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GST monthly return

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Singh Kamboj

294 Points Posted on 23 February 2020

which new return form is available in place of GSTR 3B and how can file this new form.

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Quick Summary

The GST monthly return process is changing with the introduction of GST RET-1, which replaces the GSTR 3B. This new return comprises two annexures: GST ANX-1 for outward supplies and imports, and GST ANX-2 for inward supplies. GST ANX-1 requires invoice-wise reporting for most supplies in real-time, while GST ANX-2 will largely auto-populate from supplier data, allowing recipients to review and act on incoming supply details.

Pawan Vemula

196 Points Posted on 23 February 2020

GST RET-1 will contain details of all supplies made, input tax credit availed, and the payment of taxes, along with interest, if any. This return will contain two annexure forms namely GST ANX-1 and GST ANX-2. GST ANX-1 (Annexure of Outward Supplies) is for reporting details of all outward supplies, inward supplies liable to reverse charge, and import of goods and services, that will need to be reported invoice-wise (except for B2C supplies) on a real-time basis. GST ANX-2 (Annexure of Inward Supplies) will report details of all inward supplies. Most of these details will be auto-drafted from the details uploaded by the suppliers in their GST ANX-1. The recipient of supplies will be able to take action on these auto-drafted documents, which will be available to them on a real-time basis.