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Comparative Analysis of New Main Return and existing GSTR 1

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.

Overview of New GST Returns

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.

Analysis of the changes expected under Simplified GST Returns

The GST Council, in its last meeting on 4th May 2018, decided to go ahead with Simplification of Returns based on the recommendations placed by GoM led by Shri Sushil Kumar Modi. The roll-out is expected to happen over a period of a year and many measures have been taken to reduce the burden on the taxpayers and ease out the filing process. Monitoring and other mechanisms to keep a watch on reporting of fraudulent transactions have also been one of the considerations while devising the new process for GST returns. 

GST Council Approves Simplified Return Filing

The GST council in its 27th Meeting held on 4th May 2018 has given a nod for return simplification. The new returns will be implemented in a staggered manner.

How do E-way bill rules impact the Unregistered Persons?

E-way bill provisions have come into effect from 1st April 2018 for inter-state transactions and in a staggered manner will be rolled out for intra-state transactions by 1st June 2018.