{"id":8092,"date":"2020-02-20T05:49:55","date_gmt":"2020-02-20T05:49:55","guid":{"rendered":"https:\/\/sunkrish.com\/?p=8092"},"modified":"2020-02-20T06:20:19","modified_gmt":"2020-02-20T06:20:19","slug":"30-important-key-features-of-gst-new-return-system","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2020\/02\/20\/30-important-key-features-of-gst-new-return-system\/","title":{"rendered":"30 important Key features of GST New Return System:"},"content":{"rendered":"

\"\"First 15 features (1-15 points) as PART-I:-<\/strong><\/p>\n

    \n
  1. Supplier can upload the Tax Invoices<\/strong> on real time basis in Anx-1.<\/li>\n<\/ol>\n
      \n
    1. Recipient can view his purchase Invoices on near real time basis<\/strong>.<\/li>\n<\/ol>\n
        \n
      1. Recipient can also view<\/strong> whether supplier has filed his return or not.<\/li>\n<\/ol>\n
          \n
        1. Supplier has to upload the Tax Invoices latest by 10th<\/strong> of Next Month.<\/li>\n<\/ol>\n
            \n
          1. However, recipient can claim ITC on missing invoices<\/strong> also subject to certain conditions.<\/li>\n<\/ol>\n
              \n
            1. In case, Invoice uploaded by the supplier in Anx-1, but RET-1 is not filed, uploading of invoices in Anx-1 will be treated as self-admitted liability and recovery proceedings will be initiated against the supplier<\/strong>, except in certain specified situations where recipient will be liable to pay.<\/li>\n<\/ol>\n
                \n
              1. Recipient has to pay the amount of ITC availed on missing invoices<\/strong> after specified period. (Missing invoices means, invoices not uploaded in Anx-1)<\/li>\n<\/ol>\n
                  \n
                1. To find out missing invoices, Offline IT Tool<\/strong> will be provided for matching invoices in Anx-2 with invoices in the accounting system of recipient.<\/li>\n<\/ol>\n
                    \n
                  1. Payment of tax shall be discharged full<\/strong> at the time of filing of RET-1 or SAHAJ or SUGAM itself.<\/li>\n<\/ol>\n
                      \n
                    1. In case of Quarterly returns, tax shall be paid on monthly basis<\/strong>.<\/li>\n<\/ol>\n
                        \n
                      1. Recipient can do the following actions on the invoices appearing in Anx-2 (auto drafted Purchase Invoice):<\/li>\n<\/ol>\n

                        Accept <\/strong> also called as locking<\/p>\n

                        Reject<\/strong> (eg. Invoice not related to the recipient)<\/p>\n

                        Pending<\/strong><\/p>\n

                          \n
                        1. If no action is taken on a particular invoice, it will be deemed by the system as accepted<\/strong> and ITC will be available against these invoices.<\/li>\n<\/ol>\n
                            \n
                          1. Once invoice is accepted by the recipient, i.e., locked by the recipient, supplier cannot amend those invoices<\/strong>.<\/li>\n<\/ol>\n
                              \n
                            1. Locked Invoice should be unlocked by the recipient only<\/strong>, for making any amendment by the supplier.<\/li>\n<\/ol>\n
                                \n
                              1. Supplier will be able to issue Debit Note or Credit Note on locked invoices also<\/strong>. If credit\/debit note is issued against any pending invoice, then system will club the credit\/debit note with pending invoice.<\/li>\n<\/ol>\n

                                Second set of 15 features (16-30 points) as PART-II:-<\/strong><\/p>\n

                                  \n
                                1. Missing invoices<\/strong> shall be reported in RET-1 of the current month.<\/li>\n<\/ol>\n
                                    \n
                                  1. System will calculate the interest automatically<\/strong>. Once the tax and interest is paid, the missing invoice will be clubbed with the monthly return to which it relates.<\/li>\n<\/ol>\n
                                      \n
                                    1. For amendments, separate Return Form<\/strong> is available.<\/li>\n<\/ol>\n
                                        \n
                                      1. Maximum 2 amendments return<\/strong> can be filed for any one month.<\/li>\n<\/ol>\n
                                          \n
                                        1. \u201cNIL\u201d Return<\/strong> can be filed by \u201cSMS<\/strong>\u201d.<\/li>\n<\/ol>\n
                                            \n
                                          1. Negative liability<\/strong> if any shall be carried forward to next month regular return.<\/li>\n<\/ol>\n
                                              \n
                                            1. Higher late fee for amendment<\/strong> return if change in liability is more than 10%<\/li>\n<\/ol>\n
                                                \n
                                              1. Shipping Bill details also should be entered in Anx-1 by the exporters<\/strong>.<\/li>\n<\/ol>\n
                                                  \n
                                                1. If the shipping bill details are not available by the time of filing the return, the same can be entered later on also.<\/li>\n<\/ol>\n
                                                    \n
                                                  1. The export data then will be transmitted to ICEGATE portal<\/strong> for cross verification purposes.<\/li>\n<\/ol>\n
                                                      \n
                                                    1. Until the facility is ready to pull the data from ICEGATE portal, importers can avail ITC on imports and supplies from SEZ<\/strong> on self-declaration basis.<\/li>\n<\/ol>\n
                                                        \n
                                                      1. New concept of suspension of registration<\/strong> will be introduced. From the date of suspension till the date of cancellation, tax payer need not file returns and invoice uploading also will not be allowed.<\/li>\n<\/ol>\n
                                                          \n
                                                        1. HSN should be reported at 4 digit level<\/strong> in monthly return.<\/li>\n<\/ol>\n
                                                            \n
                                                          1. The tables in the return will be opened based on the profile<\/strong> of the tax payer.<\/li>\n<\/ol>\n
                                                              \n
                                                            1. For all return obligations offline utility tools<\/strong> are made available to make filing process as easy as possible.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

                                                              First 15 features (1-15 points) as PART-I:- Supplier can upload the Tax Invoices on real time basis in Anx-1. Recipient can view his purchase Invoices on near real time basis. Recipient can also view whether supplier has filed his return … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,4,493,491],"tags":[311,322,298,535,982,734,523,295],"class_list":["post-8092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-business-advisory-services","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-corporate","tag-e-filing","tag-ease-of-doing-business","tag-goods-and-services-tax-gst","tag-hsn-code","tag-itc","tag-online","tag-taxation"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=8092"}],"version-history":[{"count":8,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8092\/revisions"}],"predecessor-version":[{"id":8102,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8092\/revisions\/8102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3066"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=8092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=8092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=8092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}