GST is going to complete its very First Anniversary. But thing is that still return simplification format not decided or 300+ changes already made with in less one year or many issues are still not clear. Recently held GoM meeting has decided that GSTR-1, 2 & 3 will not be more. They are working on new formats. There are two models has been already discussed by council. But yet not finalized. It can be final in next conciling 27th meeting which is going to be held date 04-05-2018.
Model-A introduced by CEO of GSTN Mr. Arun Kumar Panday and Model-B introduced by Mr. Nandan Nilekani (Infosys).
Following important features of the new models:-
1. Monthly Return can be expected like GSTR-3B and there is need to annexure inward & outward supplies attracting reverse charge mechanism.
2. There is no system based matching. It can be relaxing the industry.
3. Dealer can be able to continuous viewing of invoices. As same as GSTR-2A.
4. Dealer can be able to continuous facility to add invoices as previous format.
5. Dealer can be allowing for partial payment of tax.
6. Dealer can allow for claim Input Tax Credit
7. Return filing shall be spread out.
8. Return and reconciliation of credit (i) Main return (ii) Rectification platform (iii) Action on excess credit
There is not much different in both models.
Model A– In the first model, the provisional credit should not be granted unless the taxpayers file returns and pay tax.
Model-B– The provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.
But government is also working on the third model, in which once the return will file and an invoice will match or verified by purchaser/receiver then credit can be carry forward.
Now next council has been schedule date 04-05-2018 through video conference. It is expected that council can take decision on return, reverse charge mechanism or converting GSTN Company to Major stakeholder Government Company or 100% Government Company.
Also Read-GST Return Filing simplification Model A and Model-B
Disclaimer: – The content of this article is only for knowledge/education purpose. It does not constitute professional advice or a formal recommendation. You are requested to verify & confirm the updates from the genuine sources before acting on any of the information’s provided here in above.
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