Advertisement
Saturday, Dec 10, 2022
Outlook.com
Outlook.com

Draft GST Return Forms To Be Released For Public Comments For One Month By Monday

The GST Council, chaired by Union Finance Minister, had last week cleared the new return filing form. It would replace the current GSTR-1 and GSTR-3B returns.

Draft GST Return Forms To Be Released For Public Comments For One Month By Monday
| REPRESENTATIVE IMAGE-FILE
Draft GST Return Forms To Be Released For Public Comments For One Month By Monday
outlookindia.com
2018-07-26T15:18:00+05:30

The drafts of new forms for filing GST return will be put in public domain by early next week for stakeholder consultation, a revenue official said on Thursday.

GST Commissioner Upender Gupta said in the new return filing system 'nil' filers, who don't have purchase or supplies in a quarter, can file returns by just sending an SMS.

The new return forms will give option to taxpayers to make amendments till September next year.

“We will put the new return filing format in public domain by Monday. Industry can send their comments on the form for one month. Your feedback will help further improve the system,” Gupta said while addressing a industry meeting organised by CII.

The GST Council, chaired by Union Finance Minister, had last week cleared the new return filing form. It would replace the current GSTR-1 and GSTR-3B returns.

“A new return system has been approved by the GST Council wherein the nil filers where there is no supply or purchase in a quarter, return can be filed by sending an SMS,” Gupta said.

The revenue department plans to put in place the new return filing system by January 1, 2019.

He said the amendments to the GST law, as approved by the Council, will be placed before Parliament in the ongoing monsoon session. Thereafter the state legislatures will have to pass it and consequently the amended law will come into effect.

As per the amendment, threshold for availing composition scheme will be hiked to Rs 1.5 crore, from Rs 1 crore at present.

Gupta said GST Council will take a final call as to when and by how much the composition scheme threshold would be hiked.

The amendments, among other things, provide for a modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.

Gupta, further, said the Council has allowed businesses registered in the earlier Service Tax, VAT, excise regime to migrate to the GST regime by filing application to tax authorities by August 31.

For such taxpayers who would migrate, late fee for filing returns from July 2017 to August 2018 will be waived and they can possibly claim transition credit.

(PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement