What is Relief for Exporters After New Draft GST Return
The GST
return filing procedure
is going to receive significant changes after numerous complaints
received from exporters. Some claims say that this new system will
replace the GSTR-1 and GSTR-3B forms.
It will enable businesses to
file returns every month. Small businesses with a turnover of up to
Rs. 5 Crore can choose to submit their returns on a quarterly basis.
This new returns system will
include two tables – one to report outward supplies and the other
to avail input tax credit based on the uploaded invoices.
Buyers and suppliers will have
to go through three phases to claim an input tax credit. First,
suppliers can continuously upload invoices to the GSTN at any time of
the month. Buyers will be above to view these invoices instantly.
Next, buyers can lock an
invoice to claim their input tax credit. They can also reject or mark
an invoice as pending in specific cases.
Lastly, both the GSTN will
automatically pay the input tax credit to a buyer and supplier based
on their invoices.
The new system will also give
exporters the ability to upload Shipping Bill. They can do so during
or after filing their returns.
Other than the above, this new
system is all set to bring numerous other GST
tax
in India benefits
for taxpayers. As of now, taxpayers can file GST returns in 10 easy
steps.
March 8th, 2019