Categories: Governance

How to file GST returns in new format

The 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…

Reading Time: 2 minutes

The 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.

Share
Published by
Tags: Featured

Recent Posts

5 Years of Modi – Is Indian Real Estate’s ‘House’ in Order?

Like it or lump it, but Modi’s victory in 2014 ushered a new era in Indian real estate – starkly…

3 months ago

Mumbai Port Trust – Multiple Issues, No Easy Solutions

No discussion about Mumbai’s notoriously land-starved real estate market is complete without mentioning the massive tracts of land held by…

4 months ago

Southern Cities Took the Lead for Real Estate Activity in 2018

Year 2018 was a mixed bag of highs and lows for the Indian real estate sector. The initial pangs of…

4 months ago

Interim Budget 2019 – Affordable Housing Gains Amidst High Electoral Pitch

The interim budget was more or less a vote bank-facing exercise - an electoral pitch that drew attention to past…

5 months ago

NRIs – Know the Score Before Buying a Property in India

Whether the real estate market remains bullish or bearish, NRIs prefer a place back in India - not just for…

5 months ago

Renting Instead of Buying a Home? Take a Deep Breath

The Government's much-touted aim to deliver Housing for All by 2022 may not have met with spectacular success in terms…

5 months ago