GST Council has approved the new return formats for the filing of GST returns. As per the press release the new format approved small time tax payers will now have the option of filing quarterly return with monthly payment of tax in a simplified return format.
The GST Council in its 28th meeting held here today under the Chairmanship of Piyush Goyal , Union Minister for Railways , Coal , Finance & Corporate Affairs has approved the new return formats and associated changes in law. The formats and business process approved today were in line with the basic principles with one major change i.ethe 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 etc. 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.
The 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.