GST council to introduce new GST return system

GST council to introduce new GST return system

A new GST return system will be introduced to facilitate taxpayers.

This was decided by the Council at its 31st meeting to ease the transition to the new return system. A transition plan has been worked out, said an official release on the 31st meeting of the GST Council, said an official release.

“In May 2019 a prototype of the offline tool has already been shared on the common portal to give the look and feel of the tool to the users. The look and feel of the offline tool would be the same as that of the online portal. Taxpayers may be aware that there are three main components to the new return – one main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2),” the release said.

“Between July to September 2019 (for three months), the new return system (ANX-1 & ANX-2 only) would be available for trial for taxpayers to make themselves familiar,” added the release.

“From October 2019 onwards, FORM GST ANX-1 shall be made compulsory and FORM GSTR-1 would be replaced by FORM GST ANX-1,” it said.

“The large taxpayers (i.e. those taxpayers whose aggregate annual turnover in the previous financial year was more than Rs. 5 Crore) would upload their monthly FORM GST ANX-1 from October 2019 onwards. However, the first compulsory quarterly FORM GST ANX-1 to be uploaded by small taxpayers (with aggregate annual turnover in the previous financial year upto Rs. 5 Crore) would be due only in January 2020 for the quarter October to December 2019,” it added.

The release further stated that Form GSTR-3B shall be completely phased out by January 2020.

Source: Business-Standard.

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