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.
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 firstname.lastname@example.org. For more details on how to use this prototype, you can click here.