NEW DELHI: Businesses will be able to use the new return filing forms under Goods and Services Tax (GST) on a trial basis for three months beginning July, the government said, spelling out the transition plan for the new tax return filing system on Tuesday. Currently, companies and businesses have to file tax returns via GSTR3B or summary form and GSTR1, which entails details of outward supplies. The new system will comprise three forms -- GST ANX-1 that will capture details of outward supplies, GST ANX-2 which will be the purchase form and GST RET-1 which will be the final return form. taxpayers would continue to file their outward supply details in GSTR-1 on monthly / quarterly basis and return in GSTR-3B on monthly basis," the government said. While the new return form GST ANX -1 will be made compulsory October onwards, replacing GSTR1, the existing forms -- GSTR3B and GSTR1 -- will be phased out completely from January 2020.

Source: Mint June 11, 2019 12:56 UTC