Details on New GST return system (For taxpayers)

The government has divulged a transition plan for taxpayers under the goods and services tax to change to new simpler return forms. So as to facilitate the transition procedure, between July-September the new form would be accessible on trial basis for familiarisation.

The GST Council in its 31st gathering had chosen that another GST return system will be presented for taxpayers.

The Goods and Services Tax Network had shared a model of the offline tool in May, 2019, an official explanation said on Tuesday. The look and feel of the offline tool would be same as that of the online portal.

There are three primary segments to the new return – one principle return (FORM GST RET-1)and two annexures (FORM GST ANX-1 and FORM GST ANX-2).

From July, 2019, clients would almost certainly upload invoices utilizing the FORM GST ANX-1 offline tool on preliminary reason for acquaintance. They would likewise have the option to see and download, the internal supply of invoices utilizing the FORM GST ANX-2 offline tool under the trial program.

The summary of internal supply invoices would likewise be accessible for view on the basic entryway online. They would likewise have the option to import their buy register in the disconnected instrument and match it with the downloaded internal supply solicitations to discover bungles from August 2019.

Between July to September, 2019 for a quarter of a year, the new return framework (ANX-1 and ANX-2 just) would be accessible for preliminary for taxpayers to make themselves recognizable, the announcement said.

This trial would have no effect at the back end on the tax liability or input tax credit  of the taxpayers, the announcement included.

In this period, taxpayers will keep on satisfying their compliances by recording FORM GSTR-1 and FORM GSTR-3B for example taxpayers would keep on documenting their outward supply subtleties in FORM GSTR-1 on month to month or quarterly premise and return in FORM GSTR-3B on monthly premise. Non-documenting of these returns will draw in penal provisions under the GST Act, it said.

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

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

Invoices can be uploaded in FORM GST ANX-1 consistently both by larke and small tax payers from October, 2019 onwards, it said.

Form GST ANX-2may be seen all the while during this period however no action will be allowed on such FORM GST ANX-2, the announcement said.

For October and November, 2019, large tax payers would keep on documenting FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the period of December, 2019 by twentieth January, 2020.

The small tax payers would quit recording FORM GSTR-3B and would begin filing FORM GST PMT-08 from October, 2019 onwards. They would file their first FORM GST-RET-01 for the quarter October, 2019 to December, 2019 from twentieth January, 2020. From January, 2020 onwards, all tax payers will be filing FORM GST RET-01 and FORM GSTR-3B will be totally eliminated, the announcement said. The government will issue separate instructions for filing and processing of discount applications between October to December, 2019.

For detailed info, please get in touch with Certicom Consulting.