October 2019 will be a pivotal month for GST Taxpayers. The new improved GST return system will take up on the current GST Returns system. According to the transition plan for streamlined GST Returns released by the CBIC, October will observer following updates in the current GST Returns filing system:.
Form GST ANX-1 replaces form GSTR-1, wherein the taxpayers will have the option to upload their invoice information all the time.
- Also, the taxpayers enrolled under GST will likewise have the option to see the internal supply summary on the form GST ANX-2, despite the fact that the client will be not able take any actions.
- Enormous taxpayers would still need to file form GSTR-3B until it is totally eliminated in the month of January,2020 as the taxpayers file their first ever GST Ret-1 for December (October to December quarter for small taxpayers) and
- Small taxpayers, who might be filing quarterly returns, will likewise be required to begin filing form GST PMT-08 on a monthly premise, from October onwards.
Likewise, with only three months to go, and preliminary modules already in play, we have thus made summary in what goes in setting up your GST ANX-1 and what you will have the option to see in your GST ANX-2
GST Annexure 1 will replace form GSTR 1 from the current GST return system, which will be a self-statement of outward supplies and inward supplies pulling reverse charge. We have secured about How to make GST ANX-1 in detail here.
What data will be available in GST ANX 2?
GST Annexure 2 will replace form GSTR 2 from the current GST return system and will be an auto-drafted outline of internal supply dependent on provider’s invoice information. The points of interest of form GST ANX2 will be accessible consistently, wherein the taxpayer/client can take actions on the given reports. Form GST ANX-2 comprises of 4 sections altogether, which can be divided as below:
- Auto-drafted Inward Supply Invoices (in view of the taxpayer’s activity).
Table 3A. Inward supplies got from an enrolled individual (other than the provisions drawing backward charge), imports and supplies received from SEZ units/developers on Bill of Entry
- System figured Summary of ITC (As per taxpayers activities)
Table 4 – Summary of the input tax credit
- Auto-drafted Import Data (Post ICEGate combination)
Table 3B – Import of goods from SEZ units/developers on Bill of Entry
Table 3C – Import of goods from abroad on Bill of Entry
- ISD Credits
Table 5 – ISD credits received (qualified credit only)
Simple Returns are supposed to simplify the returns filing for all taxpayers. Under the new arranges, taxpayers will be required to file one monthly return, with the exception of small taxpayers and a couple of more exceptions.
Those without any buys, no yield tax liability and no input tax credit in any quarter of the financial year should file one ‘Nil’ return for the whole quarter.
Furthermore, taxpayers with turnover of up to Rs 5 crore in the last financial can file quarterly return with regularly payment of taxes on self-declaration basis.
Enquire with Certicom Consulting for any queries.