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Key features of Draft GST Simplified Returns

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 3-8-2018 - The GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the return formats and changes in law. In pursuance thereof, the CBIC has placed Note on draft .....

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st of both the parts are summarized hereunder for easy digest: Part A: Key features of the Monthly Return Monthly Return and due-date: All taxpayers except small taxpayers, composition dealer, Input Service Distributor (ISD), Non-resident registered person, persons liable to deduct tax or collect tax at source u/s 51/52 of CGST Act, 2017 shall file one monthly return. Dates of return filing will be on staggered manner based on the reported turnover in last year i.e. 2017-18, annualized for the f .....

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l taxpayer, who will have optional facility to file quarterly return with monthly payment of taxes on self-declaration basis. Continuous uploading and viewing: Facility of continuous uploading of invoices is available to supplier anytime during the month which shall also be continuously visible to the recipient. Invoices uploaded by the supplier by 10th of succeeding month shall be auto-populated in the liability table of the main return of the supplier. After the due date for the filing of retu .....

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he next month. Invoices uploaded after 10th of next month by the supplier shall get posted in the relevant field of the return of the subsequent month of the recipient though viewing shall be continuous. After 11th of the next month, the recipient shall be able to accept, reject or keep pending a particular invoice but the maximum limit of eligible ITC will be based on the invoices uploaded by the supplier upto 10th of the subsequent month. In the transition phase of six months, the recipient wo .....

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oaded by the supplier shall be the valid document for availing ITC by the recipient. The Invoices or debit notes which have not been uploaded by the supplier and the recipient has availed ITC shall be considered as missing invoices . If such missing invoices are not uploaded by the supplier within prescribed time period, then ITC on such invoices or debit notes shall be recovered from the recipient. Missing invoice reporting: Missing invoices shall be reported by the supplier in the main return .....

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credit: There will be no automatic reversal of ITC at the recipient s end where taxes has not been paid by the supplier. In case of default in payment of taxes by the supplier, recovery shall be first made from the supplier. Only in exceptional circumstances like missing taxpayer, closure of business by the supplier, etc., recovery shall be made from the recipient. Locking of Invoices: Locking of invoices raised by supplier means acceptance of transaction reported in the Invoices by the recipien .....

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wed to be amended by the supplier and to amend the reported particular of such invoices, a credit or a debit note will have to be issued by the supplier. HSN: Now the table for reporting supplies with the tax liability at various tax rates shall not capture HSN but would continue to capture supplies at different tax rates as is the present practice. The details of HSN shall be captured at four digit or more in a separate table in the regular monthly return. Return format: The main return shall h .....

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ted on invoices which are reported late. Amendment return: Facility for filing of amendment return shall be available to taxpayer. Amendment return is different than a regular return. Two amendment returns can be filed for each tax period within the time period specified in Section 39(9) of the CGST Act, 2017 i.e. by due date for furnishing September month return or second quarter following end of financial year or actual date of furnishing relevant annual return, whichever is earlier. Amendment .....

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eturn. Amendment of details other than that of invoice: All user entries of ITC table in the main return would be allowed to be amended. Change in the closing balance of ITC shall be affected based on the declaration in the amendment return of the taxpayer. Thus, the opening and closing balances of intervening month(s) shall not get impacted. Payment due to amended liability & Negative liability: Payment would be allowed to be made through the amendment return as it will help save interest l .....

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s in return would contain details of the Shipping Bill also which can be filled either at the time of filing the return or after filing the return. A separate facility for uploading shipping bill details at a later date shall be provided to the exporters. Filing the details of the Shipping Bill in the return at a later date shall not be considered as filing of an amendment return. Once the information of Shipping Bill is completed, the entire data shall be transmitted to the ICEGATE. The amended .....

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good respectively. If the supplier does not make the default good, the invoice of such supplier shall not be populated in the viewing facility of the recipient and consequently, the recipient would not be able to avail ITC on such invoices till the default in payment of tax by the supplier for the past period is made good. Profile based return: A questionnaire shall be provided to the taxpayer and only such part of return shall be shown to him which are relevant to his profile. Purchase informa .....

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: A facility has been provided to small taxpayer to file quarterly return, who had a turnover up to ₹ 5 Cr. in the last financial year. But such taxpayer will pay their taxes on monthly basis and avail ITC on self-declaration basis to pay the monthly taxes. Quarterly or monthly return: Option for filing monthly or quarterly return shall be taken at the beginning of the year. Thereafter they would continue to file the return during the year as per option selected. Option to change from mont .....

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inventory management. Supplies such as non-GST supply, exempted supply etc. as they do not create any liability. The details of ITC on capital goods credit shall also not be required to be filled. These information shall be required to be filled in the Annual Return. Small taxpayers who would like to facility of missing and pending invoice may file monthly return. Quarterly Return: Option to create profile in the quarterly return shall also be available. Sahaj and Sugam are predetermined profil .....

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