It is speculated that the simplified GST return filing form is in the last stage for the rollout which was earlier discussed in the GST council meeting held in July last year.
The new GST returns filing form will require the taxpayer to file only single return form in a month, while for the case of one NIL return, the taxpayer having no purchases, output tax liability and ITC is eligible.
Also, the taxpayers having a turnover of more than 5 crores can file return quarterly for which they can pay the applicable taxes but have to self declare.
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It was known through a government official that the new simplified GST return form has been done with the changes and can be launched in July for the general taxpayers.
Also to note that even after the implementation of new GST return form, the taxpayer would have to continue filing the GSTR 1 and GSTR 3B till further instructions.
After which there will be a trial version of the implementation of the new form and in the last phase, there would be invoice matching.
It is said that the new simplified GST return form will ease the burden of the taxpayers and business units alike.
