New GST Return Forms- NORMAL, SAHAJ and SUGAM

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Hello Everyone, in this post we will look into some of the new GST return forms which are issued by the GSTN.

The government of India has issued these GST return forms which any kind of business will have to file to pay GST from the next financial year.

The GST return forms are listed below:

Normal / GST RET-1

The form GST RET-1 is a normal GST return filing which has 2 annexures (FORM GST ANX-1 and FORM GST ANX-2).

Large taxpayers will have to file this return monthly, but the small taxpayers can file on a quarterly basis. The Form GST RET-1 will replace GSTR 3B from January 2020 for all taxpayers.

Sahaj / GST RET-2

GST Sahaj a simple one-page GST summary return, introduced from October 2019 onwards. Here the taxpayer with a turnover of Rs.5 crores in the last financial year and does B2C supplies may file this return.

The monthly payment of this tax is by challan. While the small taxpayers can opt to file the quarterly return.

Sugam / GST RET-3

GST Sugam a simple returns form introduced from October 2019 onwards. A taxpayer with a turnover of up to Rs. 5 crores in the financial year can file this return.

It is available to small taxpayers who are engaged in both B2B and B2C supplies in India. There is quarterly GST returns filing for small taxpayers with a turnover of up to Rs.5 crores and it is paid monthly by challan.

Important points:

  • The new forms would make the filing process much easier. Businesses with annual turnover up to 5 crores can file any one of three forms.
  • Provide your HSN wise details at the invoice level than the summary level. The new format will also require the details of 6 digit HSN level wherein the current format you require the details at 4 digit HSN codes.
  • According to the GST council, the new forms have been implemented starting from April 1st, 2019. It is mandatory from June 1st, 2019 as per the GST Council.

Conditions to choose a GST Return type

CONDITIONS NORMAL (MONTHLY) NORMAL (QUARTERLY) SAHAJ RET-2 SUGAM RET-3
Filing Period Monthly Quarterly Quarterly Quarterly
Turnover above 5Cr Yes No No No
Turnover below 5Cr with only B2C transactions Yes Yes Yes No
Turnover below 5Cr with only B2C and B2B  transactions Yes Yes No Yes
Turnover below 5Cr with B2C, B2B, export transactions Yes Yes No No
Allow inward transactions with RCM Yes Yes Yes Yes
E-commerce transactions Yes Yes No No
ITC against missing invoices Yes Yes No No
Nil, Non-GST, Exempted transactions Yes Yes Yes Yes
HSN Code (6 Digits) Mandatory Optional Optional Optional

We have come to the end of this post on the New GST return forms. Let us know your views and opinions in the comments section below.