NEW GST RETURN SYSTEM INTRODUCED BY GST COUNCIL
A transition plan has been worked out, said an official release on 31st meeting of the GST council. A Goods And Service Tax (GST) return system will be introduced to facilitate taxpayers. This was decided by the council at its 31st meeting to ease the transition to the new return system. A transition plan has been worked out, said an official release on the 31st meeting of the GST council.
In may 2019, a prototype of the offline tool has already been shared on the common portal to give the look and feel to 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 annexure (FORM GST ANX-1 AND FORM GST ANX 2), release said. From july 2019, users would be able to upload invoices using the FORM GST ANX-1 offline tool on trail basis for familiarisation. They would also be able to view and download the inward suppllies of invoice uisng the FORM GST ANX-2 offline tool under the trail program.
The summary of inward supply invoices would be available for view on the common portal online. They would also be able to import their purchase register in the offline tool and match it with the download inward supply invoices to find mismatches from august 2019. Between july to september, 2019 for three months, the new return system (ANX-1 & ANX-2 ONLY) would be avilable for trail for taxpayers to make themselves similar with the statement said. The trail would have no impact at the back end on the tax laibility or input tax credit of the taxpayer.
From october 2019 onwards, FORM GST ANX-1 shall be compulsary and FORM GSTR-1 would be replaced by FORM GST ANX-1. Large taxpayers with aggregate annual turnover over 5 crore in the previous financial year would upload their monthly FORM GST ANX-1 from october 2019 onwards.
However small taxpayers with turnover upto 5 crore will need to file the first compulsory quarterly FORM GST ANX-1 only in january, 2020 for the quarter october to december 2019.
The release of further stated that FORM GSTR-3B shall be completely phased out by january 2020.