Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 
Article Section
Home Articles Goods and Services Tax - GST Ganeshan Kalyani Experts This
← Previous Next →

Crucial three months for the taxpayer in GST to be ready to embrace new GST return functionalities

Submit New Article

Discuss this article

Crucial three months for the taxpayer in GST to be ready to embrace new GST return functionalities
By: Ganeshan Kalyani
July 1, 2019
All Articles by: Ganeshan Kalyani       View Profile
  • Contents

New return in GST RET-1, GST RET-2, GST RET-3 is going to be implemented soon. GST RET-1 is consisting of GST ANX-1 which is for furnishing outward supplies and GST ANX-2 is inward supplies. The invoices in this annexure will appear upon filing of GST ANX-1 filed by the suppliers. The buyer has to accept, reject, keep on hold the invoices that would be appearing in the GST ANX-2. The accepted invoices would successfully flow to GST RET-1 and become an eligible input tax credit and the rejected and kept on hold invoices would remain in GST ANX-2 as a reconciliation item. The buyer can take action in subsequent month return on those items.

Since, the eligibility of input tax credit is based on acceptance of invoices in GST ANX-2 the buyer has to take action on the populated invoices before filing of the return. The supplier is allowed to upload his outward invoices on a continuous bases till 10th of subsequent month. Thus, the buyer has got the window to take action on the invoices appearing in his GST ANX-2 as and when the supplier uploads the invoices. The buyer will not be allowed to upload the detail of the inward invoices if the supplier miss them to furnish in his GST ANX-1. Buyer can only check and identify the discrepancy and inform the supplier to upload them in the return. Thus the follow up job of the buyer would increase.

The contact numbers namely mobile number, landline and email ID of the supplier must be updated in the buyers master record so that it becomes easy to send him the communication about the discrepancy on real time. Thus the buyer can utilise these three months time to update the contact details in their system, in case not maintained. The purchase team help may be sought for this purpose.

GST ANX-1 is available on trail basis to the taxpayer between July, 2019 to September, 2019. Supplier can do trial testing of this return in these period. From October, 2019 the annexure GST ANX-1 would become mandatory. The buyer can view GST ANX-2 but cannot take action in these period. GSTR-1 will be functional only till September, 2019. GSTR-3B to continue till November, 2019.

Training to the concern person in purchase, store, HR, IT, cashier, marketing, logistics, accounts is very essential as the person from these department would be transacting with the supplier and they must emphasize on GST compliance on the supplier.  The supplier would be made aware about the consequence of not uploading the details in his return. 

 

By: Ganeshan Kalyani - July 1, 2019

 

Discussions to this article

 

Dear Sir,

Your articles indicate that doing LL.B is very beneficial. It promotes the art of writing and quality drafting as well. Keep it up. Wish you should reach zenith of the profession !

By: KASTURI SETHI
Dated: 04/07/2019

Thanks you so much for your appreciation Sir. Your words are inspiration to me. Thanks a ton Sir.

By: Ganeshan Kalyani
Dated: 04/07/2019

 

Discuss this article

 
← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map || ||