New GST Returns - magazine module
  • Privacy & Policy
  • Contact
Thursday, June 30, 2022
  • Login
  • Home
  • Business
  • LifeStyle
  • Tech
  • News
  • Sports
  • Entertainment
  • Health
  • Games
No Result
View All Result
magazine module
  • Home
  • Business
  • LifeStyle
  • Tech
  • News
  • Sports
  • Entertainment
  • Health
  • Games
No Result
View All Result
magazine module
No Result
View All Result
Home Business

New GST Returns

magazinemodule by magazinemodule
June 15, 2022
in Business
0 0
0
New GST Returns
Share on FacebookShare on Twitter

In this post, we will go through the key points that a taxpayer should be aware of when it comes to the New GST reports. This section provides an overview of the essential concepts and processes that distinguish the New GST returns.

What is the New GST Return System?

At the 31st GST Council Meeting, it was decided that a New GST Returns System would be implemented for taxpayers. This return system will provide streamlined return forms for the convenience of GST-registered taxpayers. There would be one main return GST RET-1 and two annexures GST ANX-1 and GST ANX-2 under this New Return System. Except for small taxpayers, who can file the same return quarterly, this form must be filed monthly. Small taxpayers are those who have a revenue of up to Rs 5 crore in the previous fiscal year.

Forms to be filed under the New GST Return System

The primary return GST RET-1 will include information on all supplies made, input tax credits claimed, and tax payments made, as well as interest, if applicable. There will be two annexure forms with this return: GST ANX-1 and GST ANX-2. GST ANX-1 (Annexure of Outward Supplies) is used to record details of all outward supplies, inward supplies subject to reverse charge, and import of goods and services that must be reported invoice-by-invoice on a real-time basis (save for B2C supplies).

GST ANX-2 (Annexure of Inbound Supplies) will provide information on all inward supplies. The majority of these details will be auto-drafted from the information supplied by suppliers in their GST ANX-1. The recipient of goods will be able to act on these auto-drafted documents, which will be available in real time.

Important Changes introduced in the New GST Return System

1) A Harmonized System of Nomenclature (HSN) code will be required to submit details at the document level (based on turnover) rather than a separate HSN summary.

2) A user will also receive HSN through his GST ANX-2, whenever a provider was required to declare the HSN code.

3) B2B supplies subject to the reverse charge mechanism do not need to be shown by the supplier in the GST ANX-1; however, the aggregate figure must be shown in the GST RET-1.

4) RCM-eligible inward supplies must be declared in GST ANX-1 at the GSTIN level by the recipient of supply.

5) The concept of B2C-L is no longer present. The turnover cap for quarterly filers (small taxpayers) will be Rs 5 crore, up from Rs 1.5 crore currently.

6) A recipient can report missing invoices at the invoice level (when a supplier does not upload an invoice in the T+2 period).

Input Tax Credit (ITC) under the New GST Return System

To claim ITC, the supplier must upload invoices or debit notes within the given time frame. The recipient can examine an invoice uploaded by the provider before the 10th of the following month. The ITC table for the recipient’s return will be updated by the 11th of the following month. These invoices will be available for ITC reimbursement. It is not possible to examine invoices uploaded after the 10th of the next month.

This was all about the new GST return system.

To learn more about Emsigner GST, click here.

Tags: BusinessNew GST Returns
magazinemodule

magazinemodule

Next Post
Microsoft Dynamics NAV Partner

Common types of Criminal lawyers and how can they help?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Connect with us

  • 85.6k Followers
  • 23.6k Followers
  • Trending
  • Comments
  • Latest
Alternative to 1337x

Alternative to 1337x

April 6, 2022
HIRE A HACKER REVIEWS 2022:BEST WAYS TO HIRE A HACK FOR iPHONE AND ANDROID DEVICE

HIRE A HACKER REVIEWS 2022:BEST WAYS TO HIRE A HACK FOR iPHONE AND ANDROID DEVICE

May 2, 2022
9XMovies Black Review

9XMovies Black Review

April 23, 2022
6 Important Content Writing Tips For Getting Score A+

6 Important Content Writing Tips For Getting Score A+

February 15, 2022

Everything About F95Zone – An Ultimate Guide to F95Zone

0

Guide to Professional B2B Sales Skills

0

7 Popular Ways Of Creating Memorable Wedding Anniversary Celebrations

0

The Uniqueness and Versatility of Pillow Boxes as a Packaging Solution

0
Investing in Equipment that Improves Your Manufacturing Business

Investing in Equipment that Improves Your Manufacturing Business

June 30, 2022
5 Ways Real Estate Agents Generate Leads

5 Ways Real Estate Agents Generate Leads

June 30, 2022
Godaddy Email Login

Godaddy Email Login

June 29, 2022
How to Make Moving Overseas More Affordable

How to Make Moving Overseas More Affordable

June 28, 2022

Recommended

Investing in Equipment that Improves Your Manufacturing Business

Investing in Equipment that Improves Your Manufacturing Business

June 30, 2022
5 Ways Real Estate Agents Generate Leads

5 Ways Real Estate Agents Generate Leads

June 30, 2022
Godaddy Email Login

Godaddy Email Login

June 29, 2022
How to Make Moving Overseas More Affordable

How to Make Moving Overseas More Affordable

June 28, 2022

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Read more

Categories

  • Animals
  • Business
  • Education
  • Entertainment
  • Fashion
  • Food
  • Games
  • Health
  • Home
  • LifeStyle
  • Marketing
  • News
  • Tech
  • Travel
  • Uncategorized

Tags

Abu Dhabi amity park f95zone android Animals a town uncovered f95zone B2B Sales Bathroom best local movers big brother f95zone Bitcoin blog Blue World City Islamabad bugmenot f95zone Business Car Cigar Boxes clear and brilliant laser facials Dentist Education Entertainment exfoliant F95Zone f95zone big brother f95zone bugmenot f95zone cloud meadow F95Zone Games Fashion Food free Instagram followers Games godaddy email login Health Home how to get 1k followers on Instagram in 5 minutes Lawyers LifeStyle marketing News Skin slot Slots are easy to break TangoLearn Tech The Pirate Bay Travel

Recent News

Investing in Equipment that Improves Your Manufacturing Business

Investing in Equipment that Improves Your Manufacturing Business

June 30, 2022
5 Ways Real Estate Agents Generate Leads

5 Ways Real Estate Agents Generate Leads

June 30, 2022

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • LifeStyle
  • Tech
  • News
  • Sports
  • Entertainment
  • Health
  • Games

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In