GST 2.0 – New Filing System

Related image

The government of India and 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 April 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.