Key features of Draft GST Simplified Returns
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 3-8-2018<\/p>\n
Key features of Draft GST Simplified Returns
\nThe GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the return formats and changes in law.
\nIn pursuance thereof, the CBIC has placed Note on draft GST simplified returns and return formats in public domain on July 30, 2018 for perusal and feedback of stakeholders. The Note on draft format of GST simplified return, inter alia, contains brief note which lists the salient features of the new return format and business process for the information of trade and industry and other stakeholders in two parts i.e. Part – A which specifies the Key featu<\/p>\n
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\n * Taxpayers having a turnover up to ₹ 5 Cr. in the last financial year shall be considered as small taxpayer, who will have optional facility to file quarterly return with monthly payment of taxes on self-declaration basis.
\n\tContinuous uploading and viewing:
\n * Facility of continuous uploading of invoices is available to supplier anytime during the month which shall also be continuously visible to the recipient.
\n * Invoices uploaded by the supplier by 10th of succeeding month shall be auto-populated in the liability table of the main return of the supplier.
\n * After the due date for the filing of return is over, the recipient shall also be able to see the return filing status of the supplier and thus be aware that whether the tax liability on purchases made by him has been discharged by the supplier or not.
\n\tDue date for uploading invoices and action to be taken by the recipient:
\n * Taxes payable on invoices uploaded by the supplier by 10th of the nex<\/p>\n
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\n\tUnidirectional Flow of document:
\n * The invoices or debit notes uploaded by the supplier shall be the valid document for availing ITC by the recipient.
\n * The Invoices or debit notes which have not been uploaded by the supplier and the recipient has availed ITC shall be considered as “missing invoices”. If such missing invoices are not uploaded by the supplier within prescribed time period, then ITC on such invoices or debit notes shall be recovered from the recipient.
\n\tMissing invoice reporting:
\n * Missing invoices shall be reported by the supplier in the main return for any tax period with interest or penalty as applicable.
\n * Reporting of missing invoices by recipient can be delayed up to two tax periods to allow recipient to follow up and get the missing invoice uploaded from the supplier.
\n * Taxpayers filing quarterly returns shall report missing invoices in the next <\/p>\n
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\n * Amendment of an invoice is only possible where ITC has not been availed and Invoice is not locked by the recipient.
\n * Invoices on which ITC has been availed by the recipient (i.e. locked invoices) will not be allowed to be amended by the supplier and to amend the reported particular of such invoices, a credit or a debit note will have to be issued by the supplier.
\n\tHSN:
\n * Now the table for reporting supplies with the tax liability at various tax rates shall not capture HSN but would continue to capture supplies at different tax rates as is the present practice.
\n * The details of HSN shall be captured at four digit or more in a separate table in the regular monthly return.
\n\tReturn format:
\n * The main return shall have two main tables – one for reporting supplies on which tax liability arises and one for availing ITC.
\n * Return shall have annexure of invoices which shall auto-populate the output liability table in the main return.
\n\tPayment of multiple li<\/p>\n
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\n * Thus, it is better to avail the amendment facility once all the invoices are uploaded, so that invoices reported late can also be amended through the amendment return.
\n\tAmendment of details other than that of invoice:
\n * All user entries of ITC table in the main return would be allowed to be amended.
\n * Change in the closing balance of ITC shall be affected based on the declaration in the amendment return of the taxpayer. Thus, the opening and closing balances of intervening month(s) shall not get impacted.
\n\tPayment due to amended liability & Negative liability:
\n * Payment would be allowed to be made through the amendment return as it will help save interest liability for the taxpayer. ITC, if available in the electronic credit ledger can also be used for payment of the liability in the amendment return.
\n * Negative liability arising from the amen<\/p>\n
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\n\tSupply side control:
\n * For a newly registered taxpayer and a taxpayer who has defaulted in payment of tax beyond a time period and\/or above a threshold, uploading of invoices shall be allowed only up to that threshold amount or only after the default in payment of tax is made good respectively.
\n * If the supplier does not make the default good, the invoice of such supplier shall not be populated in the viewing facility of the recipient and consequently, the recipient would not be able to avail ITC on such invoices till the default in payment of tax by the supplier for the past period is made good.
\n\tProfile based return:
\n * A questionnaire shall be provided to the taxpayer and only such part of return shall be shown to him which are relevant to his profile.
\n\tPurchase information in the annual return:
\n * Invoices\/ Supplies on which the recipient does not intend to take ITC but are kept pending or rejected will have t<\/p>\n
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\n * Small taxpayers having turnover up to ₹ 5 Cr. would have option to file one of three forms, namely – Quarterly return, Sahaj or Sugam.
\n * Quarterly return shall be akin to the monthly return except that it has been simplified and shall not have the compliance requirement in relation to –
\n * Missing and pending invoices as small taxpayers do not use these procedures in their inventory management.
\n * Supplies such as non-GST supply, exempted supply etc. as they do not create any liability.
\n * The details of ITC on capital goods credit shall also not be required to be filled.
\n These information shall be required to be filled in the Annual Return. Small taxpayers who would like to facility of missing and pending invoice may file monthly return.
\n\tQuarterly Return:
\n * Option to create profile in the quarterly return shall also be available. Sahaj and Sugam are predetermined profiles of the quarterly return.
\n\tSahaj and Sugam Returns:
\n * Small taxpayers ofte<\/p>\n
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