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The new GST return system will be rolled-out in phases from April 2020. The main reason the old system got revamped is because of the need for a single, simple and concise return form, as compared to multiple return forms of complex nature that are currently being filed. Under the new system, there will be only one main return called the GST RET-1, which will comprise of 2 annexures – GST ANX-1 and GST ANX-2.
16th December 2022
48th GST Council Meeting is scheduled on 17th December 2022, Saturday. This meeting is happening after a gap of five months ahead of the Union Budget 2023, slated to be presented on 1st February 2023.
24th June 2022
The 47th GST Council meeting was held on the 28th and 29th of June 2022 in Chandigarh. Union FM Nirmala Sitharaman chaired this meeting and made recommendations to revise rates for revenue augmentation and correction of inversion while pruning the GST exemption list. Compliance relief was granted to e-commerce suppliers and composition taxpayers.
The main return GST RET-1 will contain all details of outward and inward supplies, along with taxes paid. The first annexure GST ANX-1 (Annexure of Supplies), is for reporting details of outward supplies, inward supplies liable to reverse-charge, and import of goods and services. The second annexure GST ANX-2 (Annexure of Inward Supplies) will contain details of inward supplies. Reporting of the exports, the deemed exports and the supplies to SEZ will be done in GST ANX-1.
From here, the information gets auto-populated in the main return GST RET-1 return. GST RET-2 (Sahaj) and GST RET-3 (Sugam) are the simplified returns which can be opted by B2C and B2B taxpayers with turnover less than Rs.5 crore in the previous FY. However, these returns do not support the declaration of export-oriented transactions, hence taxpayers having export transactions or its counterparts must use GST RET-1 only, which can be filed either monthly or quarterly.
Under the old return system, all data relating to exports, supplies to SEZ and deemed exports were declared under table 6 of the GSTR-1 return as follows:
|6B||Supplies made to SEZ units/developers|
Amendments, debit/credit notes and refund vouchers were to be reported under table 9 in the GSTR-1.
Exports, supplies to SEZ units/developers and deemed exports need to be reported in the following tables of form GST ANX-1:
|3C & 3D||3C – Exports with payment of tax 3D – Exports without payment of tax|
|3E & 3F||3E – Supplies to SEZ units/developers with payment of tax 3F – Supplies to SEZ units/developers without payment of tax (includes edits/amendments)|
|3G||3G – Deemed exports (DE) (includes edits/amendments)|
From GST ANX-1, the data gets auto-populated in the main return GST RET-1, in the following table:
|3A||3 & 4 - Exports with/without payment of tax (EXP)|
|5 & 6- Supplies to SEZ units with/without payment of tax (SEZ)|
|7 - Deemed exports (DE)|