The Goods and Services Tax (GST) council has decided to have a single monthly return for businesses in a move to simplify the GST return process and thus increase the compliance. The decision was arrived today at the GST council meeting which was chaired by Finance Minister Arun Jaitley.
The single monthly return will take at least six months to get fully operational and till then the existing system of GSTR-3B and GSTR-1 will continue, Hasmukh Adhia, Finance Secretary said.
Simplifying the GST returns filing is one of the long-term existing agenda of the GST Council.
Hasmukh Adhia also said that the single filing return will be applicable to everyone except for businesses opting for composition scheme and which are not filing any returns.
The new single monthly return for B and C will have details regarding the total turnover, for B to B it will have details of all the sales invoices along with 4-digit HSN code.
During the transition phase, the return design will have a separate column in which the dealer will be able to claim provisional credit at his own calculation for a period of more than six months, irrespective of whether or not the seller has uploaded the invoices, Hasmukh Adhia added.
"The Council has approved the new system of GST return but the software will take six months to get fully operationalized," Finance Minister Arun Jaitley said.