GST council approves Simplified GST Return

MUMBAI, India - Dec. 28, 2018 - PRLog -- The GST Council in its 28th meeting held here today under the Chairmanship of Shri Piyush Goyal , Union Minister for Railways , Coal , Finance & Corporate Affairs has accepted the new return formats and associated changes in law. It may be remembered that in the 27thmeeting held on 4thof May, 2018 the Council had accepted the basic principles of GST return design and governed the law committee to conclude the return formats and alterations in law. The formats and business process accepted today were in line with the basic principles with one major change i.e. the option of filing quarterly return with monthly payment of tax in a untangled return format by the small tax payers. All taxpayers except small taxpayers and a few exceptions like ISD etc. shall file one monthly return. The return is uncomplicated with two main tables. One for reporting outward supplies and one for employing input tax credit based on tally uploaded by the supplier. Invoices can be uploaded constantly by the seller and can be constantly viewed and locked by the buyer for availing input tax credit. This procedure would certify that very large part of the return is automatically filled based on the invoices uploaded by the buyer and the seller. Simply put, the procedure would be "UPLOAD – LOCK – PAY" for most tax payers. Taxpayers would have facility to generate his profile based on nature of supplies made and received. The fields of statistics which a taxpayer would be manifested and would be required to fill in the return would depend on his profile.

NIL return filers (no purchase and no sale) shall be given solution to file return by sending SMS. The Council approved quarterly filing of return for the small taxpayers/citizens having turnover below Rs. 5 Cr as an optional facility. Quarterly return shall be alike to main return with monthly payment facility but for two kinds of registered persons – small traders making only B2C supply or making B2B + B2C supply. For such taxpayers, untangled returns have been designed called Sahaj and Sugam. In these returns details of statistics required to be filled is minor than that in the regular return. The new return design offers facility for amendment of invoice and also other details filed in the return. Amendment shall be carried out by registering of a return called amendment return. Payment would be allowed to be made through the amendment return as it will aid save interest liability for the taxpayers. 93% of the taxpayers have a turnover of less than Rs 5 Cr and these taxpayers would advantage considerably from the simplification steps proposed revamping their ease of doing business. Even the large taxpayers would discover the design of new return quite user friendly.

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