SUGAM GST RET 3 Form Explained
SUGAM is a simplified return format made available to small tax payers who deal in both B2B and B2C clients and having turnover in the preceding financial year up to five Crores. To keep the filing process less tedious the return filing period for GST RET-3 SUGAM has been kept quarterly. Even though the return filing period is quarterly the tax payment has to be made monthly.
Who can opt for SAHAJ GST RET-3 ?
Any assesse having turnover of up to five crores and having only B2C supplies, B2B Supplies or Domestic Inwards supplies covered under reverse charge mechanism can opt for this quarterly return. Assesses having Export supplies, Deemed Exports or sales through ecommerce vendors cannot opt for this form. Even though the return filing period is quarterly the tax payment has to be made monthly.
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Frequently Asked Questions ?
- Can I switchover to SAHAJ (GST RET 2) ?
No tax payers opting for GST RET 3 cannot opt to switchover for SAHAJ.
- Can I Switchover to NORMAL (GST RET 1) ?
Yes tax payers opting for GST RET 3 can opt to switchover to GST RET 1.
- How many times can I switchover to NORMAL in a FY ?
The Tax payer can switchover more than once in a financial year, during beginning of any quarter.
- Can I claim ITC on missing invoices ?
No assesses opting for GST RET 2 cannot claim ITC on missing invoices .
- Can I file GST RET 3 Monthly ?
No GST RET 3 is a quarterly form and cannot be filed monthly.
- This is my first year how will I calculate my previous year turnover ?
Even if you are filing for the first time you can opt for RET 2 on self declaration basis.