As per the press release issued by the Ministry of Finance dated 21-06-2019, the CBIC has proposed three new GST Returns forms, which shall be introduced in a phased manner - GST RET-1 (Monthly/Quarterly Normal), GST RET-2 (Sahaj), GST RET-3 (Sugam). The criterion on the basis of which these forms can be chosen by a supplier have been enumerated in the below article
Q1. WHICH FORM SHOULD BE FILED UNDER NEW GST RETURN STRUCTURE FOR THE FINANCIAL YEAR 2019-20?
The CBIC has proposed following GST Returns Forms:
(a) GST RET-1 (Monthly/Quarterly Normal)
(b) GST RET-2 (Sahaj)
(c) GST RET-3 (Sugam)
Earlier, it was expected that the new GST Return Forms may be implemented from the second quarter of the Financial Year 2019-20 but the CBIC has notified that the GST Returns for second quarter of Financial Year 2019-20 shall be filed in existing GSTR Forms (i.e., GSTR-1 and GSTR-3B). It is expected that the new GST return Forms - Normal, Sahaj and Sugam, shall be made applicable from the third quarter of Financial Year 2019-20 and for the first and second quarter the existing return Forms, i.e., GSTR-3B and GSTR-1 would continue to apply. As per the Press Release issued by Ministry of Finance on June 21, 2019, the new return system will be introduced in a phased manner.
Know more at Link below....
https://www.protact.in/application/public/uploads/cms/437/1971/FAQs_on_New_GST_Returns_Forms.pdf
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Team madhuvridhi