Browsing category
The government of India and the GST Council has introduced the GST 2.0- A New Filing System in order to simplify the GST return filing process. The main reasons for the introduction of this new return filing mechanism, i.e., Goods and Service Tax 2.0, by the government include simplification of tax procedures, evade & control tax evasion, and increase compliance.
The full-scale launch of this new GST filing system is scheduled to be rolled out in a phased manner starting from October 2020. The trial run of the new GST filing system has already been started on July 2019.
The major highlights of this newly proposed GST system include the introduction of three new forms, i.e., GST RET-1 (Normal), GST RET-2 (Sahaj), and GST RET-3 (Sugam) for suppliers, and two annexure forms, i.e., GST ANX-1 and GST ANX-2. Under GST 2.0, the government has also proposed some changes related to uploading of the invoice, provisional credit, and amendment returns for the taxpayers.
To get regular updates, news and other key information about GST 2.0: New GST Return Mechanism, keep following SAG GST Portal.
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 […]
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 […]
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 […]
The new filing system is starting up on April 1, 2020, the demonstration session about the same shall be first conducted by the Goods & Services Tax (GST) department adhering to the orders of Finance Minister Nirmala Sitharaman. FM has given orders to the GST dept to organise demo & consultation sessions for new return […]
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 […]
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 […]
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 […]
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 […]
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 […]