VIS News Service
The Finance Ministry has said that the new monthly GST return filing system will be rolled out from October.
The rollout is three months behind the schedule. The ministry was originally targeting a July rollout of the new return system as mandated by the GST Council last year.
The existing monthly summary returns GSTR-3B shall be completely phased out from January 2020 when the new form ‘GST RET-01’ is set to replace it, the ministry said while announcing the roadmap for ‘Transition plan to the new GST Return’.
Elaborating on the system, the Finance Ministry said businesses will be able to use the new return filing system (ANX-1 and ANX-2) on a trial basis for three months from July to September 2019, which will help them familiarise with the system.
“From October, 2019 onwards, Form GST ANX-1 (outward supply details) shall be made compulsory and Form GSTR-1 would be replaced by Form GST ANX-1”, the ministry said.
Large taxpayers (with aggregate annual turnover over Rs 5 crore in the previous financial year) would upload their monthly Form GST ANX-1 from October 2019 onwards.
For October and November, 2019, large taxpayers would continue to file GSTR-3B on monthly basis. They would file their first Form GST RET-01 for the month of December, 2019 by January 20, 2020, the ministry said.
However, small taxpayers (with aggregate annual turnover in the previous financial year up to Rs 5 crore would file their first compulsory quarterly Form GST ANX-1 in January 2020 for the quarter October to December, 2019.