Latest information on GST

The finance minister has place a transition

Mechanism which allows tax payers to try the return filling form July to September which becomes mandatory from October 2019.

The transition has three forms namely

1.Form GST Ret-1 which is the main return

2. Form GST ANX -1 which is for outward supplies ,(where a taxpayers both large and small will upload there invoices on a continuous basic from october) 

3.Form GST ANX-2 which is for inWard supplies ( where the tax payers is allowed to view but they didn't take any action )

From July 2019 the tax payers could able to upload invoices using the form GST ANX-1 offline tool and also download and views the invoice from GST ANX-2 so that they can aquainted with the new forms and rules regarding to it.

 The summary will available for inward supplies in online tool where they can able to import their purchase register in offline tool and match with the downloaded inward invoices to find any mismatch from August 2019.

Note: from July to September the taxpayers will only file in trail basis only  while simultaneously filling there form GSTR1 and GSTR3B  to save from penalized with late fees and interest

From October 2019 onwards form GST ANX-1 becomes compulsory by replacing  GSTR1

Note: 1. From October and November 2019 the large taxpayers ( above 5cr ) would continue to file form GSTR3B on monthly basis and they would file their first GST RET-1 form for the month of December 2019 by 20th of January 2020.

2.small taxpayers (up to 5cr) will stop filling form GSTR3B and would  file form GST PMT - 8 from October 2019.

And they would file their first GST RET-1 form for the December  quarter by 20th of January 2020..

3. By January 2020 all taxpayers would  file one return GST RET-1 and there would be no  GSTR3B.

4.all taxpayers should fill there GSTR1 and GSTR3B till that month to save from penalized with late fees and interest.