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09 August, 2018

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New Simplified GST Returns - Key Feature & Highlights of Changes


CBIC has released new simplified GST returns for the taxpayers

CBIC (Central Board of Indirect Taxes and Customs) has recently released the format of the drafts for the simplified GST. This format is for the simplified GST for quarterly and monthly returns. CBIC has also listed down a lot of salient features of this new release directly related to the stakeholders and the information of industry and trade’s business processes.

This new release contains the information about the simplified new return that would end all the existing forms and would allow the taxpayers to file just one return, which is to be filed every month. The return could also be filed by an SMS with a NIL return. The document has been approved on the 28th GST Council meeting which also decided that the taxpayers with up to 5 crores of the annual turnover can file the return quarterly. 

These new return forms released would provide an option to the taxpayers to make these amendments till the month of September, next year.

Key features to throw the light on, the draft return format:-
    Taxpayers who had up to 5 crores of the turnover last year would be considered as the “small taxpayers”. These small taxpayers would be provided with the facility of filing the quarterly return, followed by the monthly tax payments.

    Small taxpayers who have the turnover of up to 5 crores would be provided with the option to file one of these three forms given below, namely:-
1. Sugam
2. Sahaj
3. Quarterly return

    A much higher late fee may be fined to the taxpayers for the change in their liabilities if found to be more than 10 % by an amendment return. This is to ensure that in regular return the reporting is appropriate.

    If there is a human error (wrong entries) made in the return then to address this, there would be a facility provided by which you can file the amended return.

     The main return would have the two tables. One for getting the input tax credit and the other one has a different motive. The other table is there so that the reporting can be done for the supplies on which the tax liabilities have arisen.

    When the supplier is filing the return, at that time the liability that has been declared in the return shall be discharged. It is the same as it is being done at present, return form GSTR 3B.

    There would now be facility by which the supplier would be able to continue to upload the invoices in between any time of the month. The recipient of these invoices would be continuously able to see the invoices.

    Taxpayers with no input tax credit, with no output tax liability and with no purchases in any of the quarter in the fiscal year would have to file a NIL return for the entire quarter of the year. Moreover, the NIL return for the quarter could be also filed through the SMS (Short Message Service).

    The filing dates of the return would be completely based on the taxpayer’s turnover. This turnover of the taxpayer would be calculated by the reported turnover of the year 2017-2018 (last year). This is annualized for the entire year.

    The taxpayers are liable to deduct the tax. This is for all the taxpayers apart from given below as follows:-
·         Small taxpayers
·         Composition dealer
·         Input Service Distributor (ISD)
·         Non-resident registered person
·         People liable for the deduction of the tax under the reference to the section 51, CGST act, 2017

If the person is liable for collection of the tax at source under the reference of section 52, CGST act, 2017, he or she shall file with return on a one-month basis.





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