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5 Steps for private limited company registration

The name of the company is the first and foremost decision that a person makes for new company registration. It is the first identity that goes out to consumers or investors that’s why it needs to be unique, desirable and one of its kind to make it stand out of the rest. Therefore, choosing a right name of new private limited company registration becomes extremely important and should be done meticulously.

  • Post:CA Nayani Agarwal
  • May 29, 2020

DIFFERENCES BETWEEN OLD AND NEW GST RETURN FILING SYSTEMS

The decision regarding implementation of the New GST Return Filing System i.e GST 2.0 was taken in the 31ST GST Council Meeting. GST 2.0 was scheduled for nationwide implementation in October 2019. However, the implementation has been deferred to October 2020.

Discussion on differences between New GST Return Filing System and Old GST Return Filing System:

1. Classification of Tax Payers


Old System of Return Filing


  • i. Large Taxpayers: Taxpayers whose aggregate annual turnover in the preceding financial year is above Rs.1.5 crore.

  • ii. Small Taxpayers: Taxpayers whose aggregate annual turnover in the preceding financial year is upto Rs.1.5 crore.

New System of Return Filing


  • i. Large Taxpayers: Taxpayers whose aggregate annual turnover in the preceding financial year is above Rs.5 crore.

  • ii. Small Taxpayers: Taxpayers whose aggregate annual turnover in the preceding financial year is upto Rs.5 crore.



2. Returns under the System


Old System of Return Filing


  • i. GSTR-1: Monthly(Large Taxpayers)/Quarterly(Small Taxpayers) statement of outward supplies of goods and/or services.



  • ii. GSTR-3B: Monthly summarized self-declaration of outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid.



  • iii. GST CMP-08: Statement of the details or summary of the self-assessed tax payable for a given quarter by Composition dealers used for making payment of tax every quarter.



  • iv. GSTR-4: Annual Return filed by composition dealers on the 30th day of April following the end of the Financial Year.

New System of Return Filing


  • i. There would be three main components to the new return – one main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2).

  • ii. The current FORM GSTR-1 will be replaced by FORM GST ANX-1. The large taxpayers whose aggregate annual turnover in the previous financial year was more than Rs. 5 Crore will upload their FORM GST ANX-1 monthly. However, the small taxpayers whose aggregate annual turnover in the previous financial year was upto Rs. 5 Crore will upload their FORM GST ANX-1 quarterly.

  • iii. The periodicity of filing return in FORM GST RET-1 will be deemed to be monthly for all taxpayers unless quarterly filing of the return is explicitly opted for by small taxpayers. The aggregate annual turnover of newly registered taxpayers will be considered zero and they will have the option to file a quarterly return.

  • iv. Besides, small taxpayers can choose to file instead of FORM GST RET-1 any of the other two new quarterly returns namely Sahaj (FORM GST RET- 2)- Supplier making B2C supplies and Sugam (FORM GST RET-3)- Supplier making B2C and B2B supplies.



3. System for uploading of Invoices


Old System of Return Filing


  • i. Invoices could be uploaded only while filing GSTR-1.

  • ii. These details would get uploaded to the GSTN only after the return had been filed by the supplier, monthly or quarterly as opted by him.

New System of Return Filing


  • i. Invoices could be uploaded continuously in GST ANX-1.

  • ii. These details will be uploaded to the GSTN in real-time and will be available for viewing, and to take action by the recipient.



4. Tax Payment


Old System of Return Filing


  1. Tax Liability is settled monthly while filing GSTR-3B.In the Old System,GSTR-3B is filed monthly irrespective of Large/Small Taxpayer Status.

New System of Return Filing


  1. Tax liability must be paid for a tax period in monthly PMT-08 regardless of monthly or quarterly filing of GST returns.



5. HSN Reporting


Old System of Return Filing


  1. In the Old System, HSN Code Summary has to be reported separately.

New System of Return Filing


  1. In the New System, the supplier has to report the HSN codes at the invoice level (based on his turnover).

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