GST Monthly returns proposed - Clear Tax, Monthly vs. Quarterly GST Returns - Comparison Analysis
The GST Council in its 27th meeting
approved the GST return design, in addition to the key features and draft
formats approved in the 28th meeting. The special features of these monthly
profits will be:
1. Monthly return for the major taxpayer
(20th of next month)
2. Quarterly NIL returns and
quarterly returns can be submitted via SMS.
3. Small taxpayers (less than 50 million
turnovers) will file quarterly returns while payment will be made every month.
4. Constant updating and viewing of
invoices.
5. Self-acknowledged liability in
case of non-return of the invoice is uploaded.
6. Unilateral flow of documents to
claim the input tax credit.
7. Invoice reporting with interest
and penalty after 2 tax periods.
8. Offline IT tool in Excel with
filtering facility.
9. No automatic reversal of input tax
credit and recovery will be done through any proper process.
10. Locking invoices that indicate
acceptance of entry into the transaction.
11. In case of rejection of receipts
by the tax collector, the recipient erroneously refers to GSTIN.
12. Pending and changing invoices
13. Locking and unlocking invoices.
14. Controlling HSN to 4 or more digits
in return.
15. Two important things in return -
one for reporting supplies and the other for getting an input tax credit.
16. Payment of various obligations.
17. Return edits to correct human
errors.
18. Replacement of lost receipts and
other details
19. Late payment for liability due to
alteration and refund of the amendment.
20. Facilitate monthly accounting and
evaluation on the aggregate portal.
21. Facility to upload shipping bills
in case of exports.
22. Provide data in ICEGATE
23. Input tax credit based on self-declaration until data is transferred from ICEGATE to SEZ online.
24. Supplier side control in the
interest of the recipient.
25. Profile Based Returns reporting
based on his profile to show him only a few types of supplies.
26. Purchase information in annual
return.
27. Suspension of registration if the
registered person applied for cancellation of registration.
28. Convenient (B2C external
equipment) and easy return (B2B + B2C external equipment)
Improving GST returns will reduce
taxpayer compliance costs. A few more scientific mistakes will not start legal
proceedings. There will be a questionnaire for taxpayers who choose quarterly
filings and check eligibility to enable profile-based returns. Drafted returns
were made available online and will be available once approved.
Taxpayers will have to wait and see
how this simplification will help them. Hopefully, this will not make filing
more difficult as GSTN is ready to keep the amount of data safe and the network
will face repeated crashes. With a lot of questions in mind, let's end the note
and consider how the invoice for this sale will be treated in return.
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