New Delhi, July 21 (IANS) The GST Council on Saturday approved a new simplified return filing process under which all taxpayers will have to file a maximum of one monthly tax return.
Moreover, small taxpayers with a turnover less than Rs 5 crore will have the option of filing only one return every quarter in a simplified return format, although the tax will have to be paid on a monthly basis.
“Nil return filers (no purchase and no sale) shall be given facility to file return by sending SMS,” the government said in a statement.
After the GST Council meeting, Finance Minister Piyush Goyal told the media that 93 per cent of the taxpayers have a turnover of less than Rs 5 crore and these taxpayers would benefit substantially from the simplification measures proposed.
The council in its last meeting had approved the basic principles of GST return design and directed the law committee to finalize the return formats and changes in law.
The government said that after Saturday’s changes, the return forms would also become simple with two main tables: one for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier.
“Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer for availing input tax credit. This process would ensure that very large part of the return is automatically filled based on the invoices uploaded by the buyer and the seller,” the statement said.