New GST return filing online system

TheNew GST return filing online systemis a transition plan introduced by the CBIC. As per the latest updates about the new GST return system, the council has stated that the new GST return system would be implemented from October 2020. It is a decision taken on the 37th GST council meeting. You can also check out all the latest notifications on the new GST return system in the official platform of GST.

Overview about the new GST return

Only one return is proposed under the new GST returns. And that is the form GST RET-1. This is a form that contains all the information about supplies made, payment of taxes, input tax credited, interests, and many more.

This return form comes with two types of annexures. One is the form for GST ANX-1, and the other one is the form of GST ANX-2. The GST ANX-1 includes all the details about the inward and the outward supplies. Further, these are liable to reserve charge, import of goods, and service that needs to be included.

On the other hand, the GST ANX-2 includes everything about the inward and outward supplies. This annexure allows the recipients to take action against the auto-drafted documents uploaded by the supplier.

Important: Please note that the information on this page / site is provided as general information for better understanding for the user and does not constitute tax, legal, or other professional advice and must not be used as such. Please consult your professional adviser(s) if you have any questions / doubts regarding the above.

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