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In this way, the taxpayer will get the HSN data via his GST ANX-2 wherever the supplier was required to declare HSN. But in the new return system, the supplier has to report the HSN codes at the invoice level (based on his turnover).
#Difference between tally 7.2 and tally erp 9 code#
Under the old return system, the HSN code summary needs to be reported separately. In the new filing system, filing and viewing go simultaneously so that instant action can be taken on that. In the current filing system, invoice details can be reported while filing GSTR 1 form but can be viewed afterwards in GSTR-2A. There are some changes under the new return system when compared to the old return system. The form GST ANX-1 under the new return system is similar to GSTR-1 under the old return system. Missing invoices which are to be uploaded by recipientsĭetails of the supplies made through e-commerce operatorsĬomparison – old vs new GST return system Import of goods from SEZ units/developers on a bill of entry Inward supplies attracting reverse charge Supplies to SEZ units/developers with/ without payment of tax Supplies made to registered persons (Other than RCM supplies) Supplies made to consumers and unregistered persons A large taxpayer has to file monthly GST ANX-1, whereas the small taxpayer can file his GST ANX-1 monthly or quarterly at his option.
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In the new return system, taxpayers are categorised into large taxpayer (whose annual turnover is more than Rs.5 crore) and the small taxpayer (whose annual turnover is up to Rs.5 crore). Imports are also to be reported in GST ANX-1 and ITC on imports will be auto-populated in GST RET-1. GST ANX-1 should be filed for reporting sales and declaring tax liability on the sales. Nil rated, exempted and non-GST outward suppliesĪdvances received/adjusted during the tax period Interstate supplies to unregistered persons where invoice value is more than Rs.2.5 lakh
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Supplies made through e-commerce operator Supplies made under reverse charge mechanism
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Supplies made to registered persons other than reverse charge mechanism (RCM) supplies and supplies through e-commerce operator This return includes/developers on a bill of entry Otherwise, the taxpayer can file a quarterly GSTR-1. The taxpayer has to file monthly GSTR-1 if his annual turnover is more than Rs.1.5 crore. Input Tax Credit (ITC) on imports has to be claimed in GSTR-3B under eligible ITC. GSTR-1 return should be filed for reporting outward supplies and declaring tax liability on the same. Let’s look at how different GST 2.0 is from the old return filing mechanism and how it will benefit the taxpayers. The objective of the New Simplified GST Returns is to completely knock off the tax evasion pan India so that the transparency and equality can be attained under the indirect tax mechanism. Thus, to make the taxation system more simplified, the government announced the launch of GST 2.0 aka New Return Filing. However, several entrepreneurs found GST a bit complicated with numerous forms which are to be filed. Under the GST scheme, businesses followed the rule of ‘One Nation, One Tax’ which helped several taxpayers stay compliant seamlessly. The Indian government aimed at introducing GST to streamline the taxation policies even further.