From 1st October 2019, well known Forms GSTR 1 and 3B of GST Era would be replaced with new Forms in a phased manner. Form GST – RET – 01 to be filed along with annexures Anx -1 for outward supplies, RCM and import of goods/services etc., and in Anx-2 details to be validated for accepting or rejecting for Input Tax Credit.
Small tax payers can file their returns once a quarter under the Form Sahaj or Sugam. Upto 5 crore turnover in previous year shall be categorised as small taxpayers and above 5 crore as large tax payers. Large tax payers shall file monthly returns. The opportunity to select/change of Form is only once a year.
Tax payers shall pay the tax liability monthly in GST PMT 08. GST PMT 08 is a replacement for current Form GSTR 3B. GST PMT 08 to be filed even if no supplies initiated in that month. Through GST PMT 08, self-assessed liabilities will be paid for the initial two months of the quarter for quarterly filers and these amounts shall be populated to RET-1
The forms would be replaced in a phased manner.
Trial version of these Forms are available on the portal and tax payers can file the trail version from July to September 2019 to familiarise with the Forms.
Input Credit shall be matched based on 7 parameters of GSTIN, Document Type, Document Number, Document Date, Taxable Value, Tax Amount (Total), Tax amount head wise
Merits of the new Form:
Drawback under the new Form: