Mazars Tax Update | Edition 09.19
June 2019
This newsletter is a weekly compilation of most interesting and recent news related to direct as well indirect tax.
This newsletter is a weekly compilation of most interesting and recent news related to direct as well indirect tax.
Indirect Tax News
Proposal to introduce new GST return system and release of transition plan for roll out of new system
New GST return proposed to be implemented from December, 2019. CBIC released press release on 11th June, 2019 providing road map for transition from old system to new system. Certain features of new Single GST Return format as discussed in press release are:
- New return formats would consist of three main segments i.e. main return (RET-1) and two annexures (ANX-1 for outward supplies and ANX-2 for inward supplies). The new system will replace GSTR-1 and GSTR-3B.
- First RET-1 shall be filed for the month of December, 2019 on 20th January, 2020 for large taxpayers.
- Invoices for outward supply shall be uploaded from October, 2019 in ANX-1 by taxpayers which can be viewed and downloaded by users.
- GSTR-3B shall continue for large taxpayers for the month of October and November, 2019 and shall phase out from December, 2019.
- Transition plan released shall be on trial basis leaving no impacts on the tax liability and ITC of taxpayers and will help in getting familiar with new return formats.
- Offline utility available on GST portal shall be used.
For more information, Click here.