NEW DELHI: The drafts of latest forms for submitting GST go back might be installed public domain by early next week for stakeholder session, a revenue legit stated on Thursday.
GST Commissioner Upender Gupta stated in the new go back submitting gadget 'nil' filers, who shouldn't have acquire or supplies in a quarter, can record returns by just sending an SMS.
The new go back forms will give solution 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 stated whilst addressing a trade assembly organised by CII.
The GST Council, chaired by Union finance minister Piyush Goyal, had last week cleared the new go back submitting form. It would change 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 stated.
The revenue department plans to place in position the new go back submitting gadget by January 1, 2019.
He stated the amendments to the GST law, as licensed by the Council, might be placed before Parliament in the ongoing monsoon session. Thereafter the state legislatures must move it and as a result the amended law will come into impact.
As according to the amendment, threshold for availing composition scheme might be hiked to Rs 1.5 crore, from Rs 1 crore at this time.
Gupta stated GST Council will take a final name as to when and by how a lot the composition scheme threshold would be hiked.
The amendments, among other issues, provide for a modification of reverse rate mechanism, separate registration for corporations having different trade verticals, cancellation of registration, new go back submitting norms and issuance of consolidated debit/credit notes masking more than one invoices.
Gupta, further, stated the Council has allowed companies registered in the previous Service Tax, VAT, excise regime to migrate to the GST regime by submitting software to tax government by August 31.
For such taxpayers who would migrate, overdue fee for submitting returns from July 2017 to August 2018 might be waived and they can perhaps declare transition credit.
GST Commissioner Upender Gupta stated in the new go back submitting gadget 'nil' filers, who shouldn't have acquire or supplies in a quarter, can record returns by just sending an SMS.
The new go back forms will give solution 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 stated whilst addressing a trade assembly organised by CII.
The GST Council, chaired by Union finance minister Piyush Goyal, had last week cleared the new go back submitting form. It would change 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 stated.
The revenue department plans to place in position the new go back submitting gadget by January 1, 2019.
He stated the amendments to the GST law, as licensed by the Council, might be placed before Parliament in the ongoing monsoon session. Thereafter the state legislatures must move it and as a result the amended law will come into impact.
As according to the amendment, threshold for availing composition scheme might be hiked to Rs 1.5 crore, from Rs 1 crore at this time.
Gupta stated GST Council will take a final name as to when and by how a lot the composition scheme threshold would be hiked.
The amendments, among other issues, provide for a modification of reverse rate mechanism, separate registration for corporations having different trade verticals, cancellation of registration, new go back submitting norms and issuance of consolidated debit/credit notes masking more than one invoices.
Gupta, further, stated the Council has allowed companies registered in the previous Service Tax, VAT, excise regime to migrate to the GST regime by submitting software to tax government by August 31.
For such taxpayers who would migrate, overdue fee for submitting returns from July 2017 to August 2018 might be waived and they can perhaps declare transition credit.
Draft GST return forms to be released by Monday
![Draft GST return forms to be released by Monday]()
Reviewed by Kailash
on
July 27, 2018
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