GST Council approves New GST return filing model

GST Council on Friday in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification.

Giving the details of the recommendation and new GST Return Filing Model, Finance Minister Arun Jaitley said the Council discussed the recommendations made for making the return filing process easy and approved the new Model under which all taxpayers excluding a few exceptions like composition dealer shall file one monthly return.

This will come in place after six month as the software has to be developed. Once it is ready, it will be put in the system and next 6 month will be transitional period. Once we found it fine, it will be in place after that making the entire process easy.

He said return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility to file quarterly return.

On the occasion, Revenue Secretary Hasmukh Adhia said there shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the month.There shall not be any need to upload the purchase invoices also. Invoices for B2B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.

He added that the B2B dealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by his sellers. Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices.

He said there shall not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery shall be made from the seller however reversal of credit from buyer shall also be an option available with the revenue authorities to address exceptional situations like missing dealer, closure of business by supplier or supplier not having adequate assets etc.

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