GST 2.0 - New Filing System

<p>GST will turn five since its execution in India. The first half-decade of this platform is wrapped in the ups and downs with numerous hurdles. At the current time, India has seen revisions in the effective tax rate as well as rectified supply chain efficiencies. Tax compliance is seen on a technology-based monitoring system via [&hellip;]</p>

<p>GST RET 1 form is newly introduced form by the GST council for the easy return filing of GST returns. The normal GST RET 1 form has arrived with the revised details and columns. The new RET 1 form under GST has been released on the GST portal and is ready to be filed on [&hellip;]</p>

<p>High Court set foot in the conclusion made by the Kerala based Authority for Advance Ruling (AAR) to weed away the argumentative confusions related to composite supply under the GST regime. Experts assume that the ruling will become guidelines to conclude the cases associated with composite litigation. The case is related to Abbott HealthCare which [&hellip;]</p>

<p>The new filing system is starting up on April 1, 2020, the demonstration session about the same shall be first conducted by the Goods &amp; Services Tax (GST) department adhering to the orders of Finance Minister Nirmala Sitharaman.  FM has given orders to the GST dept to organise demo &amp; consultation sessions for new return [&hellip;]</p>

<p>Latest notification by the Central Board of Indirect Taxes and Customs ( CBIC ) of date December 12, 2019, notifies the extension of the due dates for filing GSTRs for the GST registered individuals whose primary location of the business is in the State of Jammu and Kashmir. The GSTRs whose due dates have been [&hellip;]</p>

<p>GST ANX-1 and GST ANX-2 form have been added under the newer GST return filing system (GST 2.0). These forms will work as a supplement to the main returns forms, i.e., GST RET 1/RET-2/RET-3 under GST 2.0. These forms are apparently similar to the GSTR-1 and GSTR-2A forms that are used in the present GST [&hellip;]</p>

<p>A webinar is conducted today i.e. 7th August 2019 at 4 PM IST in Hindi on the topic of GST ANX-1 and ANX-2 Offline Tool of New Return (Trial). The webinar will cover the most important topics for the query solving of the taxpayers. ANX 1 is a latest return filing system introduced for October [&hellip;]</p>

<p>Government of India has brought in a Beta version (v0.6) of New GST Return Offline Tool to get the CA, CS and tax professional on board with the utility- A step towards accuracy and alacrity. Beta New Return Offline Tool is just a dummy tool which has been introduced to grease the wheels of the [&hellip;]</p>

<p>The new GST return system will come into action from October 2020 onwards. The old system got revised due to the need for a single, simple and concise return form which will take the place of multiple return forms of complex nature that are currently being filed by taxpayers. The new system will feature only [&hellip;]</p>

<p>GST Council 35th Meet: The members approve new GST filing system. The Finance Ministry has recently showcased a roadmap for the enactment of the new GST return mechanism. A transaction mechanism has also been unveiled along with it. The trial period for implementation of the new GST return mechanism will start from July and will [&hellip;]</p>

<p>New GST (Goods and Services Tax) return forms have been proposed which are ready to bring an end to the most popular and widely used tax evasion method which is &#8220;claiming rebate for the tax that was not paid in the first place&#8221;. These new forms will be rolled out soon and will start from [&hellip;]</p>

<p>Today on 29th May 2019, a webinar is going to befall on the subject matter – Prototype on New Return. The webinar is going to take place in Hindi and will start sharp at 2.30 pm IST. There will be certain topics which will be covered in the webinar i.e. Introduction Purpose of Prototype, how [&hellip;]</p>

<p>The government introduced the new GST return SAHAJ form (GST RET-2) for taxpayers with certain conditions. This certain points will be applicable to the taxpayers having turnover up to 5 crores and is optional for them to file.</p>

<p>Recently the government had released the three new GST return forms with the name Normal (RET-1), Sahaj (RET-2), Sugam (RET-3) for the taxpayers across the country.</p>

<p>The GST Council has officially unveiled three new GST return forms, named GST RET-1 (Normal), GST RET-2 (Sahaj) and GST RET-3 (Sugam).</p>

<p>Recently the GST council and GSTN offered <strong>normal GST RET 1 (Return) Form</strong> with revised details for all the normal taxpayers.</p>

<p>The government has introduced the 3 new GSTR forms namely GST Return Normal form, GST Return Sahaj form and the GST Return Sugam form.</p>

<p>Due to the shortage in Revenue collection from some States including Bihar, a panel of experts has been sent find out major challenges.</p>

<p>The GST Council, along with the government, has accepted a new set of GST return forms with the aim to remove the ongoing issues and simplify the overall return process. The new forms would be implemented from 2019.</p>