Immediately after taking over the new regime government has started the simplification of return filing process under GST.It will be or not that time will tell but in this post we will try to explain the transition planned and salient features of proposed return filing scheme and forms
In this new system continuous uploading of invoices will be available so this will distribute the load on server that is being pushed on and around last date of filing of return in current system.Also since the invoices are being updated on real time basis the timely action can be taken way in advance before filing of return.
One important feature is no reversal of ITC in case of the supplier not paying the tax except for in special cases being missing dealer, closure of business by the supplier.
The first response of revenue administration in case of default in payment of tax shall be to recover it from seller.
Turnover in previous year > 5 Cr
(Except small taxpayers ,ISD etc)
Turnover upto 5 Cr in previous year
Taxpayer who opt for monthly return shall be able to declare all types of outward supplies,Inward supplies and take credit on missing invoices
Turnover up to 5 crore in previous year
Taxpayer may opt to file Return (RET 1) at quarterly basis with No credit on missing invoices
Sahaj: B2C category only
- Sugam: B2C and B2B category
Large Taxpayer : 20th of month
Smaller Taxpayer: 25th of month
Periodicity of filing return:
- Deemed monthly for all category unless quarterly (if eligible) opted for
- New assessee allowed to file Monthly,Sahaj,Sugam or Quarterly
- change in periodicity only allowed once at the time of filing of first return
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