Various Types of GST New Return in GST 2.0 and who shall file which Return?

GST new return filing is going to be made live for all the taxpayers from April 2020. Currently the trial of GST new return filing is going on GST Portal. Some of the important points related to GST new return are given below : 

Read Also : All about GST RET 1 

Return Frequency / periodicity in GST New return Filing 

The taxpayer can file the returns in GST new return filing either monthly or quarterly in the new system.Taxpayer whose aggregate turnover exceeds 5 crores in the previous FY shall file monthly return.

Taxpayers whose aggregate turnover is upto 5 Crores in the previous FY shall have an option to file return quarterly or monthly basis.The frequency can be changed from monthly to quarterly or vice versa through dashboard of GST Portal.

Return formats in GST New Return Filing

If the filing frequency is selected as quarterly , then taxpayer can change the return type or format as Quarterly Normal (GST RET 1) , Sahaj (GST Sahaj 2) , Sugam (GST RET 3) based on the types of transactions.

Taxpayers whose aggregate turnover is more than 5 Crores has  to file Monthly (Normal) Return GST RET 1.

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Input Tax Credit in Gst is the main and key component of GST . Input Tax Credit means the credit of tax paid on inputs / inputs services / capital goods.

There are different forms in Gst for the purpose of Claiming Input Tax Credit in different cases. We will discuss there forms in details which are available in GST Portal.

For GST ITC 01

The form in GST ITC 01 shall be filed by persons who wish to claim Input tax credit in special circumstances.

This form can be filed for claiming Input Tax Credit  U/s 18 of CGST Act.

As per section 18(1)(a) of CGST Act , every person who is liable for registration in GST , get himself registered within 30 days of such date then he can claim ITC on stock  held  on the date immediately  preceding the date on which liability to take registration has arised.

The input credit for stocks held  as raw material, semi finished goods , finished goods can be claimed.

The Input credit on services and capital goods are not allowed under this provision of Gst.

This form cannot be filed if registration has not been taken within 30 days of liability date for registration.

To claim Input Tax Credit under this clause , Form Gst ITC 01 has to be filed online on Gst Portal.The details of invoice such as registration number of supplier , Invoice No , Invoice Date, Taxable Value  and Tax Amount needs to be declared in this form.

As per section 18(1)(b) of CGST Act , every person who takes voluntary registration in GST , can claim ITC for stock held in raw materials , finished or semi finished goods on the date immediately the date of registration.

For claiming the ITC  Form Gst ITC  01 form must he filed online and section 18(1)(b) shall be selected in the form. 

The details of invoice for which ITC needs to be claimed must be filed in this form.

As per section 18(1)(c) of CGST Act , if a registered person under composition  scheme shifted to regular scheme , then ITC for stock on raw material , semi or finished goods , capital goods on date of switching can be claimed.

The for GST ITC 01 must be filed online for the purpose of claiming input tax credit within 30 days of switching from composition to regular scheme.

As per section 18(1)(d) , in case any supply which was exempted subsequently becomes taxable , the registered person can claim ITC on stock of such goods as on the date of change.

The form GST ITC 01 is also required to be filed within 30 days of such change to claim input tax credit.

Read Also : GSTR3B NON FILERS ASSESSMENT

Form GST ITC 02  

This form is required to be filed by the taxpayer for transfer of input tax credit which remains unutilised.

In the event of sale , merger , change in constitution , death of proprietor etc of business , the balance of unutilised itc in the electronic ledger of old business can be transferred to new firm as per section 18(3).

The form ITC 02 has to be filed online by the old or transferor GSTIN. The eligible amount of input tax credit may be transferred through this form.

The condition to transfer input tax credit as per this provision is that the liabilities shall also be transferred from old to the new or transferee entity.

For GST ITC 03

This form is required for reversal of Input Tax Credit. In case a regular person who has claimed Input Tax Credit on purchases switches to composition scheme then ITC which is lying in his electronic ledger as on the date of switch shall be reversed through this form.

In case a taxable supply subsequently becomes exempt , then ITC on such stock of taxable supply must be reversed through this form.

The ITC balance should be debuted from the ledger and if stock is in excess of amount of corresponding ITC the balance has to be paid in cash.

The input credit on capital goods must also be reversed as per the above provisions.

If after reversal any balance remains in the electronic credit  ledger shall be lapsed.

Form GST ITC 04

This form is required to be filed quarterly by a principal in case the inputs or capital goods are sent to job worker for further processing.

The details of inputs sent to job worker on which credit has been claimed  by the  principal   must be declared.

The details of capital goods if any sent to job worker for use on which credit has been claimed by the principal must be declared in this form.

This form is also used to declare the finished products received after job work has been done  and was returned to principal within the time limits as per the provisions of Gst Act.

If the Finished products after job work was directly sold from the job worker premises then details of such supply must be declared.

If job worker sent the inputs received to another job worker , details of such movement of goods must also be declared in this form

This form is required to be filed quarterly by 25th of the following quarter.

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The much awaited utility for GSTR9C and GSTR9C new form  – The audit and reconciliation statement for FY 2017-18 has been updated in Gst Portal.

GST Council it its recent meeting also extended the due date for filing GSTR9 and GSTR9C for FY 17-18 from 31.12.2019 to 31.01.2020.

Read Also : GST COUNCIL BIG DECISIONS

CBIC in Notification has made various simplification if Forms GSTR 9 and GSTR9C by making various fields optional for taxpayers .

Some of the fields in GSTR9C new form were also made simple along with change in Certificates by substituting new words.

In GSTR9C new form for FY 17-18 and 18-19 , Table no 5 for Reconciliation of Gross Turnover all the adjustments may be now done in Table 5O instead of giving breakup in Table 5B to 5N.

In GSTR9C for FY 17-18 and 18-19 , Columns of Table 12 regarding Reconciliation of Itc was made optional. 

Table 12B , ITC booked in earlier FY claimed in Current FY was made optional.

Table 12C , ITC booked in Current FY claimed in subsequent FY was made optional.

The most important Table 14 which required breakup of expenses on which ITC is claimed and declared in GSTR9 was also made optional .

In the certificates the requirement of Cash Flow Statement is now required only for those who have maintained it as per the existing law. It is made optional for persons who have not prepared cash flow statement to upload it int he portal .

The Auditor may give a True and Fair view on the basis of audit subject to certain observation . Earlier True and Correct view was required which increases the liability of auditor.

In Form GSTR9 , the change which was done is the columns has been made optional and no new format is required for the same. Only the filing process will change . If amount if not available for certain column then that column may be left and figures can be inserted in other columns as per the notification.

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This form is not required to be filed by a registered person having category as Input Service Distributor, Non-resident Taxable person , Composition dealer U/s 10 of CGST Act , Person responsible for deducting TDS U/s 51 of CGST Act , or person responsible for collecting TCS U/s 52 of CGST Act .

The due date to file this form is bifurcated and the small taxpayers have an option to file the return in Form GSTR1 quarterly.

The due date to file GSTR1 for persons other than small taxpayers and small taxpayers opting for monthly filing is 11^th of the following month .

For small taxpayers the due date for filing GSTR1 is the 30^th of the following quarter

Small Taxpayers means a taxpayer having aggregate turnover in the preceding financial year or during the current year for new registration less than one crore and fifty lacs .

The details furnished in GSTR1 by the supplier under B2B category in GST Portal shall be reflected in the corresponding GSTR2A of the recipient.

The form in GSTR1 may be amended by the supplier if any error , omission is committed in the month in which such mistake was identified . But the last date to amend the details of GSTR1 by a registered taxpayer shall be the earlier of the following dates :

The date of furnishing annual return in Form GSTR 9 OR

The date of filing return U/s 39 in Form GSTR3B for the September month following the year to which transaction is related to.

Currently , late fees has not been implemented in GST Portal for late filing of GSTR1 . The GST Council in his recent meeting has recently waived the late fee for filing GSTR1 from July 17 to November 19 if to is filed before 10.01.2020. After that late fees may be implemented for GSTR1 also in GST Portal.

Form GSTR2A – This is a read only document which is auto populated on the basis of GSTR1 filed by the supplier . The details which has been uploaded under B2B Category by the supplier is shown here . The form GSTR2A auto populates the purchase details , credit and debit notes details , TDS and TCS details , ISD Credits received details by the receiver . It also auto populates the amendment is respect of Purchase details and credit and debit notes uploaded by the supplier in his GSTR1.

At present , no action is required to be taken by the recipient on the basis of GSTR2A as it is a read only document .This document shows the status of filing GSTR1 by the supplier . Through this form the purchaser shall reconcile his claim of input tax credit on the invoices which were uploaded. The ITC of invoices which were not uploaded by supplier and not shown in GSTR2A shall be restricted to

20 % of uploaded invoices as per Rule 36(4). In the 38^th GST Council meeting this limit was reduced to 10% which awaits notification.

It can be downloaded in JSON as well as excel format for the purpose of reconciliation in the GST Portal.

Read Also : GST COUNCIL MEETING DECISIONS

Form GSTR3B – This is the return form introduced as a temporary arrangement at the time of implementation of GST in India . Eventually, this return form GSTR3B has been made compulsory for filing in order to collect revenue and to ease the filing process of gst returns as mandated by the GST Act .

GSTR3B is a summary return in which every regular registered taxpayer has to furnish details pf outward supply made , claim Input Tax Credit in respect of purchase made , Pay the liability of reverse charge basis if any and declare the exempt supplies made and acquired during the tax period.

This form must be filed monthly before 20^th of the following month . The output tax liability shall be adjusted with the Input Tax Credit claimed and the net tax payable if any shall be paid in cash . The excess itc after adjustment shall be carried forward to next tax period .

Late fess for belated filing of GSTR3B is Rs 50 per day if there is transaction in  the tax period and Rs 20 if it is a NIL return .

Form GSTR4 – This is quarterly form for filing details of supplies by the composition taxpayers U/s 10 of CGST Act. This form was required to be filed upto FY 2018-19 which was replaced with Form CMP 08 from FY 2019-20 to ease the filing process.

In GSTR4 currently CMP 08 , only outward supply and inward supply liable to reverse charge on which tax liability has arisen shall be declared in the return form .

The GSTR4 is required to filed annually from the FY 2019-20.The due date to file GSTR4 was 18^th of following quarter in which the transaction was done . Now CMP 08 is required to be filed and the due date remains the same as for GSTR4 .

The due date to file annual GSTR4 is 30^th April following the end of Financial Year to which the transaction relates.

Form GSTR-5  The form GSTR5 is to be filed by the Non resident Taxable person . The due date to file GSTR5 is 20^th of following month to which the details pertain.

Form GSTR-5A – This form is to be filed by the person supplying online information and database access retrieval services by a person located outside India to a non taxable person in India. The due date to file this form is also 20^th of the following month.

Form GSTR 6 – This is form for distributing the Input on services by the Input Service Distributors to its branches. The due date to file this form is 13^th of the following month .

Form GSTR 7 – This form is required to be filed by every person registered in GST and is liable to deduct TDS as per the provisions of Section 51 of CGST Act. The details of tax deducted has to be uploaded in GSTR7 by the deductor before 10^th of the following month in which deduction was made.

Form GSTR8 – This form is required to be filed by every person registered in GST and is liable to Collect TCS as per the provisions of Section 52 of CGST Act. The details of tax collected  has to be uploaded in GSTR8 by the collector before 10^th of the following month in which collection was made.

Form GSTR9 – This is the annual return for the regular registered taxpayers in GST. It has to be filed by every registered person as per section 44 of CGST Act . For the FY 2017-18 and 2018-19 , it has been decided by CBIC that person having turnover below 2 crores will have an option to file this form .

The due date for filing GSTR9 was 31^st December of the following Financial Year . For FY 2017-18 date has been extended till 31.01.2020 in the GST Council meeting held on 18^th December 2019.

The due date for filing GSTR9 for FY 2018-19 has been extended till 31.03.2020.

Form GSTR 9A – This is the form for Annual return to be filed by every composition taxpayers in GST. The due date is 321^st December of the following Financial Year . For 1718 due date is extended till 31.01.2020 and for FY 1819 it is extended till 31.03.2020

Form GSTR9C – GSTR9C is a reconciliation and audit statement which shall be filed by the every registered taxpayers in GST if his aggregate turnover in the preceding financial year exceeds Rupees Two Crore .

Due date is same as for filing GSTR9.

Form GSTR-10 – This is the final return which must be filed by a person registered in GST in case of cancellation of GSTIN . This form must be filed within 90 days of the cancellation order.

Form GSTR11 – This is the statement of inward supplies by persons having UIN

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