In the expert committee today, the final call will be taken on the monthly GST return filing. In most likelihood, a one page return form for GST filing shall be finalized upon. The step would ease the compliance burden of most businesses which were initially required to file three returns on a monthly basis. The returns have to be detailed with inputs on sales, purchases as well as a summary of GSTR 3B.
In the return form, the taxpayers may be required to attach annexures in relation to purchase and sales. The annexures may also be carrying counter-party GSTIN, taxable value, supply place, invoice number and date.
The current regime necessitates businesses with turnover of upto Rs. 1.5 crore to file a GSTR-1 on a quarterly basis while those with a higher turnover have to file the GST return by the 10th of the following month.
But against this practise there can be approved a staggered filing system for different category of taxpayers under the GST.