Important announcements made by Principal Commissioner - GST Policy at CBIC

➡The government is planning to scrap new returns which were to be introduced from October 2020 and decided to improve and modify the existing GSTR-1, GSTR-2A and GSTR-3B.

➡GSTR-2A will reflect the return filing status (GSTR-1 and GSTR-3B) of vendors.

➡ New Form GSTR-2B (auto-drafted ITC statement) to be introduced which will provide details of input tax credit that can be availed, credit to be reversed, etc.

➡ Also, e-invoicing will be rolled out from 1st October 2020 onwards for companies with a turnover more than INR 500 crore

(Source - Unknown)