One-Page Return Filing Under GST Can Be Introduced For Taxpayers

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    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.

    One-Page Return Filing Under GST Can Be Introduced For Taxpayers

    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.

    Read more about: gst gstn
    Story first published: Saturday, February 24, 2018, 12:51 [IST]
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