Viewing posts tagged Simplified Returns
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.
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 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.
3 months, 1 week ago
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.