The present GST return system had a manual process of fetching the sales invoice data for the purpose of matching with the ITC reported by taxpayers. Whereas the New GST return system automates the process to greater extent giving visibility of the process to both the parties -suppliers and the recipients.
At present, GST returns requires details of sales and exports to be reported in GSTR-1 return, as well as the summary ITC and tax to be declared in GSTR-3B for regular taxpayers.
The ITC amount is claimed on a provisional basis and involves reconciliation with GSTR-2A. The reconciliation results in either excess credit claims or short of claims. The taxpayer can adjust this difference in subsequent returns earlier of two dates for a given financial year. 1) Due date of filing GSTR-3B for September of the next year or 2) Due date of Annual returns for that financial year.
New GST return is aimed to simplify the current return filing process which has multiple returns. The new system and format of the GST returns was initially introduced in the 28th GST Council meeting meeting held on 21 July, 2018.The return prototype gave a concrete picture of how the returns look like in actual and the detailed process of filing too.
Below are some of the benefits of simplified returns which makes its introduction a necessary move:
Simplified returns are profile based returns. A lot of supplies come under the ambit of GST. However, most of the dealers deal with only a few supplies. Thus, a profiling questionnaire will enable the GST return format to display only those information fields that are relevant to the taxpayer’s profile.
Invoices can be uploaded by the supplier on a continuous and real-time basis, which will be available for action to be taken by the recipient.
The simplification in forms and filing procedure will lead to lower compliance costs.
Taxpayers will be able to amend their returns once filed, and file up to two amendment returns for a tax period.
Who this course is for:
Tax Practitioners, Chartered Accountants & CA Students
10 sections • 103 lectures • 8h 11m total length
Basics of Old GST Returns I
Place of Supply : Importance & Cases
Time of Supply : Importance of time of supply
Time of Supply : GST Compliances, Time of Supply for Goods & Services
Value of Supply : Importance of value of supply
Value of Supply : Determination of value of supply in different cases
Cleartax aims to educating india towards GST. We have been conducting offline workshops, webinars and quizzes to make the community GST ready. We were born in 2009 and we have more than 10,000 Ca's already with us. We have conducted more than 50 workshops, published more than 50+ hours of educational material to help India under GST era