Quick Summary
Simplified GST Return to be Implemented from 1st April, 2020 To weed out Dummy or Non-Existent Units Aadhaar Based Verification of Taxpayers to be introduced Dynamic QR-Code proposed for Consumer Invoices A simplified GST return will be implemented from the 1st April, 2020.While presenting the Union Budget 2020-21 in Parliament today, the Union Minister for Finance Corporate Affairs, Smt Nirmala Sitharaman said thatthis is under pilot run. It will make return filing simple with features like
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FAQ :
The simplified GST return is planned for implementation from 1st April, 2020, and is currently under a pilot run.
Aadhaar-based verification is being introduced to help weed out dummy or non-existent units within the GST system.
A dynamic QR-code for consumer invoices is proposed to capture GST parameters when payment is made through the code, potentially incentivising customers to seek invoices.
The simplified GST return will feature SMS-based filing for nil returns, return pre-filling, improved input tax credit flow, and overall simplification.
Measures include Aadhaar-based verification, invoice and input tax credit matching for discrepancies, and the phased introduction of electronic invoicing.
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