GST New Simplified Returns to rollout from 1st April
GST New Simplified Returns to rollout from 1st April
The Central Government has announced that the new and simplified Goods and Services Tax ( GST ) will be launched from 1st April 2019. The GST Council, with a view to easing the return filing process, had agreed to launch new forms with simplified steps to file indirect tax returns.
In July, the GST council approved the new and simplified returns filing format. In September, GST Network (GSTN) asked software vendor Infosys to design new forms for filing returns by traders.
The newly-appointed Revenue Secretary Ajay Bhushan Pandey, also the CEO of UIDAI, said that the government is targeting April 1 for the roll-out of new GST return forms. Until the new forms are roll-out, businesses will be required to continue filing GSTR-1 and GSTR-3B.
Under the new GST form design, columns asking questions, which many small taxpayers found difficult, have been done away with. The new forms will work on the concept of Upload-Lock-Pay.
According to reports, the New return shall have two main tables – One for reporting outward supplies and one for availing Input Tax Credit (ITC).
In the new return, ITC would be based on invoice uploaded by the supplier. Further, the invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer
Optional facility of filing quarterly returns in forms ‘Sahaj’ (only B2C supply) and ‘Sugam’ (B2C + B2B supply) for small taxpayers having turnover below Rs 50 million.