GST - 2.0
Government has announced the new return filing system under GST which is simpler than the existing system and can be termed as GST 2.0. The new return filing system is going to be mandatory from January 2020 along with the transition phase from July 2019.
Returns under new system:
Under new system, following forms are to be filed.
- FORM GST RET-01/02/03: GST RET-01 is to be filed monthly by the taxpayers whose turnover is more than 5 crores in preceding F.Y. Small taxpayers (whose turnover in the preceding F.Y is up to 5 crores) has the option of filing Either GST RET-01(can file quarterly instead of monthly) or GST RET-02 (Sahaj)/GST RET-03 (Sugam). Sahaj is to be filed by the small taxpayers whose sales are only B2C. Sugam is for the small taxpayers who have both B2B and B2C sales.
- FORM GST ANX-1: Annexure of outward supplies and inward supplies attracting reverse charge which is to be filed along with the GST RET-01/02/03.
- FORM GST ANX-2: Annexure form of inward supplies.
- FORM GST ANX-1A: Amendment form to FORM GST ANX-1.
- FORM GST RET-1A/2A/3A: Amendment form to FORM GST RET-01/02/03
- FORM GST PMT-08: Form for self-declaration of taxes and the payment of same.
All the existing forms such as GSTR-1, GSTR-3B, GSTR-4, GSTR-6, GSTR-7, GSTR-8 will be removed in multiple phases.
From July 2019
The new return will be implemented on trial basis where a supplier will be able to upload invoices using the FORM GST ANX-1, and the recipient will be able to view and download the invoices of inward supply.
July to September 2019
Users can make themselves familiar with the forms GST ANX-1 and GST ANX-2. But they will continue to file GSTR-1 and GSTR-3B.
From October 2019
Large taxpayers should file Form GST ANX-1 compulsorily and it will replace GSTR-1 entirely. Small taxpayers should file Form GST ANX-1 in Jan 2020 for Oct to Dec 2019.
Large taxpayers will continue to file GSTR-3B during the months of October and November 2019, after which they will have to start filing the Form GST RET-01, The main return in the new system, which will need to be filed by the 20th Jan 2020 (for Dec 2019). In case of small taxpayers, they should stop filing GSTR-3B and start filing Form GST PMT-08 from the month of OCT 2019. They would file their first Form GST-RET-01 from 20 January 2020 for the quarter December 2019.
Key Changes under New System:
Even though the new system has many merits, companies end up in uploading thousands of invoices into the GST portal every month.
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