Rollout of New GST Return filing format postponed to 1st April 19

Rollout of New GST Return filing format postponed to 1st April 19 : Earlier thenew simplified returns filing format, approved by the GST Council in July, was expected to be implemented by January 2019. But to remove the scope ofglitches in the rollout, govenment may postpone the roll out to 1st April 2019. Upcoming elections are another reason of delay in rollout as any kind ofglitch may create difficulty for ruling government. As per sources "This will have to be a decision by the GST Council. But given that businesses have struggled significantly with GST returns in the past, it may not be right to upset them, with State elections and more importantly, general elections just around the corner". Untill rollout, taxpayers have to continue with current system of returns that is Filing GSTR 3B and GSTR 1. Some of the features of new return filing system of GST are as given below:

• Under the new system, all taxpayers shall file one monthly return, except small taxpayers having turnover below Rs 5 crore, who could opt for quarterly filing.

 

• The return is simple with two main tables - one for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier. Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer for availing input tax credit. This process would ensure that very large part of the return is automatically filled based on the invoices uploaded by the buyer and the seller, thereby making the entire process less cumbersome.

 

• Significantly, returns filed with the new forms GSTR-9 and GSTR-3C will also help tax authority to detect evasion and false claims under the GST. This is difficult to do in the existing forms GSTR-3B and GSTR-1 which have no provisions to match invoices.

  Source : Business Today

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