Government Unveils Proposed GST Return

The new model proposes a "Upload-Lock-Pay" model for most taxpayers, in which invoices can be uploaded continuously by the seller and may be The government released on Monday the draft new statements proposed under the Goods and Services Tax (GST) system that proposes a single monthly return for all taxpayers except small taxpayers, composers, persons subject to withholding tax or collecting tax at source and the The return dates are staggered according to the registrant's business figure. Small taxpayers with an annual business turnover of Rs 5 crore will have the opportunity to file quarterly returns with the monthly payment of taxes on the basis of self declaration, the government said

Small taxpayers having a turnover up to Rs 5 crore will have to choose between three options – quarterly return, Sahaj or Sugam. The quarterly return will be similar to the monthly, but will not have the requirement of compliance with respect to outstanding and outstanding bills, supplies not subject to GST or exempt and details of the tax credit on inputs on capital goods. The annual return

"Sahaj" return will be the quarterly return for taxpayers with only B2C supplies on the outside and "Sugam" for both B2B and B2C supplies on the outside.

The new model offers a "Upload-Lock-Pay" model for most taxpayers, in which invoices can be uploaded continuously by the seller and can be viewed and locked permanently by the buyer to benefit input tax credit. The new model offers the download of invoices by the vendor no later than the 10th of the following month, which will then be displayed in the buyer's visualization facility by next 11th of the next month, which will then lock these bills .

Invoices sent by the supplier no later than the 10th of the following month must be permanently displayed in the recipient's visualization facility and the taxes payable on them, without any purchase or sale, must be sent by text message.

may be used as the input tax credit to be displayed in the relevant field of the input tax credit table of the recipient's return by the 11th of the following month. These invoices will be available for the input tax credit in the declaration filed by the recipient, "a note on the new declarations issued by the government."

However, invoices downloaded after the 10th of next month by the supplier must to be displayed in the relevant field of the next month's return of the recipient during the viewing must be continuous, he added.

According to the proposed new declarations, the input tax credit will depend on the supplier uploading the invoices the prescribed time limit. "Only invoices or debit memos uploaded by the vendor to the common portal will be the valid document to receive the input tax credit from the recipient," she said.

Invoices or debit notes The beneficiary of the input tax credit must be "missing invoices" and, if it is not tel

At its 27th meeting on May 4, the GST Council approved the new GST filing filing system, which will take approximately one year to come. More specific details of the statements were approved by the Council at its 28th meeting on 21 July, in which it also announced quarterly declarations and monthly tax payments for companies with thresholds of less than 30%. Annual business reached Rs 5 crore. , a decision that should benefit 93 per cent of GST ratepayers.

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