Central Board of Indirect Taxes & Customs (CBIC) has released draft formats for simplified GST monthly and quarterly returns and also list downs the salient feature of the new return and business process for the information of trade and industry and other stakeholders.
Key features of the draft return formats are highlighted below:
- All taxpayers except small taxpayers, composition dealer, Input Service Distributor (ISD), Non-resident registered person, persons liable to deduct tax at source under section 51 of CGST Act, 2017, persons liable to collect tax at source under section 52 of CGST Act, 2017, shall file one monthly return.
- Return filing dates shall be staggered based on the turnover of the taxpayer which shall be calculated based on the reported turnover in the last year i.e. 2017-18, annualized for the full year.
- Taxpayers who have no purchases, no output tax liability and no input tax credit to avail in any quarter of the financial year shall file one NIL return for the entire quarter. Facility for filing NIL quarterly return shall also be available by an SMS.
- There would be facility for continuous uploading of invoices by the supplier anytime during the month and such uploaded invoice shall be continuously visible to the recipient.
- Liability declared in the return shall be discharged in full at the time of filing of the return by the supplier as is being done at present in the present return FORM GSTR 3B.
- The main return shall have two main tables, one for reporting supplies on which tax liability arises and one for availing input tax credit. Return shall have annexure of invoices which shall auto-populate the output liability table in the main return.
- To address the problem of human error i.e. wrong entries being made in the return, there would be a facility for filing of amendment return.
- For change in liability of more than 10% through an amendment return, a higher late fee may be prescribed to ensure that reporting is appropriate in the regular return.
- Taxpayers who have a turnover upto Rs. 5 Cr. in the last financial year shall be considered small taxpayers shall have facility to file quarterly return with monthly payment of taxes.
- Small taxpayers having turnover upto Rs. 5 Cr. would have option to file one of three forms, namely – Quarterly return, Sahaj or Sugam.
For further details please refer the attached document. Draft GST returns and formats will be placed on Mygov.in portal, Government has requested the stakeholders to provide their feedback on the MyGov Portal.
Source: Central Board of Indirect Taxes & Customs
