Steps to prepare for the new GST return filing system

The recently held 31st GST Council Meet has concluded that a new return filing system under GST would be implemented for taxpayers. The current GST return filing will shift from GSTR-1 and GSTR-3B to a new single return RET-1/2/3 with an auto-filled ANX-1 (for tax liability) and ANX-2 (for Input Tax Credit). The new GST return filing mechanism will be focussed on allowing input tax credit based on…