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INTRODUCTION

The GST Council in its 31st meeting decided to introduce a New GST Return system to facilitate taxpayers. In May 2019, a prototype of the offline tool had been shared on the GST Portal to give the users a look and feel of the tool. The govt. proposes to implement the full-fledged system in place from 1st October 2020. As per the govt. guidelines, Taxpayers will be considered as small if their turnover is up to Rs 5 crore in the preceding financial year, otherwise, they will be considered as large taxpayers.

WHY GOVT. CAME UP WITH THE NEW SIMPLIFIED RETURNS?

  • To achieve the better compliance between the taxpayer and the govt.
  • Aligning small and large taxpayers with the broad legal framework
  • Bringing more transparency by curbing inaccurate tax credits
  • Leveraging Technology & minimizing tax departmental interventions
Types of returns under new GST regime

OFFERINGS UNDER CYGNET GSP

EASY TO USE SOLUTION

Cygnet GSP’s new portal is easy to use and allows single file upload, system will auto segregate whether it is an invoice, C&D notes, Outward & Inward Supply

INTUITIVE DASHBOARD

Cygnet GSP’s new portal is easy to use and allows single file upload, system will auto segregate whether it is an invoice, C&D notes, Outward & Inward Supply

AUTO VALIDATIONS & CHECKS

The portal automatically validates the uploaded data & displays the data errors including the Orphan records and their sources

GST RETURNS COMPLIANCE SCORE

The portal gives all the return- filing information of a taxpayer based on their GSTIN including their GRC Score

DISPLAYS REAL TIME ACTION TAKEN BY BUYER

The system reflects the action such as Accepted, Rejected, Pending taken by the buyer in ANX-2 after reconciliation with ANX-1

INTEGRATED BI MODULE

The system comes with a BI module and generates insightful reports based on the filters applied by a taxpayer

WHAT MORE WE OFFER?

  • Our system allows taxpayers to push the data of multiple GSTINs’ using the single Push
  • Integrated solution for Simplified returns, E-invoicing & E-way Bill
  • Being an IT organization we offer connectors for multiple ERP systems such as ERP, SAP, Source system

IMPORTANT TERMS UNDER SIMPLIFIED GST RETURNS

Large/Small Taxpayers

Taxpayers with an annual turnover above Rs. 5 crores are considered as large taxpayers whereas taxpayers with an annual turnover upto Rs. 5 crores are considered as small taxpayers in the preceding financial year year

Annexure 1

Annexure 1 is an annexure to main returns for the details of outward Supplies, inward supplies responsible to reverse charge and import of goods & services.

Annexure 2

ANX-2 is an annexure to the main return for the details of inward supplies. The recipient of supplies to take necessary action such as to accept or reject the invoices or keep them as pending.

GST RET 1

GST RET 1 is normal main return which covers all outward supplies transactions i.e. B2B, B2C, Export, SEZ etc. The periodicity of this return can be monthly or quarterly.

GST RET 2

GST RET 2 is called Sahaj return applicable for taxpayers involved in B2C Transactions. The periodicity of this return is quarterly.

GST RET 3

GST RET 3 is called Sugam return applicable for taxpayers involved in B2C and B2B Transactions. The periodicity of this return is quarterly.

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