Hello Readers, Goods and service Tax (GST) will soon complete ten months, It have seen many ups and many downs though out the period. Where the implementation of GST was done to ease the process of return filing, it was observed that the return filing process was not up to the mark.
In present scenario taxpayers need to file GSTR-3B for ever month upto 2oth of next month, giving total amount of taxable outward supplies and inward supplies in the return,as per law taxpayers also have to furnish details invoice to invoice details of outward supplies, inward supplies and tax liability in GSTR-1,2 and 3. And the issue here is only GSTR 1 filing scheme for periods are in process whereas GSTR 2 and 3 dates are still not notified. So that question which concern every taxpayer is WHAT NOW ??
As per latest information it is very clear that returns GSTR1, 2 and 3 will Not continue further, and there will be change in return filing procedure of return which will be changed to Monthly Single Return to be filed for taxpayers.
The council is working on several alternative models of GST return filing, to be discussed in next council meeting to be held on 4th May through video conferencing, these models are based on measures to overcome the drawback of previous return filing procedures.
New model will have a monthly return just like GSTR-3B but with some additional disclosures and anexures, which may require a taxpayer to give details of invoices as compared to present systems where a taxpayer need to give only total amount of supplies and Input tax credit.
GST Council will also look forward to stop the system based matching of invoices, considering the past amount of mismatch invoices and flaws in system, also it may allow the rectification and revision of filed return for systematic compliance.
GSTR-2B may continue, which allow dealer to keep a check on invoices entered by counter party.
Two models which are proposed, first one is by CEO of GSTN and second is by Infosis, states that the provisional credit shall not be granted unless the taxpayers file returns and pay tax for the period, also it may be granted subject to a time period within which return must be filed unless it will be reversed.
All these are changes which GST council may come up with in next Council meeting to replace filing of three return for a period to filing of a single return, making GST structure less complex and return filing process easy.
P.S: – The content of this article is only to enrich knowledge and to give view on case. You are requested to verify and confirm the updates from the genuine sources before acting on any of the information’s provided here in above.
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