IT Dept. Gives A Glimpse Of Simplified GST Returns; User Experience Enhanced, Process Simplified!
Do you find yourself avoiding the tedious tasks of filing for GST? There is a solution coming soon to your rescue! The GST Network is planning to launch a new method of filing the GST later this year!
There are some wonderful features in this returning system and a prototype of the same has been launched too!
What is this new initiative, and how does it work? Read on to know all about it!
Prototype of New Service Already Launched on Online Portal
This system is the brainchild of the GST Network, the organization which handles the technical side of the GST system.
The Goods and Service Tax Network announced on Wednesday about the launch of the new form for return filings which has been toned down a lot and it will simplify the GST return process for stakeholders.
A prototype of the same has been launched on the online portal already and will enable stakeholders to get to know the proposed system will be like. There are various features that the user will be able to navigate their way better. These features include drop down menus, invoice upload, upload of purchase register for matching with the system created inward supplies.
How Will This New System Work?
There will be three different types of forms available for a common taxpayer, of which he can file out any one. The three types of forms are:
- GST RET-1, which is also termed as ‘Normal’
- Form GST RET-2, which will be called ‘Sahaj’
- Form GST RET-3, under the name ‘Sugam’
Under these, Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2) can be filed by a taxpayer. The former will cover all outward supplies, whereas the latter will look after the inward supplies. These inward supplies will be ‘auto-populated’ from the GST ANX-1 filed by the supplier.
The system which is in place as of now will be wiped out and this will be the new and uncomplicated one instead. Currently, we are required to file the final sales return GSTR-1 and summary sales return GSTR-3B.
Normal, Sugam, and Sahaj
It was in July 2018, when the GST Council had announced that the Sahaj and Sugam plans will be introduced on a ‘pilot basis’ from April 1, 2019. However, the plans fell through.
Sahaj and Sugam are two different systems for different types of businesses. Sahaj is designed specifically for B2C (Business to Customer) type of business and Sugam is meant for B2B (Business to Business) type of business.
Got Feedback? Here’s Where You Will Be Heard!
GST Network has asked for stakeholders to leave their opinions and feedbacks for the GST Network to improve their line of thought. If you are a stakeholder, you can share your opinions and thoughts with the GST Network on this id: [email protected]