Viewing posts tagged Simplified GST Returns
The recent update of GSTN portal with Simplified Returns suggests GST team’s earnestness towards simplification of tax filing. The simplified taxation forms are need of the hour, especially for small taxpayers. The 27th Council Meeting and 28th Council meeting paved the way for the reforms and now Sahaj, Sugam and Quarterly(Normal) will be on pilot basis from April 1, 2019 and will be mandated from July 2019.
GST, the biggest tax reform in the country, will undergo another major revamp w.e.f. April 1, 2019. While the 27th GST Council Meeting approved Simplified Returns, the 28th GST Council Meet laid down the rules on Return Simplification. After this, return forms: GSTR 2 and GSTR 3 were suspended due to their complex structure and GSTR 1 and GSTR 3B were retained.The transition to new simplified forms was divided in 3 phases, last being avilability of Simplified Returns on the portal, and few days back, the Simplified Returns were released on the GSTN portal. The pilot starts from April 1, 2019 which shall be made mandatory from July 1, 2019.
As GSTR-9 is the talk of the town, find out what you need to know about GSTR-9 to ensure error- less filing and complete compliance
Annual return is a statement of return which is required to be filed annually by each registered person (except few specified categories of persons) under GST giving summarized details of outward supply and taxes paid thereon , input tax credits claimed, taxes paid and refund claimed in the financial year in respect of which such annual return is filed. Notification dated Sept 4th, 2018 specifies the new format for filing annual returns. The Annual Return consists of various forms applicable to different type of taxpayers
Find out what the new simplified return forms; Sahaj & Sugam are and how they will affect return filing for small taxpayers.