The GST council in 28th meeting held on 21st July 2018 has approved new simplified return forms for GST taxpayer. The format and process approved today are in line with basic principle of the GST i.e. “minimize compliance pain”. In true sense new proposed format of the return and its frequency are big relief for small taxpayers. Contrary to existing process of filling monthly 3B returns and monthly/quarterly GSTR-1 and moreover filling its various voluminous tables and information the new return form will be easy and quite user friendly. The highlights of the new GST returns, as posted in PIB press release dated 21.07.2018 are as under:

MAINLY TWO TABLES IN NEW RETURN FORMS

Under approved simplified returns, all taxpayer except few exceptions like ISD need to file only one monthly return with mainly two table, against various tables of GSTR-3B/GSTR-1. Under new proposed form, one table will be for outwards supply and another for availing input tax credit based on the invoices uploaded by the supplier.

UPLOAD –LOCK –PAY

Under approved process, The seller can continuously upload their sales invoice and buyer can view and locked the same for availing input tax credit. Now maximum part of the input tax credit table will be automatically filled up.

TAX PAYER PROFILES

Under this approved process, the taxpayer will be given facility to create his profile based on nature of the supplies made by them. By using this information, GST portal will show only relevant which the taxpayer will be requires to fill up.

NIL RETURN BY “SMS”

Tax payer those who have no purchase and sales, will be given facility to file return by sending SMS,

OPTIONAL QUARTERLY RETURNS

Under new approved process, the “Taxpayers having turnover below Rs.5 Crore and making B2C supply or making B2B + B2C supply has been given optional facility for filling quarterly returns instead of monthly return. However, the Taxpayer will have to pay tax monthly.  This facility will help two kinds of registered persons i.e. small traders making only B2C supply or making B2B + B2C supply. For such taxpayers, simplified returns have been designed called Sahaj and Sugam. In these returns details of information required to be filled is lesser than that in the regular return.

“Sahaj” GST return will be filed by those taxpayers who have opted for quarterly GST return and only have B2C transactions. Taxpayers, who have final consumer customers can opt for this return. Whereas, “Sugam” return will be filled by those taxpayer who opted for quarterly GST return and have B2C and B2B transactions.

AMENDMENT RETURNS

Under new returns process, for providing facility for amendment of invoices and its contents, the Taxpayer shall be allowed to file a new return called “amendment return”. Facility for payment of the taxes will be also given under this return.

For further guidance, get in touch at [email protected] Disclaimer: This article is for the purpose of general awareness only.

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Qualification: CA in Practice
Company: PKS AND ASSOCIATES
Location: Delhi, New Delhi, IN
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