With an aim to help taxpayers with the New Simplified Return System, a new beta version of the Offline Return Tool has been released on the GSTN portal.
Simplified GST Returns is expected to simplify indirect taxation for the taxpayers, and provide a boost to the economy in India.
Under the Simplified Returns regime, a taxpayers may notice the below-given 5 key changes in the return filing system
As per the transition plan for simplified GST Returns released by the CBIC will witness following updates in the current GST return filing system:
The new return system is expected to be introduced, mandatorily, onto the current GST Returns system of India in the month of October, 2019.
The CBIC has finally released the road map for Simplified GST returns implementation to ease the transition process.
The pilot for New Returns- Sahaj and Sugam, was to start from April 1, 2019 and the mandatory filing to start from July 2019.
It is a very famous saying that nothing is perfect. This saying goes very well when it comes to New returns.
CBIC has released their transition plan for these return forms, until then here is everything you should know about New return forms.
Outward supplies are filed through GSTR 1 and the tax liability is discharged based on the summary provided in GSTR 3B for outward supplies and ITC claimed.
In the previous GST council meeting, the principles and approach for return simplification had received a nod and a committee for finalising the return formats and process was formed. In the meeting today, the new return formats and process were approved.
The roll-out is expected to happen over a period of a year and many measures have been taken to reduce the burden on the taxpayers and ease out the filing process.
