Form GST RET-1

In the proposed GST return filing, Form GST RET-1 has been introduced to replace Form GSTR-1 and Form GSTR-3B. Currently, companies are required to file tax returns using GSTR-1 and GSTR-3B by providing the details of inward and outward supply. However, under this new return system, there is one basic return Form GST RET-1 which contains two annexures namely Form GST ANX-1 and Form GST ANX-2. In this article, we look at the Form GST RET-1 in detail.

Form GST RET-1

Form GST RET-1 is the return form which has to be filed either monthly or quarterly by the small taxpayers with annual turnover up to Rs.5 crores along with the details of the supplies made.

Form GST ANX-1

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

Form GST ANX-2

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.

Features of GST RET-1

Invoices can be uploaded in real-time basis by a supplier, which is made available for the buyer to view and take action on Form GST ANX-2.
Invoices can be marked as rejected or accepted by the buyer, or the same can be retained pending for action to be taken later.
The mechanism for availing input tax credit by the recipient on a provisional basis is created if the supplier does not upload the invoice or file return. IN such cases, the credit available would not be more than 20% of the specified value.
The proposed return system will have a provision to file two amendment returns for each tax period. Therefore, taxpayers will be able to amend their returns once registered.

Who can file GST RET-1?

Any taxpayers making B2B suppliers, B2B suppliers, inward supplies attracting reverse charge mechanism, nil rated, zero-rated or supplies through e-commerce operators can file GST RET-1. In addition to the above, the taxpayers with the annual turnover more than Rs.5 crore will have to file return monthly and also the small taxpayers with annual turnover up to Rs.5 crore can file for GST RET-1 every quarter.

Format of Normal GST RET-1

The GST RET-1 return form consists of seven parts are listed below:

Profile Updation
Form GST ANX-1
Form GST ANX-2
Form GST RET-1
Form GST ANX-1A
Form GST RET-1A
Form GST PMT-8

Profile Updation

In Profile Updation, the taxpayer needs to provide answers to several questions to their preferred options for return monthly/quarterly and the type of quarterly return (Sahaj/Sugam/Normal).

Form GST RET-1 - Profile Updation Form GST ANX-1 Form GST ANX-1 will contain the details of outward supplies, imports, and inward supplies, attracting a reverse charge.

Form GST RET-1 - Form GST ANX-1 Form GST ANX-2 Form GST ANX-2 will contain the details of auto drafted inward supplies (Form GST ANX-1, Form GSTR-5 and Form GSTR-6).

Form GST RET-1 - Form GST ANX-2

Form GST RET-1

This is the Normal (Monthly/Quarterly) return which a taxpayer should file by providing the details of inward supplies attracting a reverse charge, outward supplies, advanced received, debit/credit notes issued, supplies without liabilities, and total supply value with tax liability.

Form GST RET-1 Form GST ANX-1A Form GST ANX-1A has to be filed for making amendments in form GST ANX-1 by providing the details of imports, outward supplies and inward supplies attracting reverse changes.

Form GST RET-1 - Form GST ANX-1A Form GST RET-1A Form GST RET-1A has to be filed for making amendments in form GST RET-1 by providing the details of the amendment to the summary of outward supplies and inward supplies attracting a reverse charge.

Form GST RET-1 - Form GST RET-1A Form GST PMT-8 Form GST PMT-8 has to be filed by the taxpayers for payment of self-assessed tax as it contains the details of summary of self-assessed liability, payment of tax and input tax credit availed.

Form GST RET-1 - Form GST PMT -08

Timeline of Changes

July to September 2019 From July to September is the trial period where registered taxpayers can make themselves prevalent with the two annexure GST ANX-1 and GST ANX-2, and will continue to file GSTR-1 and GSTR-3B. From October 2019 From October 2019, GST ANX-1 will be made compulsory for the large taxpayers to file their returns and it will replace GSTR-01 return entierly. For small taxpayers, GST ANX-1 will be implemented from January 2020, which will be for the quarterly returns. i.e. (October to December 2019). During October and November 2019, the large taxpayers can continue to file GSTR-3B, after which they would have to have to start filing GST RET-1 (main return) in the new return system, which is expected to be filed by the January 2020. In the event of small taxpayers has to stop filing Form GSTR-3B and start filing FORM GST PMT-08 from October 2019, which will be the application for self-declaration of taxes and the payment of the same. The key idea is to phase out GSTR-3B from January 2020 onwards, by which all the registered taxpayers should be filing FORM GST RET-01.

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Frequently Asked Questions

Common questions about Form GST RET-1.

Form GST RET-1 is a new return form proposed to replace the existing GSTR-1 and GSTR-3B forms. It is a single basic return that contains two annexures, Form GST ANX-1 and Form GST ANX-2, which capture details of inward and outward supplies, respectively. Unlike the current system, Form GST RET-1 aims to simplify the return filing process by consolidating multiple forms into one.

All registered taxpayers making B2B supplies, B2C supplies, inward supplies attracting reverse charge, nil-rated, zero-rated, or supplies through e-commerce operators need to file Form GST RET-1. Taxpayers with an annual turnover above Rs. 5 crores must file the return monthly, while those with a turnover up to Rs. 5 crores can file it quarterly.

Form GST ANX-1 is similar to the current GSTR-1 return form. It requires taxpayers to provide details of output supplies and inward supplies attracting reverse charge, including imports of goods and services. Unlike GSTR-1, Form GST ANX-1 allows for real-time invoice uploading, except for B2C supplies.

Form GST ANX-2 contains details of inward supplies auto-drafted from other returns like Form GST ANX-1, Form GSTR-5, and Form GSTR-6. The recipient can accept, reject, or keep the uploaded documents pending for action. This feature enables better reconciliation of inward supplies and availing input tax credit.

Some key features of Form GST RET-1 include real-time invoice uploading by suppliers, the ability for buyers to accept or reject invoices, a mechanism for provisional input tax credit availing, and the provision to file two amendment returns for each tax period.

From July to September 2019, taxpayers can familiarize themselves with Form GST ANX-1 and Form GST ANX-2 while continuing to file GSTR-1 and GSTR-3B. From October 2019, large taxpayers will start filing Form GST ANX-1, followed by small taxpayers in January 2020. GSTR-3B is expected to be phased out by January 2020, after which all taxpayers will file Form GST RET-1.

Small taxpayers with an annual turnover up to Rs. 5 crores will stop filing GSTR-3B from October 2019 and start filing Form GST PMT-08 for self-declaration and payment of taxes. They will continue filing quarterly returns using Form GST ANX-1 from January 2020 and switch to Form GST RET-1 for the October-December 2019 quarter.

The new return system with Form GST RET-1 aims to simplify the return filing process by consolidating multiple forms into one. It also enables real-time invoice uploading, better reconciliation of inward supplies, and a mechanism for provisional input tax credit availing, which can improve compliance and reduce errors.

Yes, the proposed return system with Form GST RET-1 will have a provision to file two amendment returns for each tax period. Taxpayers can amend their returns once registered, using Form GST ANX-1A for amendments to outward supplies and Form GST RET-1A for amendments to the summary of inward and outward supplies.

Form GST PMT-8 is a part of the new return system and needs to be filed by taxpayers for payment of self-assessed tax. It contains details of the summary of self-assessed liability, payment of tax, and input tax credit availed. Small taxpayers will start filing Form GST PMT-08 from October 2019 before transitioning to Form GST RET-1 in January 2020.