invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies made during the tax period. Key points to be disclosed are as follows
- Supplies made to registered persons (B2B invoices)
- Inter State supplies to unregistered persons where invoice value is more than Rs 2.5 lakhs (B2CL invoices).
- Zero rated supplies and deemed exports
- Consolidated supplies of inter state supplies and intra state supplies (B2CS invoices)
- Consolidated values of interstate and intra state Nil rated supplies, Exempted and Non-GST supplies.
- Details of Credit notes/ Debit notes /Amendments to the invoices issued
- Details of HSN wise summary of outward supplies
- Documents issued during the current period.