These steps will reduce the manual effort required to file the newGST return, especially for businesses where number of invoices is huge.b.In the 27thGST Council meeting, the GST Council first announced the new GST return filing process.d. This means:Upload:Invoices for supplies made will be continuously uploaded by sellers. 5 Auto Gas Springs StoreCrores (against the earlier limit of Rs.Profile-based return filingBusinesses will have the facility to configure their profile with details of the nature of supplies they usually make and receive. Simplified new GST return filing process: Upload-Lock-PayThe new return filing process can be summarised as ‘Upload-Lock-Pay’.
As per the latest update, the GST Council is likely to implement the new return filing process from January, ’19. However, the new GST return filing dates will be staggered, based on businesses’ turnover, to avoid undue load on the GSTN server. Businesses opting to file quarterly returns will, however, have to pay taxes and avail input tax credit on a monthly basis. Also, all the invoices which are not rejected or marked as pending by buyers will be considered to be accepted and locked at the time of filing of return. Facility to file return by SMS for nil return filersPersons filing nil return (no purchase and no sale) will have the facility to file the GST return by simply sending an SMS. Based on this configuration, each business will be shown only the relevant fields of the return to be filled.Lock:The invoices uploaded by sellers can be continuously viewed and locked by the buyers. In the 28thGST Council meeting, the new GST returns and return filing process have been approved.
The new GST return form will have 2 main tables:Outward suppliesInput tax credit based on invoices uploaded by suppliersThe due date of the monthly return will be 20thof the next month. Here, ‘lock’ means to accept an invoice uploaded by a seller. Buyers also have options to reject the invoice, mark as pending, etc. 5 CroresBusinesses having turnover up to Rs. 5 CroresRegular taxpayers having turnover of more than Rs 5 Crores can now file a simplified monthly return. 1. Simplified monthly return for persons having