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The GST Council on Friday unveiled a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place.

鈥淚t will take about six months for GSTN to prepare for it Patric Hornqvist Olympics Jersey , so for that period the current arrangement of GSTR3B and GSTR 1 will continue. This will be the first phase of transition where the current system will continue for the next six months,鈥?said Finance Secretary Hasmukh Adhia.

Adhia added that in the next six months the new system of return will have a single system of return for every taxpayer. 鈥淐omposition dealer and zero transaction dealers will continue to file on a quarterly basis. Today, we find that the returns which are filed, 30% are nil returns Filip Forsberg Olympics Jersey , which means there is no transaction on them,鈥?Adhia said.

In the case of B2C, the new return will contain the details of total turnover and in case of B2B it will contain the details of all sales invoices with the dealers. 鈥淭he taxpayer would have to put invoice-wise details along with HSN code,鈥?says Adhia.

In the transition phase Loui Eriksson Olympics Jersey , which is after six months of the return being prepared, there will be a separate column for the dealer to claim provisional credit based on his own calculation. 鈥淭his will continue for a period of six months and this will be the second phase of transition, which means during this period we will allow provisional credit to be carried by the dealer irrespective of whether the seller from who he has bought the goods has uploaded the invoice,鈥?said Adhia.

The finance Secretary added that during this six months the GSTN will continuously feed the taxpayer with information about the gap between what he is claiming as credit and what he is supposed to get basis the invoice uploaded by the seller. 鈥淭hat gap percentage will be known to the taxpayer and he would get time of six month to bring it down Nicklas Backstrom Olympics Jersey ,鈥?said Adhia.
The third phase, which would start after the six months or around April 2019, would see invoice matching happening on a monthly basis.

According to KPMG India, Partner Anton Stralman Olympics Jersey , Priyajit Ghosh, continuance of existing system of summary return (3B) and invoice level return (GSTR 1) for next six months is a good move as GSTN would need time to implement the new system.

鈥淒ecision on introduction of a single return after six months with provisional credit would allow sufficient window to GSTN and the buyers to reconcile the credit. After six months finally, credit would be allowed to the buyer only upon filing of return by the supplier and payment of tax. Implementation of the last phase would depend upon experience of the tax payers and GSTN which needs to be watched out for. The last phase would require an ecosystem of timely filing and payment of tax leading to redesign of the existing processes around supplier payment, indemnity Niklas Kronwall Olympics Jersey , etc. at the buyers end,鈥?says Ghosh.

鈥淭he GST Council, in today鈥檚 meeting, approved the new model for filing GST returns. Such model of filing single monthly return would reduce the compliance burden significantly from the multiple filings currently required in a month. There were several meetings with industry forums held by the Group of Ministers that was examining a new system of returns Erik Karlsson Olympics Jersey ,鈥?said Saloni Roy, Senior Director, Deloitte India.

Here are the details:
One monthly Return: All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility to file quarterly return.

Unidirectional Flow of invoices: There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the e shall not be any need to upload the purchase invoices also. Invoices for B2B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.

Simple Return design and easy IT interface: The B2Bdealers will have to fill invoice-wise details of the outward supply made by them, based on which the syst Wholesale Jerseys From China Wholesale NFL Jerseys