An E-Way bill is an electronic way bill for the movement of goods. From October 2019 onwards, the current Form GSTR-1 will be replaced by new return FORM GST ANX-1. There will be no requirement for the separate filing of GST ANX-1 and GST ANX-2. B2B supplies, liable to reverse charge mechanism need not be shown by the supplier in the GST ANX-1, however, the aggregate figure will need to be shown in GST RET-1. Small Tax payers . Under the new return system, a taxpayer will be allowed to file two amendment returns for each tax period. To know more about the transition into the New Return System, click here. Details of the documents uploaded by the corresponding supplier(s) will be auto-populated in FORM GST ANX-2. The taxes payable thereafter which can be claimed as ITC will be posted in the ITC table of the recipientâs return before the 11th of the following month. Form GST ANX- 1 and Form GST ANX-2. There would be a main return called FORM GST RET-1 and 2 annexures FORM GST ANX-1 (Annexure of Supplies) and FORM GST … The new system will feature only one main return called the GST RET-1, which will comprise of 2 annexures – GST … The new system was supposed to be launched on 1 October this year. GSTN has released the trial version of New Return Offline Tool with Form GST ANX-1, Form GST ANX-2 (with a matching tool built-in) and a template for Purchase Register which can be used to import data for purchase register. Under the new return system, decided to be implemented from 1 st April 2020, the proposed main return called FORM GST RET-1 will contain details of all outward supplies, availed input tax credit, and payment of taxes, along with interest and late fees, if any. Under the new return system, taxpayers will be allowed to amend return for any tax period by filing Form GST RET–1A/2A/3A including Form GST ANX-1A. In case ITC is available in the taxpayerâs electronic credit ledger (ECL), it can be utilised for paying the liability in the amendment return. To learn more about the advantages associated with the simplified GST return, click here. Find the key differences in reporting of Inward supplies and claiming of ITC in Old vs New GST Return Filing System. ClearTax is a product by Defmacro Software Pvt. Inward supplies which are liable to RCM has to be declared in GST ANX-1 at the GSTIN level, by the recipient of supplies. For tax liability, the outward supply information as uploaded till 20th of the subsequent month will be considered. The important details that need to be declared in Form GST ANX-1 are Outward Supplies, Inward supplies attracting reverse charge and details of Import of Goods and Services. GST return filing is generally done either on a quarterly or annual basis. The new system was supposed to be launched on 1 October this year. Government dumps new GST Return System. Vendor Payments â Is Holding Payments Justified For Not Filing GST Returns? As per the latest press release, dt: 11th June 2019, It has been decided as under: Large tax payers, i.e. GST Refund process for Exports of both goods & services will become better and seamless under New GST returns system. Taxpayers whose turnover in preceding FY up to Rs. This system was proposed to be implemented from 1.Jan.2020, however due to practical difficulties date further extend to 1.April.2020. A Chartered Accountant by Profession and Writer by Passion. Additional Features of New GST Return Filing System The New Filing System emphasis simultaneously uploading invoices on a real-time basis to enable the recipients to take instant action. New GST Return System. Introduction to new gst return system: The government has announced a simple GST filing regime for small taxpayers.This new returns will contain simplified GST returns forms for ease of filing. However, GSTR-3B will still need to be filed up to November 2019. The Government has launched the New Filing System under GST on a trial basis. Posted by Rohit Kapoor | Jan 21, 2020 | 0. If there is a huge volume of invoices, it may not be practical to lock in individual invoices, and in such cases, deemed locking of invoices will be done on those invoices uploaded which are neither rejected nor have been kept as pending by recipient. There will be two types of tax payers: 1. In case a recipient has acknowledged and locked an invoice, amendment of that invoice will not be allowed. Annexure 1 will contain details of all outward supplies, inward supplies liable to reverse charge and the import of goods and services. When the recipientâs GSTIN is filled incorrectly by the supplier, the invoice will be visible for a taxpayer who is not the receiver of such supplies. The returns under the new return system into the new GST return.! 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