new gst return forms from 1st april 2020

Supplier has an option to shift the documents in the appropriate table instead of amendment if documents are rejected due to reporting in wrong table. Recipient can take credit in his return irrespective of whether the supplier files his return on monthly or quarterly basis. The new system would require automatic uploading of the data on government systems. Current Update related to GST return filing system dated 14 March 2020 Implementation of new and modified GST return system from October 2020. In other words, such documents will be visible to the recipient but recipient cannot claim ITC on such inward supplies. To implement the new system: 1) Section 43A is to be notified 2) Corresponding Rules and Forms also to be notified and they should functional in GST Portal. If supplier is filing April month return, he can upload invoices of April month on real time basis till 10th May. will be applicable Whether Returns to be Filed Monthly or Quarterly Those having turnover more than 5 Crores have to file Normal(Monthly) Returns … The new system, to … GST RET 1 return form includes details of all types of supplies, ITC claimed, tax and interest. Particulars Due Date; GST CMP-08: 1st Quarter- April 2020 to June 2020: 18.07.2020: GST CMP-08: 2nd Quarter- July 2020 to September 2020: 18.10.2020: GST CMP-08 : 3rd Quarter- October 2020 to December 2020: 18.01.2021: Also, Read- GSTR 4 Annual Return- Meaning and its Applicability for Composition Taxpayers. While for the other 2 GST return forms namely Sahaj & Sugam forms, the condition is applicable for up to 5 crore … The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems. 3) ANX- 1 and ANX-1A: Details of outward supplies and amendment form, For e.g. Particulars GST. Original details of invoices shall be mandatory for amendment. From July, 2019, users would be able to upload invoices using the FORM GST ANX-1 offline tool on trial basis for familiarisation. In the 31st GST Council Meeting, it was decided that a New Return System under GST would be introduced for taxpayers. Presently, suppliers upload these data, but from April 2020, recipients will also have to upload all these data," said Vivek Jalan, Partner, Tax Connect Advisory Services LLP. Ans: In 37th GST Council Meet it was decided that new returns for GST will be implemented from April 2020, and the format was earlier decided by 31 st GST Meet. Budget 2021: A new condition introduced to avail Input Tax Credit, More than 5 CR with some exceptions (Refer Annexure 1), Supplier has to choose return form according to buyer criteria mentioned in this row, Reporting of HSN Level Data in GST return, HSN code at 6 digit level for goods and services, Optional facility to report HSN level data, GST ANX-1 (Outward supplies) and GST ANX -2 (Inward supplies), Recipient can unlock invoices in the following cases:-, Recipient can keep pending invoices in following cases:-, Recipient can reject invoices in following cases:-. The government released these New GST Return forms with a view to ease the burden of GST Return. Amit Bhagat, Partner, Dhruva Advisors said that depending on the details required in the new return system, the ERP would need to be changed. "Take Me Back": A Carton Recycling Program In Chennai. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). A new GST return system will be introduced from 1 st April 2020 in terms of the decisions of the GST Council in its 31 st meeting and 37 th meeting. Article explains Background of Guidance Note on New GST Returns, Brief features of all types of GST return in table form, FORM GST ANX -1 AND ANX -1A (Details of outward supplies and amendment form), FORM GST ANX-2 (Details of inward supplies), FORM GST RET-01 AND RET 1A (Main return and amendment form) and Types of GST Invoices. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Full revised value of document has to be reported in the amendment. The due date for filing FY 2019-20 Return is 31st August 2020. Advertisement. Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. GSTR 4 Due Date. The documents related to supplies made to composition tax payers, ISD, UIN holders may be amended by the supplier at any time and the same shall not be dependent upon the action taken of recipient. The invoices/ documents on which refund has already been claimed by the supplier/ recipient, it shall not be open for amendment. > New System is proposed to be implemented from 1st April 2020. In order to simplify the GST return filing process, the GST council meeting held on 21st July, 2018 has approved the new GST returns. According to the notification released by CBIC: As per the conclusions driven by the 37th GST Council meeting (held on 20 September 2019… "Besides, bill of entry-wise import details and bill of entry-wise purchases from SEZs (special economic zones) would be required. 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