Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier. While giving the interview to the media sources, Revenue Secretary Hasmukh Adhia cleared that the hype of individuals or assessees will have to submit three returns in a month is baseless and B2C dealers or retailers would not be required to provide invoice details every month.
Adhia said that “Eighty percent of the businesses will have to simply file total turnover detail in return because they are all B2C dealers or retailers. Return filing is very easy, people need not worry about filing process, it is very transparent and is done by machine. “While explaining the process of filing returns, he said when a businessmen or supplier uploads the information of sale invoice, a GST Return-1 form will be created on the date of 10th in next month.
The details of a GSTR-1 form will be automatically modified in the GSTR- 2 Form (GST Return-2) which is to be filed on the 15th date of next month within a few clicks on the computer. Under GSTR- 2 there is no need of filing full return. Adhia also added that “GSTR 2 is not to be filed by anybody. It will be appearing on the computer on their own account and they can confirm it. If there is any transaction missing in purchase which computer is not showing because the person from whom you bought has forgotten to put it, then you get a right to add it. It is an auto-populated return. Click it and accept it online.”
He further added that B2C suppliers, businessmen, and retailers should not be worried regarding the submission of returns, they are required to submit taxes only on the basis of turnover which is mentioned in the GSTR-1 form. Whereas B2B dealers are required to submit both GSTR-1 and GSTR- 2 and retailers are not required to submit the taxes of GSTR-2 as they have to match it with what the dealer uploaded on the GST Network.
Adhia said that “Ordinary people need not worry…It is not at all complex and people need not worry. 80 percent of the businesses will have to just file total turnover.” The supplier and the recipient must have to restore the invoice details on 17th date of a month and also have to submit the 3rd return (GSTR- 3) by 20th of a month.
GSTR-3 is a collection of GSTR-1 and GSTR-2, and it can be generated automatically through the computer. It helps to provide the details or information of total output tax liability, input tax credit and the difference between them can be considered as tax liability for the month.
Revenue Secretary Hasmukh Adhia said that “Out of three returns which are prescribed, only one return has to be filed by the retailer. The remaining two returns are auto-generated by the computer which is only a facility given to them to see so that if there is any mistake they can correct it.” Adhia further added that, For B2B dealers, it is necessary to provide the invoice details. “ Those number of dealers are very few in the country”. In the case of B2B dealers, GSTN platform will provide an excel sheet format so that the traders can provide the invoice details and can upload it on 10th date of each month.
In the excel sheet format, the businessmen or suppliers would be required to provide the information details of the transaction such as GSTIN of the buyer, invoice number, goods or commodities sold, services provided, the tax incidence and tax paid. The GST Council headed by Union Finance Minister and state representatives has already provided the relaxation to businesses on filing returns in the starting two months after the implementation of GST Regime.
The dates of submitting return revised by the GST Council, the sales returns of July will have to be submitted by 5th September of every month instead of 10th August. Companies or businesses will have to submit sale invoice with the GST Network by 20th September of every month instead of 10th September.
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For traders, manufacturers and restaurants whose annual turnover is up to 75 Lakh and have chosen composition scheme in new GST Regime, will be required to mention the total turnover in GSTR-1 and no need to provide the invoice details. Adhia said that these kind of businesses will be required to submit only one return in every three months. These returns are to be submitted on the 18th date of the month in the succeeding quarter.
