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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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ull year. A newly registered taxpayer shall be classified on the basis of self-declaration of the estimated turnover. The due date for filing of monthly return for the large taxpayer shall be 20th of the next month. Nil return and Small taxpayers: Taxpayers having no purchases, no output tax liability and no input tax credit shall file one NIL return for the entire quarter through SMS facility. Taxpayers having a turnover up to ₹ 5 Cr. in the last financial year shall be considered as smal .....

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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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for any tax period with interest or penalty as applicable. Reporting of missing invoices by recipient can be delayed up to two tax periods to allow recipient to follow up and get the missing invoice uploaded from the supplier. Taxpayers filing quarterly returns shall report missing invoices in the next quarter. Payment of tax: Liability declared in the return shall be discharged in full at the time of filing of the return by the supplier in the present return FORM GSTR 3B. Recovery of Input tax .....

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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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of entries which flow from the annexure of the main return shall be allowed only with the amendment of the details filed in the annexure. Amendment of missing invoices: Amendment of missing invoices reported later by the supplier shall be carried out through the amendment return of the relevant tax period to which the invoice pertains. Thus, it is better to avail the amendment facility once all the invoices are uploaded, so that invoices reported late can also be amended through the amendment r .....

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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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tion in the annual return: Invoices/ Supplies on which the recipient does not intend to take ITC but are kept pending or rejected will have to be reported separately in the Annual return. Suspension of registration: From the date of suspension to the date of cancellation of registration, return would not be required to be filed and also invoice uploading shall not be allowed for the period beyond the date of suspension. Part B: Features of Quarterly Returns: Quarterly filing and monthly payments .....

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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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n self-declared basis shall be declared. Late payment of tax liability including that in first and second month of the quarter shall attract interest liability. HSN: HSN wise details would need to be provided at 4-digit level or more in the quarterly return. Pending and missing invoices: Quarterly return shall not have the compliance requirement of missing and pending invoices as small businesses do not use these procedures in their inventory management. To access complete Note on Draft GST simp .....

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