Equipping Modern Enterprises with Powerful GST & E-Way Bill Solutions

logo image
  • GST Filing & Reconciliation
  • E-Way Bill Automation
  • GSTIN Search & E-Way Bill APIs

GST RET-2 Form

GST RET-2 Form is introduced in the GST System with the motive to simplify the compliance procedure for the taxpayer. In this article, we will dive into the details regarding GST RET-2 Form in-depth.

 

 

What is GST RET-2 Form?

GST RET-2 Form is a summarized GST Form that can be filed by the taxpayer who has a turnover of 5 Crore INR or less in the last financial year. The other name of GST RET-2 Form is SAHAJ. It shall be kept in mind that this return is for those who deal in B2C supplies.

GST RET-2 Form Due-Date

Any taxpayer who has opted for GST RET-2 Form needs to furnish the return quarterly. However, the payment of tax shall be made every month.

Format of GST RET-2 Form

GST RET-2

 

GST RET-2 Form Contents

There are 6 sections in the GST RET-2 Form

1. GSTIN

This will contain the GSTIN of the taxpayer which will be auto-populated

2. Other Details

This will contain all the basic details about the taxpayer such as the legal name of the registered person, trade name if any, ARN and date of filing. All the fields in this column will get auto-populated based on GSTIN.

3. Details of Sales

In this section of GST RET-2 Form, the taxpayer needs to mention all the sales he/she has carried out during the tax period. These details consist of supplies to consumer and URP (attracting reverse charge).

4. Purchase summary to claim ITC

This section of the GST RET-2 Form will get auto-populate and the auto-filled details will also include Input Tax Credit on the supplies attracting a reverse charge and CDN (Credit Debit Notes) details.

5. TDS and TCS summary

In this column of GST RET-2 Form the taxpayer needs to mention the amount of TDS and TCS credit received in electronic cash ledger.

6. Interest and Late Fee

This section of GST RET-2 Form consists of the following thing:

  • Late fees due to late filing of GST return
  • Interest on the reversal of ITC
  • Interest on late reporting of supplies attracting reverse charge
  • Other interest liabilities

7. Refund claimed from electronic cash ledger

This will include all the refund that has been claimed by the taxpayer during the particular tax period.

8. Verification

Once every detail in the form is furnished the taxpayer need to verify this by e-signing the return. The taxpayer cannot file the return unless it is verified.