New GST Returns - Overview

The GST Council in their 28th meeting on 21st July, 2018 reviewed a presentation by Shri Manish Kumar Sinha, Joint Secretary (TRU-II), CBIC on the Simplification of GST Returns. The Council approved the key features and new format of GST Returns. The key features of the simplified returns are

  • Single Quarterly Return for Tax Payers with annual turnover below Rs. 5 Crore
  • Single Monthly Return for other Tax Payers
  • Monthly payment of taxes by all Tax Payers.
  • Input Tax Credit (ITC) Claim only against invoices uploaded in the Portal by the Supplier

The similarities of the simplified returns with the existing system are

  • Upload of Invoice Level details of Outward Supply / Sales to be uploaded in Annexure FORM GST ANX-1 is similar to existing FORM GSTR-1.

The key differences with the existing system are

  • Recipient cannot upload Invoices in their FORM GSTR-2.
  • In the present system, monthly payment of taxes is tied to filing of return FORM GSTR-3B. With simplified returns, payment of taxes is not accompanied by a return.

The following articles provide a detailed look into various aspects of the New GST Return Forms.