The Government of India is now ready with the new GST return filing system. The new return filing system will ensure simplification of filing process under GST.
The decision to roll out the new return system lies in the hands of the GST Council. However, it is not the correct time to implement the same in the wake of upcoming Lok Sabha elections. The assessees will have to continue filing GSTR 3B may be until May or June next year.
The GST council has already approved the format of new returns on July 21. The new system will exempt small taxpayers from filing monthly returns under GST. Also, taxpayers with a turnover less than Rs. 5 crores will be required only to file a quarterly return.
The normal taxpayers will be relieved of the obligation to file two monthly returns, currently. They will only have to file a single monthly return with only two main tables of outward supplies and input tax credits claimed by them.
Moreover, the buyers will have a ‘viewing facility’ window in the new system to lock a particular invoice for availing the input tax credit on the same; this will ensure that the large part of the return will be automatically filled up based on the invoices uploaded, and locked by the buyer and seller.
As per the report, architectural work and the business processes are going as per the schedule set by the council. The current return filing system is very cumbersome for the traders as they have to file two returns in a month. The new return filing system will be simple, but its rollout date will get delayed due to the 2019 elections.
We can expect the release of the user-friendly new return filing system under GST only after the Lok Sabha elections of 2019.
I am an aspiring Chartered Accountant. I spend most of my free time dredging through the various Indian finance subreddits. I am a semi-professional bowler with a high strike rate every time there is a new tax reform!