GST Council Adds Upload-Lock-Pay Feature in Return Filing Form
In the recent 28th GST council meeting, the council has approved a simplified GST return filing form in which it has given the basic principles of the latest return form design.
The simplification of the GST return filing form was on the agenda of the council from last few months and finally, it has provided the much-needed format of the new simplified GST return form.
However, the new form isn’t available in the public domain but the council will soon notify the dates for the implementation of this new GST return form.
The latest filing form will be based on the Upload-Lock-Pay system. Some of the salient features of the new simplified GST return filing form has been detailed here below:
The input tax credit will be based on the supplier’s invoice being uploaded
There are 2 main tables in the new GST return filing form, in which one of them will be for reporting the outward supplies and another table for availing input tax credit (ITC).
There will be an Optional facility for filing quarterly returns in the ‘Sahaj’ (only B2C supply) forms and ‘Sugam’ (B2C + B2B supply) for the small assesses having turnover below Rs 5 crore.
The invoice can be continuously uploaded by the seller and can be viewed and locked by the buyer.
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