- The Govt.in 35th council meeting unveiled the new goods and services tax (GST) return forms and place a transition mechanism which allows taxpayers to try the new return filing forms during July-September, but it will become mandatory only from October.
- The new return as been simplified by the government and the draft of the same has also been released along with some offline utilities.
- Here is everything you need to know about the new monthly GST return filing mechanism:
- New GST Return Due Date Applicability for Taxpayers Filing in Table
|Month||Form to be Filed||Current Form Filing||Turnover Limit|
| October 2019 |
|GST ANX-1 GST RET 1||GSTR 1 GSTR 3B|| More Than 5 Crore |
More Than 5 Crore
|January 2020||GST ANX-1||GSTR 1||Up to 5 Crore|
|January 2020||GST RET 1||GSTR 3B||Up to 5 Crore|
|October 2019||GST PMT 08||GSTR 3B||Up to 5 Crore|
- Here turnover means the turnover of previous fiscal year.
- Now if your turnover is below Rs.5 crore and you choose to file return quarterly you have 3 options:-
- (i) Sahaj
- (ii) Sugam
- (iii)Normal RET-01(It can be filed either monthly or Quarterly)
Here is the brief of all the New forms.
- Form GST ANX-1 – Form GST ANX-1 contains the details of outward supplies, imports, and inward supplies attracting a reverse charge.
- Form GST ANX-2- Based on GST ANX-1, filed by all, businesses will be able to download details of auto-drafted inward supplies in GST ANX-2. The trade will be required to accept, reject or keep in pending the ITC on inward supplies.
- Form GST RET-01- After uploading details of supplies in FORM GST ANX-1 and taking action on the documents auto-populated in FORM GST ANX-2, the taxpayer shall file the main return in FORM GST RET-1. Information declared through FORM GST ANX-1 and FORM GST ANX-2 shall be auto populated in the main return (FORM GST RET – 1).Other than auto populated there are some more information which needs to be filled.
- Form GST ANX 1 A- This form is to be filed for making amendments in form GST ANX-1
- Form GST RET 1 A- The taxpayer has to file this form for making amendments in the form GST RET-1.
- From January 2020 onwards, all businesses would shift to new return filing system with entities above Rs 5 crore turnover filing GST RET-1, GST ANX-1 and GST ANX-2. Those with turnover below Rs 5 crore in the previous financial year would have to file GST PMT-08, GST RET-01, GST ANX-1 & 2.