New GST Return: NEW FORMS FOR GST RETURNS

NEW FORMS FOR GST RETURNS

CATEGORY OF TAXPAYERS:

SMALL TAXPAYER:- TURNOVER LIMIT FOR PREVIOUS FINANCIAL YEAR IS UPTO RS 5 CRORES;

LARGE TAXPAYERS:- TURNOVER LIMIT FOR PREVIOUS FINANCIAL YEAR EXCEEDS RS 5 CRORES.

FORMS CONVERSION:

GST ANNEXURE-1 IN PLACE OF GSTR-1.
GST ANNEXURE-2 IN PLACE OF INPUT TAX CREDIT.
GST RET-01 IN PLACE OF GSTR-3B.

DETAILS FOR ANNEXURES:
GST ANX-1 WILL ALLOW BOTH TAXPAYERS TO UPLOAD ALL OUTWARD SUPPLIES MADE.
GST ANX-2 WILL BE AUTO POPULATED FOR ALL INWARD SUPPLIES AND WILL NOT ALLOW ANY AMENDMENTS.
TRIAL RUN:
FROM JULY TO SEPTEMBER TRIAL RUN WILL BE MADE AND THERE MUST BE CONTINUE FILING OF GSTR-1 & GSTR-3B.
FROM OCT, GST ANX-1 WILL BE COMPULSORY FOR MONTHLY TAXPAYERS.
AND FOR QUARTERLY TAXPAYERS , IT WILL BE APPLICABLE FIRST FROM JAN 2020.
GSTR-3B FOR OCTOBER AND NOVEMBER MONTH:
LARGE TAXPAYERS WILL CONTINUE TO FILE GSTR-3B ON MONTHLY BASIS.
THEY FILE FIRST (GST RET-01) FOR DECEMBER MONTH, BY 20th JAN,2020.
SMALL TAXPAYERS WILL STOP FILING GSTR-3B AND TO START FILING (PMT-08) FROM OCTOBER ITSELF.


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