/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
The Sahaj return is a quarterly GST return to be filed by 20th of the subsequent quarter. The businesses whose turnover in the previous financial year is up to 5 Crores and engaged in making outward supplies only to B2C i.e. end consumers or unregistered businesses can opt to file GST Sahaj return. The form to be filed by businesses opting Sahaj is Form RET-2
Though the Sahaj return in form RET-2 filing is on a quarterly basis, the payment of GST needs to be made on a monthly basis using the payment declaration form known as Form GST PMT-08. The businesses need to determine the tax liability and input tax credit on the self-assessed basis and accordingly remit it through Form GST PMT-08
Let’s understand the complete Sahaj return filing Cycle.
The details of outward supplies in GST Sahaj form are required only at a summary level. This is because GST Sahaj is applicable only if you are making B2C supplies and your customer (the buyer) will not be in a position to claim ITC on the supplies made by you.
The GST Sahaj return filing cycle through Form RET-02 is explained with an illustration.
We have considered the April-June, 2019 to explain the GST Sahaj return filing cycle. In the above illustration:
For businesses, the Sahaj return filing cycle is very simple. All you have to do is the self-assessed monthly payment and mention the consolidated details of outward supplies in annexure -1. The rest of the details are auto-populated in Sahaj return. The businesses can leverage on simplification only when they carefully assess their businesses profile and choose the one which is suitable.
AI Winter or AI Spring – Where are We Headed?
10 Basic Accounting Assumptions as the Basis of Bookkeeping Your Business