Draft GST Return Forms To Be Released For Public Comments By Monday
The drafts of new forms for filing Goods and Services Tax return will be put in public domain by early next week for stakeholder consultation, a revenue official said today.
GST Commissioner Upender Gupta said in the new return filing system 'nil' filers, who don't have purchase or supplies in a quarter, can file returns by just sending an SMS.
The new return forms will give option to taxpayers to make amendments till September next year.
The GST Council, chaired by the Union Finance Minister, had last week cleared the new return filing form. It would replace the current GSTR-1 and GSTR-3B forms.
The revenue department plans to put in place the new return filing system by January 1, 2019.
Amendments to the GST law, as approved by the Council, will be placed before Parliament in the ongoing monsoon session, Gupta said. Thereafter the state legislatures will have to pass them and consequently the amended law will come into effect.
As per one amendment, the threshold for availing composition scheme will be hiked to Rs 1.5 crore, from Rs 1 crore at present.
The amendments also provide for a modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.
Gupta, further, said the Council has allowed businesses registered in the earlier Service Tax, VAT, excise regime to migrate to the GST regime by filing application to tax authorities by August 31.
For such taxpayers who would migrate, late fee for filing returns from July 2017 to August 2018 will be waived and they can possibly claim transition credit.