NEW GST RETURN

The GSTN is set to roll-out new GST return forms in the upcoming months. Under the new format, Form GST RET-1 will replace GSTR-1 and GSTR-3B return. Form GST RET-1 will contain two annexures namely ANX-1 and ANX-2 which will contain details of sales and purchases.

RET-1 Form Due Date
Form GST RET-1 can be filed either monthly or quarterly by the small taxpayers with annual turnover up to Rs.5 crores. Hence, most taxpayers having a turnover of up to Rs.5 crores will be filing the GST returns every quarter.

ANX-1 Form – Sales
The format of Form GST ANX-1 is similar to GSTR–1 return form. In Form GST ANX-1 the taxpayer will have to provide all output and inward supplies which attracts reverse charge and import of goods and services. This details can be reported invoice-wise on a real-time basis except for B2C supplies.

ANX-2 Form – Purchases
GST ANX-2 contain the details of inward supplies. The recipient can take action by either accepting or rejecting the uploaded document by the supplier or the same can be kept pending for action to be taken later.