Finance Minister Nirmala Sitharaman held a press meet after the 39th GST Council Meet on March 14, 2020. She announced the decisions taken by the GST Council in the meeting which included several measures for improving the IT systems used for GST.
The government has decided to postpone the introduction of new GST returns and e-invoicing to September 2020. The e-invoicing system will now apply from October 1, 2020 and the new GST returns will be implemented in phases between October 2020 and January 2021. Details on how this incremental approach will be adopted are still awaited. Online and offline trial versions of both these systems are up and running on the GSTN-managed portals. Also, services such as banking, FI, NBFC, GTA and passenger transportation services will be exempted from the requirement of QR code and e-invoicing.
Previously, the government announced a new return system in phases with the ANX-1 and ANX-2 beginning from October 2019, followed by the filing of RET-1/2/3 from December 2019. This was later pushed for one-shot applicability from April 2020. Similarly, the applicability of e-invoicing and QR code generation on Business-to-Business (B2B) invoices was to begin from April 2020 for large turnover-based taxpayers.
The extension means that the current filing system in GSTR-1, GSTR-2A and GSTR-3B will continue till September 2020 giving businesses more time to update their IT systems and learn how to go about e-invoicing. For assistance with GST return filing, visit us at CAonWEB.