GST Annexure – 1 – What does it Contain? Process to Complete Filing GST Annexure – I by Compiling GST Invoices on Regular Basis

The new Goods and Service Tax (GST) Return is being tested in the market with the help of Return Offline Beta Tool.  This tool facilitates taxpayers to prepare Form GST ANX-1 and Form GST ANX-2.  The tool has option to upload data and generate JSON file.  Such data as populated by the taxpayer will be available on the GST Portal for a specified period of time.

The new GST Return will have one basic return and 2 annexure.   The FORM GST ANX-1  will have all details of all outward supplies, inward supplies on a reverse charge basis and import of goods and services and it is to be reported invoice-wise (except for B2C supplies) on a real-time basis.Thesupplier can upload invoices on an ongoing basis which the buyer can accept/reject.  The supplier has the option to upload invoices in real-time, which will be available for the buyer to view simultaneously and take action in FORM GST ANX-2.  The invoices can be marked as accepted or rejected by the buyer, or the same can be kept pending for action to be taken at a later date.

If the supplier does not upload invoices or file his return, there will be a mechanism for availing input tax credit by the recipient on a provisional basis.  The credit available in such cases would not be more than 20% of the specified value.  The current system does not provide any scope for provisional credit.There is an option to file amendment of returns up to two times for each tax period.  Since the amendment return can be filed for the same tax period, interest on the amended tax liability can be avoided or reduced.

The following details can be entered by the taxpayer using the tool

3A- Supplies to unregistered persons/consumers (B2C)

3B- Supplies to registered persons (B2B)

3C & 3D- Exports with/without payment of tax (EXP WP/WOP)

3E & 3F- Supplies to SEZ with/without payment of tax (SEZ WP/WOP)

3G- Deemed exports (DE)

3H- Inward supplies attracting reverse charge (RCM)

3I- Import of goods (IMPG)

3J- Import of services (IMPS)

3K- Import of goods from SEZ units/developers (IMPG SEZ)

4- Supplies made through e-commerce operators

We can enter the data as a whole in excel sheet or using csv file one by one.  Thereafter, we can generate JSON file and Upload Generated JSON on GST Portal.  The new forms are expected to be operational in the next financial year.  There are multiple software tools to generate invoices.  The Invoice Tool as developed by Smart Admin helps to generate GST compliant invoice.  At any time, summary of invoice can be generated and same can be uploaded to generate JSON file.  The Smart Admin invoice tool is comparatively lower priced but with higher features and it caters to the need of Exports as well.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.