GST RET 1 Normal Returns Explained
The form GST RET 1 is designed to be applicable for suppliers having outward supplies not covered in SAHAJ & SUGAM forms. This it covers supplies such as B2B, B2C, Export, Deemed Exports, and even supplies through e-commerce vendors.
Who can opt for RET-1 ?
Assesses having a turnover of over five Crores and any type of supplies including B2B, B2C, Exports, Deemed Exports and Selling through e-commerce vendors can opt for this form. Taxpayers having a turnover of less than the specified limit can opt for GST-RET 1 as well. Suppliers having a turnover of five crores or less can opt for a monthly or quarterly mode of filing whereas suppliers having a turnover of above five crores can opt for monthly filing only. The tax payment has to be done monthly in this case.
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Frequently Asked Questions?
- Can I switch over to SUGAM (GST RET 3) ?
Yes, taxpayers opting for RET 1 can opt to switch over to SUGAM.
- Can I Switchover to SAHAJ (GST RET 2)?
Yes, taxpayers opting for GST RET 1 can opt to switch over to SUGAM.
- How many times can I switch over to SAHAJ or SUGAM in an FY?
The Taxpayer can only switchover once in a financial year, during the beginning of a quarter.
- Can I claim ITC on missing invoices?
Yes assesses opting for GST RET 1 can claim ITC on missing invoices too on self-declaration basis.
- Can I file RET-1 Quarterly?
Yes, Quarterly filing can opt but only if your turnover is up to five crores.
- 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 1 on self-declaration basis.
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