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The GST Council has introduced a new return filing system with one main return FORM GST RET-1 and two Annexures.
In FORM GST ANX-1, a taxpayer has to report details of all outward supplies, inward supplies on a reverse charge basis and import of goods and services in this Annexure.
In FORM GST ANX-2, a taxpayer has to report details of all inward supplies in this Annexure. A taxpayer is required to file this new return on a monthly basis. Small taxpayers with a turnover of up to Rs.5 crores have an option to file this return quarterly.
14th March 2020*
The new GST return system will be implemented from October 2020.
The present return filing system (GSTR-1, 2A & 3B) will continue until September 2020.
*Subject to CBIC notification
One of the key changes introduced in the new return filing system is the facility to amend a return, once filed. Currently, GST returns cannot be amended, and errors, if any, can only be rectified by making an amendment to those particular invoices/details in the subsequent month’s return. However, now, a taxpayer can file FORM GST RET-1A as an amendment return to the original return.
Some of the advantages of filing amendment returns are:
Details entered by a taxpayer in the main return which was not auto-populated can be edited in the amendment return. Payment of liability arising due to amended return can be paid along with GST RET-1A. However, no refund will be given. Any negative liability will get carried forwarded to the main return of the next tax period. A taxpayer can file two amendment returns for each tax period.
FORM GST RET-1A is the return amending FORM GST RET-1. The filing process is similar to that of FORM GST RET-1. FORM GST RET-1A is divided into 4 parts:
1. GSTIN: A taxpayer needs to input the GSTIN.
2. Basic details: Basic details such as trade name, legal name, ARN, and the date of filing will be auto-populated.
3. Amendment to a summary of outward supplies, inward supplies attracting a reverse charge and tax liability: Please note: It is presumed that GST ANX-1A (i.e. the annexure to FORM GST RET-1A) will be deemed to have been filed upon filing of return in FORM GST RET-1A. The filing process will be similar to the process of filing of the original FORM GST ANX-1.
|A||Details of amendment to outward supplies||Below details will be auto-populated from GST ANX-1A:|
|B||Details of amendment to inward supplies attracting reverse charge||Below details will be auto-populated from GST ANX-1A:|
|C||Details of amendment to adjustment of liability||The taxpayer needs to input the below details:|
|D||Details of amendment to supplies having no liability||The taxpayer needs to input the below details:|
|E||Total value and tax liability||It is a sum total of A, B, C and D above.|
4. Amendment to summary of inward supplies for claiming input tax credit (ITC):
|A||Details of amendment to ITC based on auto-population from GST ANX-1A||Below details will be auto-populated from GST ANX-1A:|
|B||Details of amendment to reversals of credit||The taxpayer needs to input the below details:|
|C||Net ITC available||It is a difference between A and B above.|
Note: A taxpayer has to separately disclose input tax credit on capital goods and services out of C above.
5. Interest and late fees: The system will auto calculate the following two liabilities:
The taxpayer will have to self assess the amount of interest on account of reversal of input tax credit and other interest liability if any.
6. Payment of Tax: Payment process is similar to that of main return. ITC available in the electronic credit ledger can be utilized for payment of the liability.
7. Verification: A taxpayer has to verify the information provided in all of the above tables and signing the return. A taxpayer can proceed to file the return only after verifying the details.