New GST Return approved by GST Council

The filing of GST returns has been a major dampener since implementation of GST from the historic date of 1st July, 2017. This has been caused due to increase in the number of details/returns required to be filed under GST Law, issues in matching of credits and non-functioning/crash of the common portal, i.e., GSTN website. Due to the above position the GST Council was coerced to extend the dates of filing of GSTR-1 and also to dispense with the requirement of filing of GSTR-2 and GSTR-3. Further, GSTR-3B was introduced in lieu of GSTR-3 which was required to be filed along with payment of tax. The GST Council in its 27th meeting held on 4-5-2018 had approved of principles for filing of new return based on the recommendations of the Group of Ministers on IT simplification. Based on the principles approved in said meeting, the GST Council in its 28th meeting held on 21-7-2018 has approved of the new return formats and associated changes in law. The principles approved in 27th meeting as well as the highlights of new return formats as approved by GST Council in 28th Meeting are discussed in succeeding paras.

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