New GST e-learning certification by ClearTax
- 8 hours on-demand video
- 16 articles
- 3 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- Basics of GST
- Introduction to New GST Returns
- New Return Forms - RET-1/2/3
- Filing Process for Sahaj (RET-2)
- Filing Process for Sugam (RET-3)
- Complete Analysis of ANX-1
- Complete Analysis of ANX-2
- Basic understanding of GST
The present GST return system had a manual process of fetching the sales invoice data for the purpose of matching with the ITC reported by taxpayers. Whereas the New GST return system automates the process to greater extent giving visibility of the process to both the parties -suppliers and the recipients.
At present, GST returns requires details of sales and exports to be reported in GSTR-1 return, as well as the summary ITC and tax to be declared in GSTR-3B for regular taxpayers.
The ITC amount is claimed on a provisional basis and involves reconciliation with GSTR-2A. The reconciliation results in either excess credit claims or short of claims. The taxpayer can adjust this difference in subsequent returns earlier of two dates for a given financial year. 1) Due date of filing GSTR-3B for September of the next year or 2) Due date of Annual returns for that financial year.
New GST return is aimed to simplify the current return filing process which has multiple returns. The new system and format of the GST returns was initially introduced in the 28th GST Council meeting meeting held on 21 July, 2018.The return prototype gave a concrete picture of how the returns look like in actual and the detailed process of filing too.
Below are some of the benefits of simplified returns which makes its introduction a necessary move:
Simplified returns are profile based returns. A lot of supplies come under the ambit of GST. However, most of the dealers deal with only a few supplies. Thus, a profiling questionnaire will enable the GST return format to display only those information fields that are relevant to the taxpayer’s profile.
Invoices can be uploaded by the supplier on a continuous and real-time basis, which will be available for action to be taken by the recipient.
The simplification in forms and filing procedure will lead to lower compliance costs.
Taxpayers will be able to amend their returns once filed, and file up to two amendment returns for a tax period.
- Tax Practitioners, Chartered Accountants & CA Students
Did you know that around 160 countries in the world follow GST? In this chapter, we will take a walk down memory lane and talk about why GST was introduced in the first place, the idea behind it and the advantages of the system.
So, with the introduction of GST, we big adieu to several forms of indirect taxes like VAT, CST, Service Tax, CVD, among others. In this lecture, we'll talk about the cascading effect that GST removed from the system.
Did you know that a GSTIN number is longer than a phone number? Yes, it is 15-digit long! In this lecture, we will discuss what GSTIN is and why it is important.
Under GST, taxpayers whose turnover is less than Rs 1 crore can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This simple-yet-interesting scheme is called a composite scheme. In this lecture, we will discuss all about a composite scheme.
There are specific conditions under which one can claim an input tax credit. We will find out what these circumstances are in this lecture.
Just when we thought that we have understood the GST system with regard to the Input Tax Credit Utilisation, the Government has now changed the procedure for the order of set-off of the same. While the new rules are fairly simple, let us walk you through how to set-off ITC against liability and cross utilisation in this lecture.
In this lecture, we will discuss how to set-off ITC against liability.
Did you know that sometimes a buyer might need to pay tax to the Government instead of a seller? In such cases, reverse charge mechanism applies. In this lecture, we will learn about RCM in detail.
VAT and Service tax issues led to the beginning of the GST returns and now issues in old GST returns is introducing us to new GST returns. This clearly shows, change is the only constant in the Indirect tax regulations in India. In this lecture, we will explain the philosophy of new GST returns.
In this lecture, we demonstrate a live case study of the new GST returns system.
Did you know there are some transactions which sometimes never even make it to the purchase books of businesses. One of the biggest example is Bank charges. Bank charges include transaction charges charged on POS, money transfer and many other bank enabled transactions for which businesses do not receive any invoices. These cases are very difficult to identify even post matching with purchse books and many businesses lose out to claiming credit on them. In this lecture, we will understand the concept of missing invoices.
Migration from pre-GST into GST regime took taxpayers months of reconciliation of the accounts data. Now with the new GST returns getting implemented in stages, taxpayers must be aware of the phases announced, compliance expected, impact on their accounting system and more. In this lecture, we will discuss the impact of new returns on taxpayers.