The government of India has Introduced new simplified formats of GST Returns, after Implementation of GST from 01st July 2017, taxpayers & government both are engaged a lot to follow GST procedure so that a smooth structure of GST Returns can be adopted, however as many taxpayers got confused & face many problems, the Government of India has introduced new GST simplified formats & that is why it has become important to understand those returns
In this article, we are going to discuss NEW GST Return Sugam
New GSTR Sugam is a returns form proposed by GST Council to simplify tax filing which is to be implemented by the GST Council from 01st April 2019. All Taxpayers having a turnover of up to Rs. 5 crores in a financial year has an option to file Sugam return.
This form can be opted by small taxpayers engaged in B2B (Business to Business) & B2C (Business to Consumer) supplies in India. GST Council in its 28th meeting, approve quarterly returns that are Sahaj & Sugam which are to be filed by small taxpayers having a turnover of Rs.5 crores or less (as against the initial limit of Rs.1.5 crores).Though, In case of every return tax is to be paid by the taxpayer only monthly through a challan.
As per given rules taxpayers having turnover up to Rs 5 crores & done both B2B and B2C supplies have the option to choose GST Return SUGAM form to file their GST returns quarterly.
Current format of GSTR Sugam consist 2 annexures:
In these annexures we first have to fill the details that will be auto-populated in GST Sugam
In these annexures basic details will be autopopulated that contains GSTIN, Legal Name, Trade Name, etc. of the business.
The information that is to be filled by the taxpayer is the details related to outward supplies to registered taxable persons, B2C (consumers and un-registered persons) & inwards supplies liable to reverse charge –At this place, total taxable value & tax payable for outward supplies & tax payable on inward supplies attracting reverse charge respectively are to be indicated separately.
Under these new returns, recipients can claim ITC by the invoice uploaded by the small taxpayers & hence, small taxpayers got an online facility to continuously enter & upload invoices on daily basis.
ITC can be claimed by the recipient on invoices uploaded upto 10th of the following month.
A taxpayer is required to file this return quarterly, however he has to pay tax monthly.
Draft GST Return SUGAM format