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GST ANX-2 Vs GSTR 2 - Simplified GST Returns

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GST ANX-2 Vs GSTR 2 - Simplified GST Returns

October 2019 is going to be a crucial month for GST Taxpayers. The new simplified GST return system will be taking up on the current GST Returns system. As per the transition plan for simplified GST Returns released by the CBIC, October will witness following updates in the current GST Returns filing system:.

  • From October, 2019 onwards, FORM GST ANX-1 shall be made compulsory and FORM GSTR-1 would be replaced by FORM GST ANX-1.
  • The large taxpayers (i.e. those taxpayers whose aggregate annual turnover in the previous financial year was more than Rs. 5 Crore) would upload their monthly FORM GST ANX-1 from October, 2019 onwards.
  • However, the first compulsory quarterly FORM GST ANX-1 to be uploaded by small taxpayers (with aggregate annual turnover in the previous financial year up to Rs. 5 Crore) would be due only in January, 2020 for the quarter October to December, 2019.

It may be noted that invoices etc. can be uploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019 onwards.
FORM GST ANX2 may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2.
Thus, with just three months to go, and trial modules already in play, we have hereby summarised what goes in preparing your GST ANX-1 and what you will be able to view in your GST ANX-2

GST Annexure 1 will be replacing form GSTR 1 from the current GST return system, which will be a self-declaration of outward supplies and inward supplies attracting reverse charge. We have covered about How to prepare GST ANX-1 in detail here.

What information will be available in GST ANX 2?

GST Annexure 2 will replace form GSTR 2 from the current GST return system and will be an auto-drafted summary of inward supply based on supplier’s invoice data. The particulars of form GST ANX2 will be available on a real-time basis, wherein the taxpayer/user can take actions on the given documents. Form GST ANX-2 consists of 4 sections in total, which can be segregated as follows:

  1. Auto-drafted Inward Supply Invoices (based on the taxpayer’s action).
  • Table 3A. Inward supplies received from a registered person (other than the supplies attracting reverse charge), imports and supplies received from SEZ units/developers on Bill of Entry
  1. System computed Summary of ITC (based on taxpayer’s actions)
  • Table 4 - Summary of the input tax credit
  1. Auto-drafted Import Data (Post ICEGate integration)
  • Table 3B - Import of goods from SEZ units/developers on Bill of Entry
  • Table 3C - Import of goods from overseas on Bill of Entry
  1. ISD Credits
  • Table 5 - ISD credits received (eligible credit only)

It is anticipated that the data in the auto-drafted sections of GST ANX-2 is almost same as GSTR 2 and 2X but this will freeze for the return period. Also, there will be additional information and actions can be taken on the auto-drafted versions.

So, with GST ANX-2, taxpayer will be able to view inward supply invoices and accept the invoices. During the return period, taxpayer can also reset or unlock accepted invoices, if requested by supplier. Invoices which determine ITC will be available for the return period. From 10th to 18th of the month, it is expected that taxpayers can accept, reject or keep invoices pending and also upload other details.

The changes are summarized below for easy assimilation:

Simplified Returns are supposed to simplify the returns filing for all the taxpayers.

IRIS Sapphire is soon going to launch IRIS Sapphire 2.0 which will support New Simplified Returns. With every API release by the government, we are working towards building a stable and easy to use platform for simplified returns.

Till that time, we are conducting regular webinars on unveiling of Simplified GST Returns; you can register for the webinar here.

About Anushree Joshi

Anushree

Anushree Joshi is a Senior Domain Specialist in IRIS GST team and is responsible for product development and customer success. She is a Chartered Accountant, Cost & Management Accountant and have been associated with IRIS for 7+ yrs. Prior to joining the IRIS GST team, she was part of the IRIS US SEC XBRL team, helping listed companies in US file their annual reports in IFRS and US GAAP. She enjoys reading and a Kathak (Indian classical dance) enthusiast.

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