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 27th 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 1 Normal Returns Explained 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 [...]

SAHAJ GST RET 2 Explained As the name SAHAJ implies ease of filing, the SAHAJ form is a single page return format which is applicable to small taxpayers 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 [...]

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 [...]