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Govt. unveils draft GST. returns forms, seeks public comments; industry welcomes move New Delhi: The tax department on Monday put up in public domain draft GST returns forms -- Sahaj and Sugam -- for seeking comments from stakeholders. Besides, taxpayers who have no purchases, no output tax liability and no input tax credit to avail in any quarter of the financial year shall file one 'Nil' return for the entire quarter. "In month one and two of the quarter, such taxpayer shall report NIL transaction by sending an SMS. Facility for filing a quarterly return shall also be available by an SMS, " the Central Board of Indirect Taxes and Customs (CBIC) said while unveiling the draft returns forms. Small taxpayers would be those who have a turnover up to Rs 5 crore in the last financial year and can file quarterly return with monthly payment of taxes on self-declaration basis. The return form 'Sahaj' is for businesses which make supplies to only consumers (B2C). It includes details of outward supplies and inward supplies attracting reverse charge as well as a summary of inward supplies for claiming input tax credit (ITC). Also, such B2C businesses will have to show HSN wise summary of supplies and interest and late fee liability details along with payment of tax and verification. Besides, businesses making supplies to both businesses (B2B) and consumers (B2C) have to file returns form 'Sugam'. It includes a summary of supplies made and tax liability, a summary of inward supplies for claiming ITC, along with details of interest due and tax payment. Such businesses will have to file annexure to the return form giving details of outward supplies made to registered persons, consumers and un-registered persons (B2C and B2B) and inwards supplies attracting a reverse charge. Also HSN wise summary of supplies too has to be filled. The forms, which will replace the current GSTR-3B and GSTR-1, are expected to be launched by 1 January, 2019. AMRG & Associates Partner Rajat Mohan said the "new procedures are expected to disrupt the compliance scenario in GST once again for sure, but this inclusive governance model of inviting public comments would act as a swift shock absorber". EY Tax partner Abhishek Jain said with the edifice of the proposed new return formats being released for public comments, the industry could put forth their concerns so that these could be well addressed before implementation. "The current Government's leitmotif of being open to public views/ comments has always been welcomed by businesses and has in the recent times also addressed various apprehensions of the industry, " Jain added. The returns form was cleared by the Goods and Services Tax Council in its last meeting on 21 July.
http://WWW.GSTPROFESSIONAL.NET/govt-unveils-draft-gst-retur/b122
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