Only quarterly return filing for 70% GST taxpayers from April

Outreach workshops for the new proposed GST returns filing system have already been held in 19 cities to make taxpayers as well as tax officials aware about the features of the new returns system, he added. As per the breakup of taxpayer base under GST, 7.06 per cent taxpayers have annual turnover over Rs 5 crore and contribute almost 85 per cent of the GST revenue. Under the new returns filing system, these taxpayers would need to file RET-1 by the 20th of every month. Other taxpayers with turnover below Rs 5 crore will need to file Sahaj return (B2C supplies) or Sugam return (B2C and B2B supplies) and their filing date would be the 25th of every month. Under the new returns filing system, it is proposed that the taxpayer will file RET-1/2/3, will pay the auto-populated liability from ANX-1 by utilising cash and ITC (auto-populated through ANX-2) both. The GSTN has also proposed doing away with the facility to amend invoices by the buyer while filing returns. There would be only unidirectional flow of returns, with supplier uploading the invoices in ANX-1 and the recipient accepting or rejecting them in ANX-2. At present, supplier files GSTR-1, recipient views the invoices in GSTR-2, edits and sends them back. This was creating multiple layers of to and fro of editing, therefore this feature is proposed to be done away with in the new system, GSTN officials said. The new returns filing system will be rolled out from April 1 next year. GST Council in its meeting last month approved further deferment of mandatory rollout of the new returns filing system to April 1, 2020 from the earlier proposed date of January 1, 2020. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Indian Expresshttps://www.turnkeylinux.org/user/899450

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