GST Council approved quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr || GST Council press release || Press Note on Simplified GST Return

Press Note on Simplified GST Return (gst council press release)

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Press Note on Simplified GST Return (gst council press release)

GST Council in its 28th  meeting held on 21st  of July, 2018 in New Delhi, approved the new return formats and associated changes in law. It may be recalled that in the  27th  meeting held on 4th  of May, 2018 the Council had approved the basic principles of GST return design and  directed  the  law  committee  to  finalize  the  return  formats  and  changes  in  law.  The formats and business process approved today were in line with the basic principles with one major  change  i.e  the  option  of  filing  quarterly  return  with  monthly  payment  of  tax  in  a simplified return format by the small tax payers.

  • All taxpayers  excluding small  taxpayers  and  a few exceptions like  ISD  shall  file  one monthly  return.  The  return  is  simple  with  two  main  tables.  One  for  reporting  outward supplies  and  one for  availing input  tax credit based  on invoices uploaded  by the  supplier. Invoices  can  be  uploaded  continuously  by  the  seller  and  can  be  continuously  viewed  and locked by the buyer for availing input tax credit. This process would ensure that very large part of the return is automatically filled based on the invoices uploaded by the buyer and the seller. Simply put, the process would be “UPLOAD – LOCK – PAY” for most tax payers.
  • Taxpayers would have facility to create his profile based on nature of supplies made and received. The fields of information which a taxpayer would be shown and would be required to fill in the return would depend on his profile.
  • NIL return filers (no purchase and no sale) shall be given facility to file return by sending SMS.
  • Council approved quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr as an optional facility. Quarterly return shall be similar to main return with monthly payment facility  but  for  two  kinds  of  registered  persons  –  small  traders  making  only  B2C supply  or  making  B2B  +  B2C  supply.    For  such  taxpayers,  simplified  returns  have  been designed  called   Sahaj  and  Sugam.  In  these  returns  details  of  information  required  to  be filled is lesser than that in the regular return.
  • The new return design provides facility for amendment of invoice and also other details filed in the return. Amendment shall be carried out by filing of a return called amendment return. Payment would be allowed to be made through the amendment return as it will help save interest liability for the taxpayers.
  • 93% of  the  taxpayers  have  a  turnover  of  less  than  Rs  5  Cr  and  these  taxpayers  would benefit  substantially  from  the  simplification  measures  proposed  improving  their  ease  of doing  business.  Even  the  large  taxpayers  would  find  the  design  of  new  return  quite  user friendly.

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CA Omprakash Saini

Education:- M.Com, CA Practice- Chartered Accountant

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