New GST Return Filing System with Timeline & Introduction
TOPICS : Business
The new GST returns filing system has been imposed by the GST council and central government to ease the tax return filing for the taxpayers. Also, the taxpayers will have to follow the new system as asked by the government. The new GST Returns was suggested during the 31st GST Council meeting so that the GST Returns filing get easier to the taxpayers by Gen GST. It would be affected in the country through an introduction plan proposed by CBIC. The new GST Returns would comprise new forms, Form GST ANX-1 instead of Form GSTR-1 while new normal form GST RET 01 will supersede Form GSTR-3B.With the use of FORM GST ANX-1 offline tool, the dealer would be able to upload invoices. Whereas, he can view and download details of inward supplies in the Form GST ANX-2 (offline tool). Other than this, the facility of importing the purchase register in the offline tool is also provided so that the dealer can match entries with the downloaded inward supply for any differences.
Finally, you have understood almost all the aspects of the new GST return filing system along with the due dates which are required to be followed as per the government compliance. Also if you have to go through some more details on taxation related information in the form of articles and blog. For more Visit SAG Infotech Official GST and Tax Blog.
New GST Return Filing System, its Timeline, and Introduction Approach are Explained Below:
|Month||Returns to be Filed|
|July to September 2019||The dealers may get Form GST ANX – 1 & GST ANX – 2 (offline tool) for trail purposes.|
|October & November 2019||
For Large taxpayers with annual turnover in the last fiscal > INR 5 Crore
|December 2019||First Form GST RET-01 for December and for the quarter ending December 2019, shall be filled by all the taxpayers from 20th January 2020. There would be no need of filling GSTR 1 & GSTR 3B forms.|
Keywords : GST New GST Return Filing System GST Return Filing System GST Return Filing GST Return
Tags : #GST