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Comparative Analysis of New Main Return and existing GSTR 1

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In our previous blog, we have presented the impact for Large Taxpayers as per proposed simplified return formats and process. The Large Taxpayers i.e. taxpayers having a turnover above Rs. 5 crores are currently filing GSTR 1 and GSTR 3B and once the new returns get implemented, Main Return and its Annexures need to be filed.

Let us now dive deeper into the Annexures and sections of Main Return and how it differs from the current GSTR 1.

Details of Outward Supplies


Currently, the details of outward supplies are filed through GSTR 1 and the tax liability is discharged based on the summary provided in GSTR 3B for outward supplies and ITC claimed.

In GSTR 1, there are various sections covering different types of outward supplies such as B2B, Exports, B2C, Advances etc. In these sections, some of the information is provided at invoice level, while in some sections the data is aggregated state-wise. In the new filing regime, the details of outward supplies will be part of Annexures and using the information available in Annexures, the Main Return will be populated.

Some of the sections in Annexures of Main Return and that in GSTR 1 are similar, while there are variations in some other sections. The following table summarises section by section comparison


Sr. No.

Data/Sections

Requirement as per current Process

Requirement as per new process

Differences

1

Supplies made to consumers and un-registered persons

  • Need to bifurcate data in B2CS and B2CL
  • B2CL (interstate unregistered supplies with invoice value more than 2.5 lakhs)details required at invoice level
  • Invoice level wise data not required.
  • POS wise aggregate data required net of debit and credit notes
  • B2CL now no longer required at invoice level
  • No bifurcation for B2CS and B2CL required

2

Supplies made to registered persons (other than those attracting reverse charge)

Invoice level data required

Invoice level data required

No change in details to be reported

3

Exports with/without payment

  • Invoice level data required
  • Updating shipping bill is considered as an amendment and hence to be included in the amendment section
  • Invoice level data required
  • Updating shipping bill will not be considered as amendment
  • Facility will be provided to exporters to update the Shipping Bill details.
  • Process change is only related to conveying the shipping bill related details. 

4

SEZ transaction with/without payment

  • Invoice level data required
  • It is considered as part of B2B section
  • Invoice level data required
  • In Main return, supplies to SEZ is a separate section and not grouped in B2B

No change in details to be reported

5

Deemed export

  • Invoice level data required
  • It is considered as part of B2B section
  • Invoice level data required
  • In Main return, Deemed export supplies is a separate section and not grouped in B2B

No change in details to be reported

6

Details of the supplies made through e-commerce operators liable to collect TCS

  • While reporting details in B2B or B2CL or B2CS, the GSTIN of e-commerce operator was to be mentioned
  • Provisions related to TCS are deferred and hence is not being reported currently

E-commerce operator wise data consolidated data required

No requirement to mention GSTIN of e-commerce operator at transaction level

7

HSN wise summary

  • HSN summary only of outward supply is currently being reported.
  • HSN summary of inward supply was to be reported in GSTR2 filing of which was deferred.
  • HSN summary of both Outward and inward supplies will need to be reported
  • HSN of 4 digits is proposed 
No change in details to be reported

8

Nil/Exempt/Non-gst

  • Break up of Nil, Exempt and Non GST transactions - within and outside and to registered and unregistered parties
  • So maximum 12 values need to report

Only Two values require to be reported - Nil and Exempt supplies and Non-gst supplies

No need of breakup based on inter and intra transaction and registered and unregistered parties

9

No supply (Schedule III, Section7)
- eg, high sea sale and bonded warehouse sale

Schedule III transactions were generally clubbed under Exempt category

A separate field to report the total Values 

To be reported separately

10

Outward supplies attracting reverse charge (net of debit and credit notes)

  • To be reported separately in B2B and CDN section with reverse charge Yes - invoice wise in GSTR 1
  • These invoice level details need to be provided by supplier
  • Only the consolidated value of all such transactions to be mentioned by the supplier.
  • ·GSTIN wise data for this will have to be reported by the recipient under Inward supplies liable to reverse charge in Annexure. 

No invoice level data to be provided by the supplier

11

Advances received (net of refund vouchers)

 

POS wise and rate wise data is to be reported in GSTR1

Total Values to be reported

No POS wise/Invoice wise/rate wise breakup required

12

Advances adjusted

(net of refund vouchers)

POS wise and rate wise data is to be reported in GSTR1

Total Values to be reported

No POS wise/Invoice wise/rate wise breakup required

13

Adjustment of output tax liability on account of the transition from composition levy to normal levy and any other liability (+/-)

 

This field is applicable on account of the transition from composition levy to normal levy.

New field added in Main return



The filing of GSTR 2 has been deferred and hence taxpayers have been filing details of inward supplies, which includes purchases from registered and unregistered suppliers and import transactions.

In our next blog, we'll look at the details of inward supplies to be included in the Annexure of the Main Return.

The new return formats are available here and comments can be provided till Aug 31, 2018.  Please provide your comments and suggestions. 

IRIS Business is a leading GST Suvidha Provider (GSP) providing easy and efficient solutions for GST and E-way bill compliance. For further details, please write to support@irisgst.com or visit our site https://irisgst.com

About Ashwini Gorhe

Ashwini Gorhe, a Chartered Accountant, is associated with IRIS as a Financial Analyst. She has around 6 years of experience in compliance space which includes XBRL reporting, GST and Data analysis. She is actively involved in the IRIS Sapphire (GST filing solution) and IRIS Topaz (E-way bill solution) product development. Before GST, she was handling US compliance analyzing US financial statements and reviewing XBRL filings for US and India market.

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