GST Return Filing - File GSTR-3B

5 Important decisions taken in 35th GST council meeting

By Agam Gupta

( 2.45K Views) June 26, 2019

The GST council meeting has taken 5 important decisions, which could impact almost every business in India. Hence, it is important for you to read this article and analyze the impact of these decisions on your business.

Let us discuss each of the decision in detail:

1. New 6% presumptive taxation scheme for service providers - extended

The GST presumptive scheme which was introduced for the eligible service providers in which they are required to pay GST @6% has been extended from 30^th April, 2019 to 31^st July, 2019.

To apply to this scheme, services providers need to file form GST CMP – 02.

2. Implementation of single GST return for all business

The government has decided to introduce single GST return for all business from January 2020 and in order to implement that return, GSTR 3B will be phased out soon in the following manner;

(i) GST returns for small taxpayers (with turnover up to Rs.5 crore)

Particulars	July to Sept' 19	Oct to Dec' 19
GST ANX – 1 – Annexure for outward and inward supplies under reverse charge	Optional and can be filed for trial basis	Mandatory to be filed on Quarterly basis
GSTR ANX - 2 – Annexure of inward supplies	Optional	View facility only
GSTR 1 and 3	Mandatory filing as we do currently	Phased out – Not required to be filed
(NEW) PMT – 08 Payment of self assessment tax	Not required	Mandatory
(NEW) GST RET – 01 – QUARTERLY RETURN	Not required	Mandatory (quarterly)

(ii) GST returns for large taxpayers (with turnover more than Rs.5 crore)

Particulars	July to Sept' 19	Oct to Dec' 19
GST ANX – 1 – Annexure for outward and inward supplies under reverse charge	Optional and can be filed for trial basis	Mandatory to be filed on monthly basis
GSTR ANX - 2 – Annexure of inward supplies	Optional	View facility only
GSTR 1 and 3	Mandatory filing as we do currently	From December, 2019, it will not be required to be filed
(NEW) PMT – 08 Payment of self-assessment tax	Not required	Mandatory
(NEW) GST RET – 01 – QUARTERLY RETURN	Not required	Mandatory

3. GST Annual return date extended

The council has extended due date for GSTR 9, GSTR 9A and reconciliation statement in GSTR 9C, has been extended till August 31, 2019. For more details, please read GSTR annual return date extended.

4. Extension to file form GST ITC – 04 in respect of goods sent to job worker

In order to provide relief, the due date for declaration in form GST ITC – 04, relating to the inputs and capital goods sent or received back from the job worker has been extended till August 31, 2019.

5. Introduction to e-invoicing system to be implemented from January, 2020

The issue of fake invoicing is actually a matter of concern for the government; hence, in order to root out this evil, the government has decided to introduce e-invoicing system in a phase-wise manner for B2B transactions.

Conclusion

GST is getting complicated day by day, so in order to get hold of it properly, hire our experts and outsource your GST compliance to us.