New Delhi: The Goods and Services Tax (GST) Network on Wednesday released a demo tool for the new and simplified return filing form which will be launched sometime later in the year. The prototype available on webportal https://demoofflinetool.gst.gov.in/instructions gives stakeholders a feel of what the new return filing system will look like. GSTN also sought stakeholder feedback on the proposed offline tool.
It will allow users to use functionality such as drop down menus, invoice upload, upload of purchase register for matching with system created inward supplies. In the proposed system of new GST return filing, a normal taxpayer would have to file form GST RET-1 (Normal) or Form GST RET-2 (Sahaj) or Form GST RET-3 (Sugam) on either monthly or quarterly basis.
Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2) will be filed as part of these returns. All the outward supplies will be detailed in GST ANX-1 while GST ANX-2 will contain details of inward supplies auto-populated mainly from the suppliers’ GST ANX-1.
Suppliers will have to file a detailed return in form GST RET-1. Businesses which make supplies to only consumers (B2C) have to file return form ‘Sahaj’. It includes details of outward supplies and inward supplies attracting reverse charge as well as summary of inward supplies for claiming input tax credit (ITC).
Besides, businesses making supplies to both businesses (B2B) and consumers (B2C) have to file returns form ‘Sugam’. It includes summary of supplies made and tax liability, summary of inward supplies for claiming ITC, along with details of interest due and tax payment.
Stakeholders can share their comments on ‘[email protected]’, said GSTN, the company which handles the technology backbone of Goods and Services Tax (GST) regime.
The new return filing format would replace the current requirement of filing final sales return GSTR-1; and summary sales return GSTR-3B.
Source:- http://www.millenniumpost.in/business/gstn-releases-simplified-return-filing-prototype-354262
