The GST Council in its 31st meeting decided that a new GST return system will be introduced. In order to ease transition to the new return system, a transition plan has been worked out.
THREE MAIN COMPONENTS TO THE NEW GST RETURN:
1. FORM GST RET – 1 (Main Return)
2. FORM GST ANX – 1 (Annexure)
3. FORM GST ANX – 2 (Annexure)
SMALL TAX PAYERS – Those tax payers whose aggregate annual turnover during the previous financial year upto Rs. 5 Crore.
LARGE TAX PAYERS – Those tax payers whose aggregate annual turnover during the previous financial year was more than Rs. 5 Crore.
IMPACT ON FORM GSTR-3B:
1. LARGE TAX PAYERS:
- First FORM GST RET-01 to be filed for the month of December, 2019 by 20th January, 2020.
- For the month of October and November,2019, will continue to file FORM GSTR-3B on monthly basis.
2. SMALL TAX PAYERS:
- First FORM GST RET-01 to be filed for the quarter October, 2019 to December, 2019 from 20th January,2020.
- From October,2019 onward stop filing FORM GSTR-3B and would start filing FORM GST PMT -08.
From January, 2020 onward, all taxpayers shall be filing FORM GST RET -01 and FORM GSTR-3B will be completely phased out.
IMPACT ON FORM GSTR -1:
From October, 2019 onwards FORM GST ANX -1 shall be made compulsory and FORM GSTR-1 would be replaced by FORM GST ANX-1.
1. LARGE TAX PAYERS:
Would upload their monthly FORM GST ANX -1 from October, 2019 onwards.
2. SMALL TAX PAYERS:
The first compulsory quarterly FORM GST ANX-1 to be uploaded by small tax payers would be due only in January, 2020 for the quarter October to December, 2019.
NOTE:
Invoices can be uploaded in FORM GST ANX-1 on a Continuous basis from October, 2019 and FORM GST ANX-2 can be simultaneously viewed but no action can be taken, by both large and small taxpayers.
GENERAL NOTES:
- From July,2019 onwards users would able to upload invoices using FORM GST ANX-1 offline tool on trail basis, and would able to view and download the inward supply of invoices using FORM GST ANX-2 offline tool.
- The summary of inward supply would also be view on the common portal online. Which can be matched with the purchase register offline tool and downloaded purchase inward invoices from online.
- July to September,2019 new return system would be available on trail basis, this trail basis would not have any impact at the back end on the tax liability and input tax credit of the tax payer. Should continue to file FORM GSTR 3B and FORM GSTR-1. Non-filing of these returns will attract penal provision as under GST Act.
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what about COT dealer At present filing GSTR –4 –NO UPLOADING ANY BILLS — GSTR- 4A NOT MANDATORY ?