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New Simplified GST Return Forms Provide Relief To Small Taxpayers


The new GST return forms has come as a much needed relief to small taxpayers as the simplified form no more requires information that is difficult for them to produce. Also, for more than 90% of the taxpayers, the provision to file quarterly returns is now available.

Also, a new facility has been introduced using which those declaring 'nil' sales and amount to as much as 30-40% of the total taxpayers can file their returns via SMS.

New Simplified GST Return Forms Provide Relief To Small Taxpayers

There shall be also a questionnaire based on which taxpayer profiling will be done such that only relevant fields in the GST return form are available to the assessees. As in the case of small trader or manufacturer who are engaged in local selling or buying of goods may be required to file return in just few lines. In such an instance, some of the columns pertaining to export, supplies from and to SEZ will get auto-blocked from the return and only relevant and required fields will be visible as per the adequacy to be met by the concern taxpayer.

Also, based on the turnover of the taxpayer, now on GST return filing due date shall be staggered such as to not put pressure on the information technology framework of GST i.e. GSTN. In respect of taxpayers whose turnover exceeds Rs. 5 crore, the return filing date shall be 20th of the subsequent month (such taxpayers are prescribed to file return on a monthly basis).

In the GST return filing process i.e. though same for both monthly and quarterly returns continuous uploading in respect of invoices is needed to be done by suppliers. The invoices will then be liabilities for suppliers and for the recipient will be input tax credit.

In case of small taxpayers, compliance in relation to reporting of pending and missing invoices, non-GST supply and ITC for capital goods shall not be required. The draft document said, "This 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".

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