Return Simplification
The GST Council approved the new return formats and associated changes in law. These changes are as follows- All taxpayers excluding small taxpayers and a few exceptions like ISD etc. will 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.
- 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) will be given facility to file return by sending SMS.
The Council also gave its nod to quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr as an optional facility. 93% of the taxpayers have a turnover of less than Rs 5 Cr and these taxpayers would benefit substantially from the simplification measures proposed improving their ease of doing business Quarterly return will be similar to main return with monthly payment facility but for two kinds of registered persons – small traders making only B2C (business to consumers) supply or making B2B (business to business) + B2C supply. For such taxpayers, simplified returns have been designed called Sahaj and Sugam. In these returns details of information required to be filled is lesser than that in the regular return.
The new return design provides facility for amendment of invoice and also other details filed in the return. Amendment will be carried out by filing of a return called amendment return. Payment would be allowed to be made through the amendment return as it will help save interest liability for the taxpayers.
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