New GST return system for taxpayers: Here are all the small information

The government has disclosed a transition set up for taxpayers under the goods and services tax to switch to new simpler return forms.

In order to ease the transition process, between July-September the new form would be available on a trial basis for familiarisation.

The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers.

The Goods and Services Tax Network had shared an example of the offline tool in could 2019, a politician statement said on Tuesday. The look and feel of the offline tool would be similar to that of the net portal.

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 Gregorian calendar month 2019, users would be able to transfer invoices exploitation the shape GST ANX-1 offline tool unproven basis for familiarization.

They would 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.They would even be ready to import their purchase register within the offline tool and match it with the downloaded inward provide invoices to seek out mismatches from August 2019.

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, the statement said.

This trial would haven't any impact at the rear endwise the liabilities or input decrease of the remunerator, the statement added.

In this period, taxpayers shall continue to fulfill their compliances by filing FORM GSTR-1 and FORM GSTR-3B i.e. taxpayers would still file their outward provide details in type GSTR-1 on a monthly or quarterly basis and come back in type GSTR-3B on monthly basis. Non-filing of those returns shall attract penal provisions beneath the GST Act, it said.

From October 2019 onwards, FORM GST ANX-1 shall be compulsory and FORM GSTR-1would be replaced by FORM GST ANX-1.

Large taxpayers, with aggregate annual turnover over Rs 5 crore in the previous financial year, would upload their monthly FORM GST ANX-1 from October 2019 onwards.

However, little taxpayers, with turnover up to Rs 5 crore, will need to file the first compulsory quarterly FORM GST ANX-1 only in January 2020 for the quarter of October to December 2019.

Invoices are often uploaded in type GST ANX-1 on an eternal basis each by massive and little taxpayers from Oct 2019 ahead, it said.

FORM GST ANX-2may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2, the statement said.

For October and November 2019, large taxpayers would continue to file FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the month of December 2019 by 20th January 2020.

The small taxpayers would stop filing FORM GSTR-3B and would start filing FORM GST PMT-08 from October 2019 onwards. They would file their first FORM GST-RET-01 for the quarter of October 2019 to December 2019 from 20th January 2020. From January 2020 onwards, all taxpayers shall be filing FORM GST RET-01 and FORM GSTR-3B shall be completely phased out, the statement said. The government will issue separate instructions for filing and processing of refund applications between October to December 2019.