The GST council introduced a new GST return system in 2019. The order moves to simplify all compliance procedures for the MSME sector for taxpayers with a turnover of up to \u20b95 Crore.<\/p>\n
Earlier, there were multiple return forms for GST return filing. Taxpayers had to file GSTR 1, GST 3B and more. Under the new GST return system, there are only 3 main return forms –<\/p>\n
And; Form PMT – 08 helps you claim Input Tax Credit<\/strong><\/p>\n The new returns filed is based on the turnover of your small business.<\/p>\n The forms contain two annexes – GST ANX-1 and GST ANX-2<\/strong><\/a><\/p>\n Taxpayers can adjust details in the main returns and ANX- 1 (Annexure of Supplies). This form is used to report outward supplies and imports of goods and services. For inward supplies, taxpayers need to take the GST ANX – 2 received from a supplier.<\/p>\n All amendments can be filed for each tax period.<\/strong><\/p>\n The new turnover limit for small taxpayers for the previous financial year is \u20b95 Crore (an upward limit compared to the earlier \u20b91.5 crores.)<\/p>\n Under the new returns, Input Tax Credit can be claimed with matching auto-uploaded transactions in Form ANX-2, along with the purchase register. Taxpayers need not worry about missing invoices as they can apply for provisional credit for missing invoices and report them later.<\/p>\n Report all missing invoices in RET-1. If vendors fail to upload invoices, this is where you can raise a report.<\/p>\n Ensure vendors upload invoices.<\/strong>\u00a0<\/span>The new GST return system makes it challenging to upload invoices in real-time that are accurate and error-free. Generate GST compliant invoices using the Invoice generator on Instamojo. This way, you can avoid penalties\/ fines or potential ITC fraud claims.<\/p>\n You can create, share and track all your invoices safely and efficiently. The\u00a0Invoice Generator\u00a0app\u00a0enables you to send GST-compliant<\/a> receipts to your customers quickly. It even lets you collect payments.\u00a0<\/strong><\/p>\n The GST council implemented GST e-invoicing for all businesses with a turnover above Rs. 50 Crores. The move has been in effect since April 1st, 2021. This guide covers how GST- E-Invoicing works for your business<\/a>.\u00a0<\/span><\/p>\n As mentioned above, how GST\u00a0claiming for ITC<\/a> is tougher than before. If relevant invoices are not uploaded by your supplier within a certain period, recipients have to reverse the ITC claimed. Keep track of all your online payments, and ensure you upload the correct details on the invoice you generate.<\/p>\n Also,\u00a0The Central Board of Indirect Taxes (CBIC) will now calculate interest on late payment of GST using\u00a0Gross Tax Liability, across India.<\/strong><\/p>\n If your business is just registered under GST, do not worry. We curated an exclusive course on mojoVersity<\/a><\/span> with ClearTax.in<\/strong> to help you understand how GST works for your business<\/a>. You can take the free courses online on Instamojo from the comfort of your home.<\/p>\n Not only that, we also partnered with Masters India – a GST Suvidha Provider (GSP) appointed by the Goods and Services Tax Network (GSTN), a Government of\u00a0India<\/span> enterprise for a free course on mojoVersity. Learn all about the different types of GST invoices and how they work.\u00a0<\/a><\/p>\n\n
Amendment of details in payments form<\/strong><\/h4>\n
New Turnover Limits:<\/strong><\/h5>\n
Claiming Input Tax Credit:<\/strong><\/h5>\n
Missing Invoices:<\/strong><\/h5>\n
Other new reforms:<\/strong><\/h5>\n
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Instamojo suggestions on GST e-invoicing and ITC:<\/strong><\/h3>\n
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