GST New Return Advisory on new returns forms to be made mandatory in phased manner
GST New Return Advisory – 11.06.2019
CBIC has issued a press release stating that new returns is going to be made mandatory in phased manner as under:
- For Taxpayers with Turnover > INR 5 crores:
- Return in Form GSTR-3B Is required to be filed till Nov, 2019. The First New Return in Form GST RET-1 will be filed for the monthly tax period ending in Dec, 2019 which will due in January, 2020
- Return in Form GSTR-1 is required to be filed till Sept, 2019 and then the same shall be *replaced* by a New Return GST ANX-1 for the months ending Oct, 2019 and Nov, 2019*.
_Note – Dec, 2019 on-wards, GSTR-3B and GSTR-1 will be combined in New Return GST RET-1 and the taxpayer is only required to file the same._
- For Taxpayers with Turnover < = INR 5 crores:
- Return in GSTR-3B and GSTR-1 is required to be filed till Sept, 2019. The First New Return in GST RET-1 will be filed for the quarterly tax period ending in Dec, 2019 which will due in January, 2020
_Note – However, Taxpayer will start paying monthly tax by filing GST PMT-08 from tax period of Oct, 2019 on-wards_ as the payment is to be discharged on monthly basis.
To Summarise :
Large Taxpayers (Turnover > INR 5 crores)
## GSTR 3B (Till Nov, 2019), GSTR-1 (Till Sep, 2019), GST ANX-1 (Oct, 2019 and Nov, 2019) and then from Dec, 2019, Only GST RET-1 shall be filed.
Small Taxpayers (Turnover < = INR 5 crores)
## GSTR-3B and GSTR-1 (Till Sep, 2019), GST PMT-08 (every month w.e.f. Oct, 2019 for payment of tax) and *GST RET-1 w.e.f. quarter ended Dec, 2019
_Note – From January, 2020, GSTR-3B and GSTR-1 will be completely replaced with GST RET-1 and GST PMT-08._