GST has been introduced in July 2017. Since then, the government has been continuously looking to improve the Return filing system for accurate flow of tax data and easy reporting by the taxpayers.<\/p>\n\n\n\n\n\n\n\n
The current GST returns filed by the taxpayers are GSTR 1\nand GSTR 3B. GSTR-1 reports the details of all outward supplies made. GSTR-3B\ncontains the details of outward supplies (self-declaration). Input tax credit\navailed and taxes paid.<\/p>\n\n\n\n
With the new GST Return System, there is one main return\ncalled FORM GST RET-1. It incorporates the details of the supplies made; input\ntax credit availed and tax payments with interest (if any). GST RET-1 is\nsupported by 2 annexures called GST ANX-1 (Annexure of Supplies) and GST ANX-2\n(Annexure of Inward Supplies\/Purchase). <\/p>\n\n\n\n
GST ANX-1 will incorporate the details like outward\nsupplies, inward supplies attracting reverse charge and import of goods and\nservices (except B2C supplies).<\/p>\n\n\n\n
GST ANX-2 will incorporate the details of inward supplies or\npurchases. The purchaser can take action on the auto-uploaded documents\nuploaded by the supplier whether it is the actual transaction made. This data\nwill be available on a real-time basis.<\/p>\n\n\n\n
The taxpayers are classified based on the annual turnover\nmade in the previous Financial Year. Large taxpayers are those taxpayers if the\nannual turnover is more than Rs 5 crores in the previous financial year. If the\nannual turnover is upto Rs 5 crores, the taxpayers are classified as Small\nTaxpayers.<\/p>\n\n\n\n
Small taxpayers can opt for Quarterly filing of GST RET-1, GST\nANX 1 and GST ANX-2. However GST PMT-08 (tax payments) must be filed monthly.<\/p>\n\n\n\n
GovReports offers you a one-stop solution for all your GST\nneeds. Not sure of new GST changes and compliance? We provide free GST Health\nCheck-up report for a limited time. <\/p>\n\n\n\n
Approach us for any of your GST reporting needs like GST\nReturn Filing, GSTIN registration\/cancellation, GST Practitioner License\nTraining, GST Return filing software and customizations for your company\u00e2\u20ac\u2122s\nneeds.<\/p>\n\n\n\n