In our previous blog, we have presented the impact for Large Taxpayers as per proposed simplified return formats and process. The Large Taxpayers i.e. taxpayers having a turnover above Rs. 5 crores are currently filing GSTR 1 and GSTR 3B and once the new returns get implemented, Main Return and its Annexures need to be filed.
Let us now dive deeper into the Annexures and sections of Main Return and how it differs from the current GSTR 1.
Details of Outward Supplies
Currently, the details of outward supplies are filed through GSTR 1 and the tax liability is discharged based on the summary provided in GSTR 3B for outward supplies and ITC claimed.
In GSTR 1, there are various sections covering different types of outward supplies such as B2B, Exports, B2C, Advances etc. In these sections, some of the information is provided at invoice level, while in some sections the data is aggregated state-wise. In the new filing regime, the details of outward supplies will be part of Annexures and using the information available in Annexures, the Main Return will be populated.
Some of the sections in Annexures of Main Return and that in GSTR 1 are similar, while there are variations in some other sections. The following table summarises section by section comparison
|Sr. No.||Data/Sections||Requirement as per current Process||Requirement as per new process||Differences|
|1||Supplies made to consumers and un-registered persons|
|2||Supplies made to registered persons (other than those attracting reverse charge)||Invoice level data required||Invoice level data required||No change in details to be reported|
|3||Exports with/without payment|
|4||SEZ transaction with/without payment||No change in details to be reported|
|5||Deemed export||No change in details to be reported|
|6||Details of the supplies made through e-commerce operators liable to collect TCS||E-commerce operator wise data consolidated data required||No requirement to mention GSTIN of e-commerce operator at transaction level|
|7||HSN wise summary||No change in details to be reported|
|8||Nil/Exempt/Non- gst||Only Two values require to be reported – Nil and Exempt supplies and Non- gst supplies||No need of breakup based on inter and intratransaction and registered and unregistered parties|
|9||No supply (Schedule III, Section7)|
– eg, high sea sale and bonded warehouse sale
|Schedule III transactions were generally clubbed under Exempt category||A separate field to report the total Values||To be reported separately|
|10||Outward supplies attracting reverse charge (net of debit and credit notes)||No invoice level data to be provided by the supplier|
|11||Advances received (net of refund vouchers)||POS wise and rate wise data is to be reported in GSTR1||Total Values to be reported||No POS wise/Invoice wise/rate wise breakup required|
|12||Advances adjusted (net of refund vouchers)||POS wise and rate wise data is to be reported in GSTR1||Total Values to be reported||No POS wise/Invoice wise/rate wise breakup required|
|13||Adjustment of output tax liability on account of the transition from composition levy to normal levy and any other liability (+/-)||This field is applicable on account of the transition from composition levy to normal levy.||New field added in Main return|
The filing of GSTR 2 has been deferred and hence taxpayers have been filing details of inward supplies, which includes purchases from registered and unregistered suppliers and import transactions.
In our next blog, we’ll look at the details of inward supplies to be included in the Annexure of the Main Return.
The new return formats are available here and comments can be provided till Aug 31, 2018. Please provide your comments and suggestions.
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