The empowered committee on GST has published its report on the proposed procedures for GST Returns.
The Salient Features of this report on GST Returns are as follows :-
- There will be 8 Forms under GST
- All assessees has to file the GST Returns (Including NIL Returns)
- The periodicity of Return filing is Monthly , Quarterly & Yearly according to the type of assessee (Regular/Compounding)
- Monthly 3 Returns to be filed. (viz.,) Outward Supplies, Inward Supplies and Consolidated return
- Automatic update of Purchase invoice details based on the selling dealer’s returns, which can be modified, added, deleted.
- The monthly return will be auto-populated based on the other returns filed. However, the tax payer can fill the missing details.
- Both Online & Offline mode of filing permitted.
- Periodic Upload (daily,weekly etc.,) of information relating to returns permitted.
- The return shall be prepared by the assessee himself or through TRP (Tax Return Preparer)
- There will be no revision of returns.
- The unreported/missing invoices will be taken in the month in which it is intended to be included.
- Annual Return shall be filed by all dealers
- A reconciliation Statement , duly certified by a Chartered Accountant will have to be filed by those taxpayers whose accounts are required to be audited under section 44AB of the Income-tax Act,1961. Currently, the limit is Rs. 1 Crore.
The copy of the GST Committee report on Returns is provided below. The comments on the same can be given in www.mygov.in portal :-
[gview file=”http://bssridhar.com/blog/wp-content/uploads/2015/10/gst-returns-committee-report.pdf”]
Source :- www.mygov.in
