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New GST Return Transition Phase 


The GST Council has decided to implement the new GST return system in the following transition phase manner.
 

(click to zoom)

Important Points:

1. There are three components to the new GST Return –

a. One final return (FORM GST RET-1) and

b. Two annexures (FORM GST ANX-1 and FORM GST ANX-2).

 

2. From July to Sep 2019, taxpayers may file new gst forms on trial & voluntary basis. However they would also have to compulsorily file old forms, otherwise penalty would be levied for non filing of old forms. 

 

3. Large taxpayers (having annual turnover more than Rs. 5 crore in the previous financial year) have to file monthly returns GST ANX-1 + GSTR-3B for the month of Oct and Nov 2019. From Dec 2019, large taxpayers have to file monthly return GST RET-01 + GST ANX-1 + GST ANX-2.

 

4. Small taxpayers (having annual turnover upto Rs. 5 crore in the previous financial year) have to file quarterly returns GST RET-01 + GST ANX-1 + GST ANX-2 from Q3 i.e. Oct - Dec 2019. They are also required to pay taxes on monthly basis by filing a monthly form i.e. GST PMT-08 from Oct 2019.

 

 

 


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Author:

TaxReply


Jun 12, 2019


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10 Mar

☑ Monthly | GSTR-7

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☑ Monthly | GSTR-1

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☑ Monthly | GSTR-6

GSTR-6 for the m/o Feb 2024 [For Input Service Distributors - Rule 65 & Section 39(4)].

☑ Monthly | IFF

IFF for the m/o Feb 2024 (QRMP Taxpayers, Optional) - Rule 59(2).

20 Mar

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GSTR-3B for the m/o Feb 2024 (Monthly Taxpayer - Rule 61) - Either Compulsory taxpayer > 5 cr. or Voluntary taxpayer < 5 cr.

☑ Monthly | GSTR-5A

GSTR-5A for the m/o Feb 2024 [Return by OIDAR Service Providers - Rule 64.]

25 Mar

☑ Monthly | PMT-06

PMT-06 Monthly tax payment for Feb 2024 under QRMP Scheme [Rule 61(1)(ii) - Proviso to Section 39(7)].

Taxpayers have a choice to pay tax either, as per -  

A) Fixed Sum Method OR 
B) Self assessment basis subject to interest on short payment of taxes.
(Notification No.85/2020 - CT)
 
28 Mar

☑ Monthly | GSTR-11

GSTR-11 for the m/o Feb 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

31 Mar

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Last date to opt-in from regular scheme to composition scheme under GST for FY 2024-25 [Rule - 3 of CGST Rules.]

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Closing Date of window on GST Portal for Opt-in / Opt-out for Forward Charge / Reverse Charge by GTA for FY 2024-25 [Notification No.06/2023 - CT(R) dated 26.07.2023]