Simplified GST RET Forms Explained

GST Council has been trying its best to simplify the return filing process and in an endeavor to its objective in its 27^th Meeting, it brought in the idea of simplified GST Returns. The new GST Returns forms namely the GST RET 1, GST RET 2 (SAHAJ) and GST RET 3 (SUGAM) will be replacing the current monthly returns filing forms. Following is an explanation about the GST RET forms and its applicability:

SAHAJ GST RET 2

As the name SAHAJ implies ease of filing, the SAHAJ form is a single page return format which is applicable to small tax payers having a turnover in the preceding financial year up to five Crores. GST RET-2 SAHAJ has to be filed quarterly and is applicable only to suppliers having B2C supplies and Domestic Inwards supplies covered under reverse charge mechanism. Even though the return filing period is quarterly the tax payment has to be made monthly.

Who can opt for SAHAJ GST RET-2 ?

Any assesse having a turnover of up to five crores and having only B2C supplies or Domestic Inwards supplies covered under reverse charge mechanism can opt for this quarterly return. Assesses having B2B supplies, Exports, Deemed Exports or sales through e-commerce vendors cannot opt for this form.

SUGAM GST RET 3

SUGAM is a simplified return format made available to small taxpayers who deal in both B2B and B2C clients and having a 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 a 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.

GST RET 1 Normal

This form 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 GST 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.

If you require any assistance regarding Filing of GST Returns please reach our experts at +91-7008804070