2018 Quarterly GST Return – Sahaj & Sugam Format
The submission process of GST Return Filing has been simplified with the Governments initiative for small taxpayers introduced at the GST Council’s 27th Meeting. With the new process individuals with a GST Registration, and an annual turnover of less than Rs. five (5) crores can now decide if they file GST Returns on a monthly or quarterly basis. With this procedure, GST filing should be a lot simpler and it is expected to be more cost-effective. More details related to GST quarterly and filing new Sahaj and new Sugam formats of returns for small taxpayers are discussed in this article along with Sahaj login, the Sahaj Portal and the GST form. .
Quarterly Tax Returns for Small Taxpayers
This innovative new quarterly GST return filing procedure has been developed to assist taxpayers who are considered to be small taxpayers. That is their classification and the definition of a small taxpayer is someone who has registered GST annual turnover of up to Rs. five (5) crores in the previous financial year. The decision, regarded to which process taxpayers would like to follow – monthly or quarterly – needs to be confirmed at the start of the year and that would mean the taxpayers are locked into that process for the whole year. The procedure does not allow for chopping and changing once the wheels are in motion unless there are special circumstances which can be agreed by both sides. In circumstances where a new taxpayer joins the process the GST Small Taxpayer option will be decided by an estimated turnover self-declaration assessment for filing new Sahaj plus .
Tax Payments Monthly
Under the terms and regulations of this procedure, those qualified and registered as small taxpayers who select the quarterly return option,must still pay the required monthly contributions on a monthly basis. These payments would be based on a monthly self-assessment and the process is a feature known as a tax credit. When submitting GST payments on a monthly basis, the small taxpayers signed up for quarterly GST returns are required to submit a GST payment declaration. In the GST payment declaration form, self-assessed liability and input tax credit on self-declared basis must be confirmed by the small taxpayer. To help small taxpayers with the procedure that is related to the tax input tax credit the GST accountability that occurs with processed invoices with input and output tax that are entered into the system can be accessed by the taxpayer online with the help of the taxpayer GST portal. The payments submissions process will only permit complete payments related to invoices that are entered in the system. Delayed tax due to payments, that are inclusive of months one, two, and three in the quarter, will be subject to interest charges.
Quarterly Return Categories
In addition: To make the process more user-friendly for quarterly GST returns there is an added process layer that divides taxpayers returns into three categories. These three layers of GST forms are referred to as:
• 1. Quarterly returns: The user friendly way.
• 2. Sugam returns: With the Sugam login and Sugam portal details.
• 3. Sahaj returns: Filing new Sahaj forms with Sahaj login details and well the Sahaj portal.
Returns Submitted Quarterly
For GST Returns that are submitted Quarterly the actual process is quite similar to the normal monthly process. This has been designed this way to add to simplification. The following are not part of the quarterly GST return procedure:
• 1. Capital Expenditures: Particulars of input tax credit on capital expenditure items are not required to be accounted for.
• 2. Invoices Missing or Pending: For invoices that are missing or pending they are not parts of small taxpayers do not use these procedures in their inventory management.
• 3. Capital Expenditure Items: Details of input tax credits on capital expenditure items are not be required to be filled.
Note: Should there be any quarterly errors, and missed returns, these would have to be included in the year-end annual GST return. In addition to this small taxpayers are not required to provide for filing pending or missing invoices, due to the assumption that these would be low in volume. Should a taxpayer need to provide for that they can use the GST monthly return filing process.
GST Returns – Sahaj
For small taxpayers who have selected the quarterly GST return, new Sahaj filing, and only have B2C transactions, the Sahaj GST return can be used. This type of option could apply to a restaurant who can select to file Sahaj GST return as it would only have B2C transactions.
GST Return Sugam
For small taxpayers who have selected the quarterly GST return filing, and have B2C and B2C transactions, the Sugam GST return can be used. If small taxpayers only have B2B supplies, then they must file monthly GST return.
Invoice Data Transfer
Beneficiaries who receive some kinds of goods or services that include tax must make sure all the data is transferred to the GST portal. With the new process, the small taxpayers now have the ability to transfer data constantly. This data invoice transfer allows the taxpayers to view transaction straight away. On the 10th of the following month or the nearest business day after the 10th, The GST payable would be shown as a tax credit to the beneficiary in circumstances related to purchases from large taxpayers.
Suppliers HSN Code
Part of the GST quarterly return filing for a small taxpayer requires that they provide a record of supplies HSN four-digit level codes.
GST Return Quarterly Sample Forms
See below for links to the quarterly GST form. The new Sahaj Form, The Sugam Form and the GST form Quarterly Payment Form.
