New GST re­turn fil­ing sys­tem to start from Oct

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - —PTI

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.