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Transition plan to the new GST Return - GST Station

Transition plan to the new GST Return

Transition plan to the new GST Return

    NEW DELHI: Goods and Service Tax (GST) Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers.

    In May, 2019 a prototype of the offline tool has already 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 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).

    From July, 2019, users will be able to upload invoices using the FORM GST ANX-1 offline tool on trial basis for familiarization.

    Further, users will also be able to view and download, the inward supply of invoices using the FORM GST ANX-2 offline tool under the trial program. The summary of inward supply invoices would also be available for view on the common portal online.

    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. This trial would have no impact at the back end on the tax liability or input tax credit of the taxpayer.

    In this period, taxpayers shall continue to fulfil their compliances by filing FORM GSTR-1 and FORM GSTR-3B i.e. taxpayers would continue to file their outward supply details in FORM GSTR-1 on monthly / quarterly basis and return in FORM GSTR-3B on monthly basis. Non-filing of these returns shall attract penal provisions under the GST Act.

    Source- Knn India.

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