Daily Current Affairs 2021 GST Council to introduce new GST return system | Daily Current Affairs 2021

GST Council to introduce new GST return system

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GST Council has decided to introduce a new GST return system to facillitate taxpayers.

The GST Council approved new, simplified GST Return formats during its 28th meeting held on the 21st of July 2018 in New Delhi. The Council also introduced an option to file quarterly GST returns in a simplified format for small taxpayers.

This was decided by the GST Council at its 31st meeting to ease the transition to the new return system. An official release said, a transition plan has been worked out on the 31st meeting of the GST Council.

As per the plan, a prototype of the offline tool has already been shared on the common portal to give the look and feel of the tool to the users.

The tool would be the same as that of the online portal. There are three main components to the new return – one main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2).

Currently, companies and businesses have to file tax returns via GSTR3B or summary form and GSTR1, which entails details of outward supplies.

The new return system (ANX-1 & ANX-2 only) will be available for trial for taxpayers to make themselves familiar between July and Septrember this year.

The release also said that from October 2019 onwards, FORM GST ANX-1 shall be made compulsory and FORM GSTR-1 would be replaced by FORM GST ANX-1.

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