In India, the Government has planned to make new accessible Goods and Services Tax (GST) return forms to be launched from April 1. This initiative is taken to ease the filling process by the GST Council for the tax-payers.
Ajay Bhushan Pandey, newly appointed as the Revenue Secretary also the CEO of UIDAI said “The government is targeting April 1 for the roll-out of new GST return forms. Until the new forms are roll-out, Tax-payers will be required to continue filing GSTR-1 and GSTR-3B.”
Pandey being confident about achieving the budgeted target for GST collection, he said the refund process is being further streamlined to make it completely online and friendly for tax-payers.
The government has collected over Rs.7.76 lakh crore as GST in the first eight months (April-November) of the current fiscal. The 2018-19 budget had estimated annual GST collection at Rs. 13.48 lakh crore, which means a monthly target of Rs. 1.12 lakh crore.
The revenue department, whose monthly target from GST is around ₹1 lakh crore, was short by ₹4,000 crore in GST collection in November. GST collection in November was Rs. 97,637 crore.
Under the new GST form design, columns asking questions, which many small taxpayers found difficult, have been solved. The new forms will work on the concept of Upload-Lock-Pay.
Here’s how the system will work:
- New return to contain two main tables – One for reporting outward supplies and one for availing Input Tax Credit (ITC).
- ITC would be based on invoice uploaded by the supplier.
- Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer.
- Optional facility of filing quarterly returns in forms ‘Sahaj’ (only B2C supply) and ‘Sugam’ (B2C + B2B supply) for small taxpayers having turnover below Rs. 50 million.
– Apparel and Textile News, Apparel Talk, Indian Apparel
