GST updates (Returns filing): Date announced for roll-out of new, simplified form; here’s all you need to know
The government on Tuesday announced that the new and simplified Goods and Services Tax (GST) return forms will roll-out from April 1. To ease the filing process, the GST Council this year agreed to launch new forms with simplified steps to file indirect tax returns.
The newly-appointed Revenue Secretary Ajay Bhushan Pandey, also the CEO of UIDAI, said that the government is targeting April 1 for the roll-out of new GST return forms. Until the new forms are roll-out, businesses will be required to continue filing GSTR-1 and GSTR-3B.
Under the new GST form design, columns asking questions, which many small taxpayers found difficult, have been done away with. The new forms will work on the concept of Upload-Lock-Pay.
Here’s how the system will work:
- New return to contain two main tables – One for reporting outward supplies and one for availing Input Tax Credit (ITC)
- ITC would be based on invoice uploaded by the supplier
- Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer
- Optional facility of filing quarterly returns in forms ‘Sahaj’ (only B2C supply) and ‘Sugam’ (B2C + B2B supply) for small taxpayers having turnover below Rs 50 million