India's GST Council Approves Transition Plan for New GST Return System and Extended Deadline for FY 2017-18 Annual Return

On 21 June 2019, India's GST Council held its 35th meeting, during which it approved a plan to transition to the new GST return system. The new system includes four main forms:

• FORM GST RET-1, which is the normal return;
• FORM GST ANX-1, which is used to upload details on outward supplies, imports, and inward supplies attracting reverse charge;
• FORM GST ANX-2, which is used to download details on inward supplies (is auto-drafted); and
• Form GST PMT-08, which is for payment of self-assessed ta…