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Pratibha Devasenapathy   Mar-25-2020
Except for the periodicity of filing return, the form type, format and details required to be furnished are similar to monthly returns.
The objective of the New Simplified GST Returns is to completely knock off the tax evasion pan India so that the transparency and equality can be attained under the indirect tax mechanism
GST Return Filing Date for March-May Extended till June Amid Corona Virus
Moving to New Financial Year
QUARTERLY GST RETURN FORM RET-1
Difference between Old Vs New GST Return System
39th GST Council Meeting: Key Highlights
FAQs on Data Security
Headed by honourable Finance Minister, Nirmala Sitharaman, several key decisions were taken during this meeting. Below are the key highlights from the 39th GST council meeting.
Sugam is a new GST return for small taxpayers whose aggregate turnover in the financial year does not exceed 5 Crores and their outward supplies consist of B2B as well as B2C.
Sahaj is a type of GST returns for small taxpayers whose aggregate turnover in the financial year does not exceed 5 Crores and their outward supplies are of B2C nature.
Going forward, businesses should make provision for a new form of issuance of invoices and leverage the benefit of technology with which the e-invoice system is built.
The increased threshold will ensure that around 90% of businesses will benefit the simpler compliance under the new GST return framework.
Having said there are different returns, the immediate question which comes to mind is what are the returns that are available on the GST shelf? Which return should I shop on the GST portal?
In GST Sahaj form, the taxpayer needs to furnish the consolidated outward supplies details at rate-wise (5%, 12% etc.) and place of supply-wise
Different new and simplified GST return forms have been introduced considering the diversity of businesses operating in the country.
As per the decision taken at the 39th GST Council Meeting, the revised date for implementing the new GST return system is 1st October 2020.