GST Webinar from July 13 2019 – Complete Details on the link…
GSTR 3b will be replaced by the new return of GST. It’s name if RET01.At present GSTR 3b is the basic return everyone is required to file in GST along with GSTR 1.Government is going to scrap GSTR3b. It was a temporary return introduced because the basic return utilities were not ready. Now the new return of GST will take over it. In GST council meeting yesterday it is decided. Although the prototypes of the return is already there. The new return of GST will be applicable from October 2019 fro large taxpayer. Small taxpayer will file new return from December 2019.
This new return is going to change a lot many things in GST reporting. In GSTR 3b only consolidate values are given by the taxpayer. Break up of sales is provided via GSTR 1. But break up of purchase is not given in any GST return. This was causing problem. Also in new return liability of payment of tax will be equally on supplier and recipient.
Section 43A of CGST amendment Act will roll out this provision. It says that supplier and recipient are jointly and severely liable for payment of tax.
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