Days before the GST is going to be implemented in India, the government has clarified today that the taxpayers will have to file only one return on monthly basis under GST.
Revenue secretary Hasmukh Adhia said there will not be need of giving invoice wise details every month for retailers and B2C dealers.
Around 80% of the taxpayers are retailers or B2C dealers, hence they need to file only the turnover details every month in the return, the return filing process is simle and transparent and will be done electronically. Adhia Said.
Adhia explained the filing process of returns saying, when the turnover details is being uploaded by a supplier, GST Return-1 will be generated by the 10th of the next month.
The turnover details submitted in GST Return-1 will automaticall reflect in the GST Return-2 of the purchaser. GST Return-2 is to be filed by 15th of the next month, moreover the taxpayer doesnt need to file GST Return-2, it will automatically reflect in their account and they just have to confirm it in just a few clicks.
Moreover, if a purchaser find any purchase made by him missing in the GST Return-2 shown by the system, he will have the right to add it in the system and then proceed.
Only B2B dealers will require to submit both GST Return-1 and GST Return-2, the common people which comes under the category of B2C dealers and retailers will not be required to worry about the complexity of the system.
After the GST Return-1 and GST Return-2 is being filed, the suppliers will have to match both the details and reconcile the inpur and output tax liability and file the third return GST Return -3 by the 20th of the next month.
The retailers and B2C dealers will have to file only one return that is GST Return-1 as the other two returns will be system generated and they just have to confirm it and proceed.
Adhia Said ” the number of dealers who belong to B2B category are few in the country hence, the small part of the dealers will have to comply with the provisions or providing invoice wise details of the turnover”.
For the B2B dealers an excel sheet will be launched so that they can keep the invoice wise details ready and that can be uploaded by 10th of the next month, the said excel sheet shall contain the details of the businesses like invoice number, GSTIN of the buyer, commodity details, value and taxes paid.
The Government has also relaxed the return filing timelines for the first two months of the GST rollout, hence for the month of July, the return of sales will have to be filed by September 5 instead of 10th August, and for the month of September the date will be September 20 instead of September 10.
Moreover in case of dealers who have opted for the composition scheme only sale return in GST Retrun-1 will required to be filed, they need not to provide invoice wise details, and will have to file return only once in three months by 18th of the succeeding quarter, Adhia Said.