GST Council announces new simplified tax return system requiring taxpayer to file only one return every month |
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The GST Council today unveiled a new simplified return system which will require a taxpayer to file only one return every month and has set a period of six months for the transition to take place.
Briefing reporters after the 27th GST Council meeting in New Delhi, Finance Minister Arun Jaitley said, the council has approved the new system of GST return but the software will take six months to get fully operationalised.
Elaborating on it, Finance Secretary Hasmukh Adhia said, it will take about six months for GSTN to prepare for the new system and for that period the current arrangement of filing of GST return will continue. He said, all taxpayers excluding a few exceptions like composition dealer can file one monthly return.
Composition dealers and dealers having nil transaction will have facility to file quarterly return. Mr Adhia said, the B2B dealers will have to fill invoice- wise details of the outward supply made by them, based on which system will automatically calculate his tax liability. He clarified that under the new system there will not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller.
Our correspondent reports, there will be three stage transition to the new system. Stage-1 will be the present system of filing of return which will continue for a period not exceeding 6 months by which time new return software would be ready.
In second stage, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self-declaration basis, as in case of GSTR 3B form now.
After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.
Government is keen to introduce the simplified return design at the earliest to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business.
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