The Goods & Services Tax (GST) Authority has come out with a draft of a new and simplified GST return form. The brand new form is anticipated to be formally rolled out in July 2019.
By means of this activity, made public on Wednesday the authority targets to receive suggestions on the person interface and its functionalities. The customers can fill the template and mail the same.
GST network on Wednesday released a demo software for the brand new and simplified return filing kind which will be launched someday later within the year.
It will allow users to make use of functionality such as drop-down menus, bill upload, add of buy register for matching with a process created inward presents.
In the proposed procedure of latest GST return filing, a typical taxpayer would file type GST RET-1 (common) or form GST RET-2 (Sahaj) or type GST RET-3 (Sugam) on both monthly or quarterly groundwork.
Annexure of presents (GST ANX-1) and Annexure of Inward provides (GST ANX-2) will likely be filed as a part of these returns. All the outward provides will probably be designated in GST ANX-1 even as GST ANX-2 will incorporate details of inward presents auto-populated generally from the suppliers’ GST ANX-1.
Companies which make supplies to only buyers (B2C) must file return form ‘Sahaj’. It includes details of outward presents and inward presents attracting a reverse charge as well as an abstract of inward supplies for claiming an input tax credit (ITC).
Apart from, organizations making provides to both Businesses (B2B) and Clients (B2C) must file return kind ‘Sugam’. It includes an abstract of supplies made and tax legal responsibility, an abstract of inward provides for claiming ITC, along with a small print of curiosity due and tax cost.
The new return filing layout would change the current requirement of filing ultimate sales return GSTR-1 and summary revenue return GSTR-3B.
The GST Council in July last 12 months determined that the simplified GST return forms — Sahaj and Sugam — could be rolled out on a pilot groundwork from April 1, 2019, whilst mandatory filing across the country would kick in from July.