NEW SIMPLE GST RETURN, WILL BE AVAILABLE FROM APRIL 2019 - GST NEWS
The New simplified GST return forms will be rolled out from 1st April 2019, Revenue Secretary Ajay Bhushan Pandey said.
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He said that the government will achieve the budgeted target for GST Tax collection and revenue department is getting inputs about entities which are evading taxes. Until the new forms are roll-out, businesses will be required to continue filing GSTR-1 and GSTR-3B.
Under the new GST form design, columns asking questions, which many small taxpayers found difficulty, have been done away with. The new forms will work on the concept of Upload-Lock-Pay.
New return shall have two main tables – One for reporting Outward Supplies and one for availing Input Tax Credit (ITC).
In the new return, ITC would be based on invoice uploaded by the supplier. Further, the invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer.
READ ALSO : FAQ’s On Form GSTR-9 (Annual Return) - GST NEWS
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