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What is new gst return

jaheer hussain (577 Points)

26 October 2019

tell what about new GST RETURNS what is different old and new please tell me

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3 Replies

Surjeet Negi (947 Points)
Replied 26 October 2019

New Return formats are more towards two way free flow or matching of tax credit .

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Arunkumar AK (48 Points)
Replied 27 October 2019

Way of filing the returns and paying taxes differs between the two that's all

subhagan sreerangam (7059 Points)
Replied 27 October 2019

In the new return system GST ANX-1 should be filled for supply and declaring tax liability included ,imports are also reported in GST ANX-1 and ITC autopopulate in GST RET-1.In the new return system taxpayers are categorised in to large taxpayer ( Whose annual turnover is more than ₹5 crore) and small taxpayers ( Whose annual turnover.is upto ₹5 crore).A large taxpayers to file monthly GST ANX-1,where as small taxpayers can file his GST ANX-1 monthly or quarterly at his opinion.

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