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New GST Return Filing Guideline

New GST Return Filing Guideline

NEW GST RETURN FILING GUIDELINE

Today we are going to talk about New GST return filing guideline which is quite simple as compared to previous GST Returns. The GST Council on Friday veered around to giving Rs100 incentive for digital payment for purchased by consumers, approved a new model for single monthly return and decided to turn the GSTN into a government owned entity.

The GST council on Friday unveiled a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place.

It will take about six months for GSTN to prepare for it, so that period the current arrangement of GSTR3B and GSTR 1 will continue. This will be the first phase of transition where the current system will continue for the next six months,” said Finance Secretary Hasmukh Adhia.

Adhia added that in the next six months the new system of return will have a single system of return for every taxpayer. “Composition dealer and zero transaction dealers will continue to file on a quarterly basis. Today, we find that the returns which are filed, 30% are nil returns, which means there is no transaction on them,” Adhia said.

In the case of B2C, the new return will contain the details of total turnover and in case of B2B it will contain the details of all sales invoices with the dealers. “The taxpayer would have to put invoice-wise details along with HSN code,” says Adhia.

In the transition phase, which is after six months of the return being prepared, there will be a separate column for the dealer to claim provisional credit based on his own calculation. This will continue for a period of six months and this will be the second phase of transition, which means during this period we will allow provisional credit to be carried by the dealer irrespective of whether the seller from who he has bought the goods has uploaded the invoice,” said Adhia. The third phase, which would start after the six months or around April 2019, would see invoice matching happening on a monthly basis.

If you have any query, you can comment below or can even mail us at info@itslyf.com

Prakrati JIndal (Team Itslyf)

New GST Return Filing Guideline

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