New GST Returns

The GST council in has recommended to introduce a new set of GST returns to replace the current returns with effect from 1.10.19. The new set of returns are supposed to ease the compliance burden on tax payers while making it simple to fill and file the returns.

The new return scheme will have separate returns for large tax payers (having turnover of more than 5 crores) and small tax payers (having turnover upto 5 crores).

Form GST RET 1 will replace the Form GST 1. The Form GST RET 1 will have two Annexures:

  1. Form GST ANX-1: Annexure of Outward Supplies including imports and reverse charge
  2. Form GST ANX-2: Annexure of Inward Supplies

The timelines for filing the Form GST RET 1 will be as under:



Filing of GST ANX-1

Large Tax Payers

Monthly basis from October 2019

Small Tax Payers

Quarterly only in January 2020


Small tax payers shall use GST PMT-8 to pay GST either by cash or by input credit. There are no changes in the due date for payment of taxes i.e, 20th of the following month.

There are other option for small tax payers who do not want to file GST RET 1, they can choose to file other quarterly returns viz, GST Sahaj-Form GST RET 2 or Sugam-Form GST RET3.

Invoices uploaded via GST ANX-1 can be viewed by the recipient on a real time basis. The matching tool is designed to help the taxpayers match their input credit. It is important to note that changes in GST ANX-1 can be made only by the supplier. Further, editing is allowed only if the recipient has not accepted the supply. Once accepted, the edit can be done only if the recipient unlocks the invoice. All the changes to GST ANX-1 can be done before furnishing the annual return.

Recipient filing monthly returns can accept details uploaded by the supplier till 10th of the following month. If the recipient is filing quarterly returns, then he can accept details uploaded by the supplier till the 10th of the month succeeding the quarter for which the return is filed.

The Form GST ANX-2 will be auto populated with details uploaded by the supplier. The recipient can accept it or reject it. Any rejection by the recipient will be conveyed to the supplier only after filing of the return by the recipient. The rejection from the recipient can be edited by the supplier before filing the subsequent return. If the supplier does not file ANX-2 for more than two months the input credit will not be available to recipient.

It needs to be seen how the new set of returns will be accepted by the business community. Even in the new set of returns the onus of getting the input credit is upon the tax payer. The tax payer is required to follow up with the supplier to ensure the input credit is transmitted.

Our advisors at Integra Books can help you file your GST returns and navigate through multiple compliance’s.

The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

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