GST Return Simplification:
·
GSTR 1 and GSTR 3B will continue for the next 6 months.
· New single-return plan will go live after 6 months. Thus, now it
will be only 12 returns a year, instead of 36.
· Post the new return going live, provisional credit can be claimed
by the taxpayers in the transitional phase of 6 months.
· The GSTN will show the buyer, invoices uploaded by the seller
and thus buyer can check the gap between the credit claimed by him and actually
allowed to him.
·
After 6 months of this transition period, if it is noticed that
after uploading the invoices, the seller has not paid the tax amount to the
government, GSTN has all the right to recover these taxes from the buyer. There
will be no automatic reversal of credit from the buyer in these cases.
·
No provisional credit can be claimed after this 6-month transition
period.
·
Nil return preparers and Composition dealers will file GST
returns quarterly
Rates:
· Sugar Cess implementation has been postponed. The government
believes that there should be a better way to increase revenue for the benefit
of the farmers.
·
Duties on Ethanol - Reduction in rate suggested.
· A group of ministers expected to work on these two above mentioned
points and make recommendations within two weeks.
For Expert Assistance in GST Advisory, Filing, Invoicing, Accounting call us at 9900397777 mail us at info@preethamandco.com
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