New GST return filing system to start from Oct
New Delhi: The finance ministry said the new monthly GST return filing system will be rolled out from October.
The rollout is three months behind the schedule. The ministry was originally targeting a July rollout of the new return system as mandated by the GST Council last year.
The existing monthly summary returns GSTR-3B shall be completely phased out from January 2020 when the new form ‘GST RET-01’ is set to replace it, the ministry said while announcing the roadmap for ‘Transition plan to the new GST Return’.
Elaborating on the system, the Finance Ministry said businesses will be able to use the new return filing system (ANX-1 and ANX-2) on a trial basis for three months from July to September 2019, which will help them familiarise with the system.
“From October, 2019 onwards, Form GST ANX-1 (outward supply details) shall be made compulsory and Form GSTR-1 would be replaced by Form GST ANX-1”, the ministry said.
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.