New GST Returns – Overview
Shiv Yadav
Director of Finance | Controllership | Transformation | Stakeholder Management | Hospitality
This return system will contain simplified return forms, for ease of filing across taxpayers registered under GST. Under this New Return System, there will be one main return GST RET-1 and two2 annexures GST ANX-1 and GST ANX-2. This return will need to filed on a monthly basis
GST ANX-1 (Annexure of Supplies) is for reporting details of all outward supplies, inward supplies liable to reverse charge, and import of goods and services, that will need to be reported invoice-wise (except for B2C supplies) on a real-time basis.
GST ANX-2 (Annexure of Inward Supplies) will report details of all inward supplies. Most of these details will be auto-drafted from the details uploaded by the suppliers in their GST ANX-1.
The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from October 2019.
However, GSTR-3B will still need to be filed up to November 2019