23 Jun 2019Posted By: Mudit Handa


35th GST Council Meeting passes the New GST Return Filing Model

The 35th GST Council meeting, which is actually the 1st GST Council meeting for the newly sworn in the Modi 2.0 Government, was held on 21st June 2019. The meeting was chaired by the new Finance Minister of India Smt. Nirmala Sitharaman.

Some of the issues discussed in the meeting are as follows-

  • GST tax evasion,
  • GST rate cuts for electric vehicles,
  • B2B invoicing on the GST portal,
  • Integration of the E-way bill system with NHAI’s FASTag mechanism

However, the most significant decision by the GST Council is that the New GST return filing model has now been approved and will be run on the pilot project. It is hoped that the New GST return filing system would bring much ease for the traders having GST registration.

So, let’s understand in depth the New GST return filing system approved by the 35th GST Council meeting.

 

1. How will the New GST return filing system be implemented?

The New GST return filing system will be made effective on a pilot project from July to September 2019 for taxpayers having GST registration. Within the new return system, there shall be the Normal GST return FORM GST RET-1 along with 2 annexures-

  • FORM GST ANX-1  
  • FORM GST ANX-2
  • The taxpayers having GST registration shall continue to file FORM GSTR-1 GSTR-3B as of now.

 

2. When will New GST return filing system be mandatory?

New GST return filing system shall be made mandatory from 1st October 2019 onwards. Till September 2019, the New GST return filing will be followed on a trial basis.

 

3. How will the taxpayers file their GST returns?

The large taxpayers having an annual turnover exceeding ₹5 crores shall file FORM GST ANX-1 on a monthly basis while small taxpayers shall file the 1st FORM GST ANX-1 for the quarter October to December 2019 in January 2020.

The New GST Return filing Structure is explained below in tabular form for better understanding of the taxpayers:

GST Return filing Structure

(For Small Taxpayers having turnover < ₹5 Crores)

Return Type 

Purpose

2019

2019

2020

July-September 

October-December 

January Onwards 

GSTR-3B

-

Monthly

-

-

GSTR-1

-

Quarterly

-

-

GST ANX-1

Replace GSTR-1

Trial

Quarterly

Quarterly

GST-RET-01

Replace GSTR-3B

-

Quarterly

Quarterly

GST PMT-08

To pay taxes

-

Monthly

Monthly

 

GST Return Structure
Large Taxpayers having turnover > ₹5 Crores

Return Type

Purpose

2019

2019

2020

Jul-Sep

October

November

December

Jan-Mar

GSTR-3B

-

Monthly

 Monthly

 Monthly

-

-

GSTR-1

-

Monthly

-

-

-

-

GST ANX-1

Replace

GSTR-1

Optional

Monthly

Monthly

Monthly

Monthly

GST RET-01

Replace

GSTR-3B

-

-

   -  

Monthly

Monthly

Note(s):

  • FORM GST ANX-2 may be viewed simultaneously during this period. However, no action shall be allowed on it.
  • From January 2020 onwards, FORM GSTR-3B shall be completely phased out and will be replaced by Form GST RET-01.

You can instantly raise the GST Tax Invoice through the interactive and fast InstaBill Software.

instabill app

If you require any further help regarding GST registration, or new GST return filing procedure, feel free to contact our business advisor at 8881-069-069.

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