The returns filing under goods and services tax has gone through multiple changes since its implementation in 2017 July. The GST council had discussed numerous changes and procedure for a smooth transaction under the new indirect tax regime.
Let’s see how the procedure has changed in the last 10 months since implementation:
- After the GST filing got complexed, the GST Council has to suspend GSTR 2 and GSTR 3
- The extension of GSTR3B was done multiple times. First, it was done until December 2017, then secondly done till March 2018, and then after till June 2018. Now again it has been extended further for 6 months.
- While dates for filing of GSTR 3B has been fixed at 20th of the subsequent month
- Also, the deadline for form GSTR 1 has been extended to 40 days from the month end of transactions. The timeline is shortened in a phased procedure.
- In this, the GoM was found an i.e. group of ministers under the Bihar deputy chief minister Sushil Modi upon the suggestions of Infosys chairman.
Latest model and GST structure approved by GST Council:
First stage
- The current model of forms GSTR 1 and GSTR 3B are said to continue for again six months with the GSTR 1 timeline being reduced.
Second stage
- The invoice is slated to be uploaded by the seller but the provisional credit will be rewarded to the buyer according to his calculations, even the seller forgets to upload the invoice related to the items.
- GST network is now prepared to remind the buyers of multiple credits available and input tax credit they have received. In this case, the buyer can ask the seller to upload the invoice remaining pending over the portal.
- Now the taxpayers will have to file one tax return per months, leaving those who have no transactions or for those who are under the composition scheme.
Third stage
- Credit will now be based on the seller invoice uploaded while no provisional credit.
- The taxes will be recovered from the seller by the government and in any other case, the taxes will be given by the buyer.
- While all the other processes will be coming under stage two.
