The first and most important return forms in GST NEW RETURN system 2.0 is GST RET 1 . This return form may be filed quarterly as well as monthly. The filing frequency depends on the aggregate turnover on the registered taxpayers.
The taxpayers having turnover below 5 Crores may file the return form GST RET 1 Quarterly. The taxpayers having turnover more than 5 Crores shall file the return form GST RET 1 On monthly basis.
The first step to file GST Return in new system is to prepare the return filing profile depending on the turnover.
At the beginning of tax period, taxpayer has to update the profile by giving certain questions.
Firstly, Taxpayers has to declare, whether aggregate turnover during the previous fiscal was upto 5 Crores or not.
If the reply to above question is affirmative, then taxpayer will have an option to file quarterly or monthly returns in GST RET 1.
If the taxpayers opted for filing quarterly, then they will have 3 more options to choose between the return filing depending on the transactions.Taxpayers can choose between these three return forms
Quarterly Normal Return (GST RET 1)
Today we will discuss about the GST RET 1 return for both quarterly and monthly filers. Details required for both the category will be same only the periodicity of filing will be different .
Form GST RET 1 (Normal) Quarterly / Monthly Return
This return will have 9 Tables including the verification tab for taxpayers .
Table 1 and 2 requires the basic details of the taxpayers such as Gstin No and registration details such as Trade Name , Legal Name , ARN and Date of filing. These details will be auto pouplated by the GST Portal .
Table 3 is the summary of outward supplies, Inwards Supplies attracting reverse charge, debit and credit notes issued and tax liability on the same. Table 3 is divided into 5 Parts containing :
Details of outward supplies,
Details of inward supplies liable to reverse charge ,
Details of credit and debit notes issued, advances received and adjusted , other reduction or adjustment in liabilities,
Details of supplies having no liability, and
Details of total value of supplies and tax liability there on .
Table 4 is the summary of inwards supplies for claiming Input Tax Credit on Purchases. It is divided into 5 Parts containing
Details of Input Tax Credit based on auto population of Form GST ANX 1 by supplier , action taken in GST ANX 2 by recipient and other claims.
Details of Reversal of Input Tax Credits
Details of Input Tax Credit available after adjusting the above details.
Details of Input Tax Credit during the first two months of quarter. This field will be applicable only for quarterly filers.
Last, the details of Net Input Tax Credit available. The amount in this table has to be bifurcated at capital goods and input services level separately.
Table 5 is the details for capturing TDS or TCS credit received by the taxpayers in electronic cash ledger for the said tax period
Table 6 is for the interest calculation and late fees liability for late filers of return and late payment of taxes.
Table 7 is the Payment of Tax in which the liability for given period has to adjusted with Cash ledger and ITC ledger as the case may be. This table will accept the negative values of previous tax periods also. The amount of tax already paid earlier by quarterly filers will be adjusted through this table and the remaining liability will be paid through this column by creating challan or using ITC.
Table 8 is for the details of refund claimed from electronic cash ledger during the tax period .
Table 9 is for the verification purpose before filing the return.
This return form can be filed online as well as offline. The majority of the details in this form will be auto populated through the annexures form GST ANX 1 (Annexure for Outward Supplies) and GST ANX 2 (Annexure for Inward Supplies) and GST PMT 08 (Payment of Tax) statement for quarterly filers only.
The facility to file this return form GST RET1 as NIL will be provided to the taxpayers through sending SMS .