New GST form for taxpayers; here's all you need to know
New Delhi : The government of India, today, announced that the new and simplified Goods and Services Tax (GST) return forms will be introduced from April 1. The GST Council this year agreed to launch new forms with simplified steps to file indirect tax returns.
The CEO of UIDAI, Ajay Bhushan Pandey, who is also the newly-appointed Revenue Secretary said that the government is targeting April 1 for the roll-out of new GST return forms. Until the new forms are roll-out, businesses will be required to continue filing GSTR-1 and GSTR-3B.
Under the new GST form design, columns asking questions, which many small taxpayers found difficult, have been done away with. The new forms will work on the concept of Upload-Lock-Pay.
Take a look at how the new GST format will work:
- The new return will contain two main tables, one for reporting outward supplies and one for availing Input Tax Credit (ITC)
- ITC would be based on invoice uploaded by the supplier
- Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer.
- Optional facility of filing quarterly returns in forms ‘Sahaj’ (only B2C supply) and ‘Sugam’ (B2C + B2B supply) for small taxpayers having turnover below Rs 50 million
Earlier this year, in July month, the GST council approved the new and simplified returns filing format. In September, GST Network (GSTN) asked software vendor Infosys to design new forms for filing returns by traders.