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