Viewing posts tagged GST Updates
Currently, the details of outward supplies are filed through GSTR 1 and in the new filing regime, the details of outward supplies will be part of Annexures of the Main Return will be populated. Here is the comparative analysis of details which are provided now and what will be needed in simplified GST returns.
Taxpayers having the turnover above Rs. 5 crores commonly known as large taxpayers need to currently file two GST returns each month. As per proposed new formats the large taxpayer will need to file only one return a month, referred to as Main Return. Let’s understand the key differences between the current and new return process and filings
The previous GST Council meeting approved the simplified process and format for GST returns. The new GST returns are now released for stakeholder feedback and comments. Here are key highlights of the new GST returns and process.
The 28th GST council meeting was held on 21 July 2018. In the meeting, the new return formats and process were approved. Single monthly return for most of the taxpayers will be a reality.
The provisions related to tax deducted at source (TDS), tax collected at source (TCS) and reverse charge mechanism under GST have been deferred for another three months till Sept 30, 2018. Earlier this year in the GST Council meeting, these provisions were deferred till March 31, 2018 and now additional three months extension has been notified.