GST Committee Report on Returns

The empowered committee on GST has published its report on the proposed procedures for GST Returns.

The Salient Features of this report on GST Returns are as follows :-

  1. There will be 8 Forms under GST
  2. All assessees has to file the GST Returns (Including NIL Returns)
  3. The periodicity of Return filing is Monthly , Quarterly & Yearly according to the type of assessee (Regular/Compounding)
  4. Monthly 3 Returns to be filed. (viz.,) Outward Supplies, Inward Supplies and Consolidated return
  5. Automatic update of Purchase invoice details based on the selling dealer’s returns, which can be modified, added, deleted.
  6. The monthly return will be auto-populated based on the other returns filed. However, the tax payer can fill the missing details.
  7. Both Online & Offline mode of filing permitted.
  8. Periodic Upload (daily,weekly etc.,) of information relating to returns permitted.
  9. The return shall be prepared by the assessee himself or through TRP (Tax Return Preparer)
  10. There will be no revision of returns.
  11. The unreported/missing invoices will be taken in the month in which it is intended to be included.
  12. Annual Return shall be filed by all dealers
  13. A reconciliation Statement , duly certified by a Chartered Accountant will have to be filed by those taxpayers whose accounts are required to be audited under section 44AB of the Income-tax Act,1961. Currently, the limit is Rs. 1 Crore.

The copy of the GST Committee report on Returns is provided below. The comments on the same can be given in www.mygov.in portal :-

[gview file=”http://bssridhar.com/blog/wp-content/uploads/2015/10/gst-returns-committee-report.pdf”]

Source :- www.mygov.in