Relief To Exporters With The New Draft GST Return Form

This post describes that Relief To Exporters With The New Draft GST Return Form


The GST return filing procedure is all set to receive a significant makeover amidst massive complaints from exporters. According to reports, the entire process of GST filing is all set to change and will replace the current GSTR-1 and GSTR-3B forms.

GST registered businesses have to file monthly returns under this new procedure. Small businesses with a turnover up to Rs. 5 Crore can choose to submit the returns quarterly.

The new returns system will include the following two tables:

  • To avail input tax credit based on the invoices uploaded.
  • To report outward supplies.

The above process will happen in the following 3 phases:

1. Upload

Suppliers will be able to continuously upload invoices to the GSTN any time of the month. Buyers will be able to view these invoices instantly.

2. Lock

A buyer can lock an invoice once a supplier uploads it. The buyer can only claim input tax credit after locking an invoice.

A buyer can also mark an invoice as pending if he:

  • Has not received the supply.
  • Can’t decide whether to avail input tax credit.
  • Believes that the invoice needs amendment.

A taxpayer can also reject an invoice in case it is directed to him wrongfully.

3. Pay

Both the buyer and supplier will receive their respective shares of input tax credit after the completion of the GST return filing procedure.

Introduction of Shipping Bill (SB)

Details of Shipping Bill (SB) will now come under the table for outward supplies. Exporters can either fill the SB during or after filing the returns.

The portal will not consider an SB filing as an amendment return if done at a later date. Exporters will receive a separate date for filing if they want to do so later.

All the information would then be forwarded to ICEGATE. Exporters will receive a separate facility to file amendment returns.

Other New Features

Some of the new GST benefits that taxpayers will receive with this new procedure include:

  • Contextual help for GST processes like returns, payments, registration, etc.
  • Introduction of one-click nil return filing.
  • Pre-populated challan generation by GSTN to avoid cash deposition in an incorrect name.
  • Questionnaire for a taxpayer.

A questionnaire will help profile a taxpayer. The majority of GST registered individuals only have a limited number of supplies and inputs to make. He/she will only receive questions that centre around his business type.

The increased limit of the Composition Scheme along with the revised GST rate and the new returns filing process will surely add more conveniences to small businesses.

Enrolling in this scheme can also make it easier for businesses to repay any external funding they avail for growth. Numerous companies offer business loans with attractive features that can help them achieve a sustainable growth curve.

The government is yet to announce the date when this new GST return filing procedure will come into effect. Currently, taxpayers can file GST returns in 10 easy steps.

 

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