CBIC issued a Press release on 11th June 2019 explaining its Transition plan to the new GST Return. In this article author has explained ‘Transition plan to new GST Return’ for better clarity of Readers.
1. Transition Plan – Summarised:
New GST returns namely GST RET 1 , GST ANX 1 and GST ANX 2 shall be brought into GSTN from July 2019 onwards to enhance the familiarity if the assesses. GST RET 1 is nothing but a newer version of GSTR 3B where the data shall be auto generated only after GST ANX 1 and GST ANX 2 is submitted. Sales invoices will be uploaded in GST ANX 1 and the purchase invoices will be required to be submitted in GST ANX 2. Trail Version of GST RET 1, GST ANX 1 and GST ANX 2 shall be available on GSTN and can be used by the tax payers for familiarity purposes only for a period of 3 months. No liability shall be considered from new returns (GST RET 1, GST ANX 1 and GST ANX 2) if the same is used during July 2019 till September 2019. The taxpayers shall be required to file GSTR3B and GSTR 1 till the month of September 2019 (i.e. As per due dates prescribed). From January 2020, the GSTR 3B shall be phased out and replaced with GST RET 1.
2. Effect on Small Taxpayers (Turnover upto 5 Crores)
The small taxpayers shall be required to file there GSTR3B and GSTR1 for the period ended on/up to September 2019 as per their respective deadline. For the month of October 2019 and onwards, the tax payer shall be required to file GSTR PMT08 up to December 2019 (November’s return). In January 2020, the taxpayers shall be required to file GST RET 1 for the quarter October 2019 to December 2019 by 20th January 2019. They will also be required to file the GST ANX 1 and GST ANX 2 as per the date to be prescribed.
3. Effect on Large Taxpayers (Turnover more than 5 Crores)
The large taxpayers shall be required to file there GSTR3B and GSTR1 for the period ended on/up to September 2019 as per their respective deadline. The tax payer shall be required to file GSTR ANX 1 along with GSTR3B for the month of October 2019 and November 2019. Taxpayers have to file GST RET 1 for the month of December 2019 by 20th January 2020.
Separate instructions shall be issued for filing and processing of refund applications between October to December, 2019