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The tedious task of filing your GST returns is now going to get simpler. The GST Network (GSTN) aims to introduce a new return filing system (GST 2.0) by April 2020. A demo version of the prototype has already been launched. So how will this new return filing system impact a user? How does it function? Read the following article to find out all this information and more.
The new GST return system will be implemented from October 2020.
The present return filing system (GSTR-1, 2A & 3B) will continue until September 2020.
*Subject to CBIC notification
Update as on 20 September 2019The implementation of the new GST return system for all taxpayers and for all forms stands deferred to April 2020 from the earlier month of October 2019
GSTN has come up with a web-based prototype which is an interactive demo version of the “Offline Tools of New Return”. Since this is an interactive prototype, it will allow a user to navigate between various pages and use several functionalities like invoice upload, drop-down menus, purchase register upload for matching with inward supplies (system-created), etc.
The new return system will replace GSTR-3B, GSTR-1; this user-friendly prototype will give the user a feel of how the tool will look like. Stakeholders can also share their feedback on the prototype before it goes live.
As per the new GST return filing system, a common taxpayer will need to file the Form GST RET-1 (Normal) or the Form GST RET-2 (Sahaj) or the Form GST RET-3 (Sugam) either on a monthly or a quarterly basis. A taxpayer will need to file Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2) as a part of these returns.
GST ANX-1 will include all outward supplies, GST ANX-2 will contain all inward supplies. All details concerning the inward supplies will be “auto-populated” from the GST ANX-1 which was filed by the supplier.
This web-based prototype allows businesses to experience and analyse the practical aspects of the new return filing system. Also, users can provide their feedback and suggestions they might have via feedback.newreturn@gstn.org.in. For more details on how to use this prototype, you can click here.