New return filing procedure will be as under:
1. NIL return filers and composition filers will file quarterly returns
2. New return filing procedure will be implemented from 1st October 2018.
3.Single return will filed for a month
4. B2B transactions will be reported invoice wise and HSN code 4 digit
5.Provisional credit will be allowed for 6 months.
6.Deviation will be communicated to the buyer
7.After 6 months from the implementation of new return no provisional credit.
8. ITC will be autopopulated no manual intervention
9. Right to ITC will be available only on uploaded invoices.
10. First seller will scrutinized by the department . In case they are unable to catch the seller then Buyer will have to pay
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Outcome of todays GST meeting
Replies (4)
Nice Info Mr Rawat
How come no provisional credit system can work. Everyone will wait for their suppliers to upload invoice. Whole chain will be effected due to it. Everyone will wait till last day for supplier to upload their bills to claim ITC in the same month.. ... (2) another thing is return filing date will be staggered as per turnover, for example, 10cr+ will file on 10th, 5cr+ will file on 15th and 1cr+ will file on 20th.... What if 10cr company bought goods/services from 1cr+ company. He will have to file GST return on 10th without taking ITC as 1cr+ company will file on 20th... govt needs to think again regarding provisional credit.
That means only gstr 1 & gstr 3 will be filed
As per my point of view is ..
They will ask to u file GSTR1 say by 20th & by 30th u have deposit the tax , that mean by 20th every one will file there outward supply , which is get reflected to recepient account , on the basis which tax liability or excess itc will be auto calculated , no need to provide purchase invoices
As per my point of view is ..
They will ask to u file GSTR1 say by 20th & by 30th u have deposit the tax , that mean by 20th every one will file there outward supply , which is get reflected to recepient account , on the basis which tax liability or excess itc will be auto calculated , no need to provide purchase invoices
Again it will coonfusing. If one person have more than 1000 purchase invoice in a month then it will be hectic for the buyer to claim the ITC.
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