Governance

How to file GST returns in new format

gst-2459328_960_720The government has recently modified the due date for filing of final Goods and Service Tax (GST) sales returns.

The Central Board of Indirect Taxes and Customs (CBIC), in a notofication, said, for businesses, whose turnover exceed Rs. 1.5 crore, will now have to file the GSTR-1 (final sales return) of a month by 11th day instead of the earlier set deadline of 10th day of the next month.

For businesses, whose turnover are up to Rs. 1.5 crore, and those who are required to file quarterly returns, the GSTR-1 needs to be filed by the last date of the subsequent month.

Here is everything that you need to know about filing of GST returns in new format:

1. The GSTCouncil has simplified the return filing process for small businesses, and in principle, has approved the new return formats and associated changes in
law for small businesses.

2. Taxpayers who have a turnover upto Rs. 5 crores in the previous financial year shall have facility to file quarterly return with monthly payment of taxes on self-declaration basis, informed Minister of State for Finance Shiv Pratap Shukla.

3. For such taxpayers, simplified returns have been designed called Sahaj and Sugam.

4. Those 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.

5. NIL return filers shall have the facility to file return by sending SMS.

6. The Goods and Services Tax Network (GSTN) will focus on development of new return filing system, improving the user interface and business intelligence and analytics.

7. It is working to improve the “Offline Tool” for returns under GST and is focusing on improving the user interface constantly.

8. The user interface of FORM GSTR-3B has been made simpler and user friendly.

9. Taxpayers have been given the facility to file NIL return by simply pressing one button.

10. Further, GSTN is working on business intelligence and analytics such as predictive analysis, statistical scoring, 360 degree view of taxpayers etc.

11. Comparison of data in FORM GSTR-1 and FORM GSTR-3B is being done by GSTN for tax liability analysis.

12. Reports based on such analysis are being shared with tax authorities for taking necessary action.

Sreya Basu

Sreya is based in Kolkata. She is a Senior Editor of Big Wire.

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