Goods and Services Tax – GST – Dated:- 21-6-2017 – New Delhi, Jun 21 (PTI) Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do. In an interview to PTI, Revenue Secretary Hasmukh Adhia said the notion that assessees will have to file three returns every month is unfounded and retailers or B2C dealers need not give invoice wise details every month. Eighty per cent of the businesses will have to simply file total turnover detail in return because they are all B2C dealers or retailers. Return filing is very easy, people need not worry about filin
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t is an auto-populated return. Click it and accept it online, he said. Adhia said retailer and B2C suppliers need not worry about the return filing procedure as they have to file only turnover wise detail in GSTR-1. While only B2B dealers have to file both GSTR-1 and GSTR- 2, retailers do not need to file the GSTR- 2 as they have to only match with what the dealer has uploaded on the GST Network. Ordinary people need not worry…It is not at all complex and people need not worry. 80 per cent of the businesses will have to just file total turnover, Adhia said. By 17th of the month, both the supplier and the recipient would have to reconcile the invoice details and file the third return (GSTR-3) by 20th of the month. GSTR-3 is combination of
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usinesses would have to give details of transaction, like invoice number, GSTIN of buyer, commodity sold or services given, value of the goods or services sold, the tax incidence and taxes paid. The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, has already relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime. As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier. As regards traders, manufacturers or eateries opting ha
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