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HIGHLIGHTS ON 27TH GST COUNCIL MEETING – 04TH May, 2018

RETURN FILING:

GSTR1 and GSTR3B filing will be allowed to continue for next 6 months

New simplified (?) monthly return will go live in 6 months with one return for a month except composition dealers and nil return filers who allowed to file quarterly returns.

In new return seller can upload their invoices any time during the relevant period and check the same.
Input credit will be automatically calculated by the system based on the invoices uploaded by the sellers. B2B dealers will need to file invoice wise details of all outward supplies made by them , the system will automatically calculate their tax liability.

In case of supplier defaulted in payment of tax above a threshold limit, such a supplier will not be allowed to uploaded their invoices and this will not be allowed to avail any input credit.

Comments:

To file the new simplified return every entity need to account and file their details in real time basis. Based on the volume of their data entity needs to file their sales data and reconcile their purchase invoices either on daily, weekly, fortnightly or monthly basis to file their return in due date.

No input credit if
  • supplier did not upload their invoice. One shall not be hassle free by uploading their sales invoice but also they sure that their supplier uploaded their invoice to claim input credit.
  • Purchase from the GST defaulted supplier as he is not allowed to upload their invoices. It's hard to find who is defaulted and no service or goods to be received from GST defaulted supplier.
  •  


Compiled By
CA.R.JEYARAJAN FCA.,
(Chartered Accountant)
Mail Id: jeyarajan@rareassociates.in

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