The government has decided to continue the existing GST (Goods and Services Tax) return filing system for the time being. The new GST return filing system with forms ANX-1, ANX-2, RET-1 and RET-2 as proposed by the government for the launch has been put on hold until further notice.
In place of launching the new GST return filing system, the government will try to introduce advanced features to the older system. The government will be launching form GSTR 2B for the Input Tax Credit. The form will help the government as well as the assessees in matching the input and output of ITC in forms GSTR 3B, GSTR-1, and GSTR 2A, accordingly.
The new version of the GSTR 2B return will link the existing return filing forms and will help the government in curbing tax evasion.
The main feature of the new form GSTR 2B return is that it will be generated monthly, just like the other GST return filing forms. A PDF and email feature is also added to the form for the ease of assessee. The form will show whether ITC is available to the assessee or not. The form will summarise the ITC credits attached with GSTR 3B.
The assessee can download the form in PDF or EXCEL file form anytime he wants. The advance search and filter option in the form will also help the assessee to view documents beyond 1,000 records.