GST council has approved a single return filing option.
Though it will take around six months before this new return is released, till then we have to continue with GSTR-1 and GSTR-3B.
Under the new framework:
- There will be one return per month for taxpayers except composition dealers and nil taxpayers
- Taxpayers will have to mention entire turnover for B2B transactions
- For B2B businesses, taxpayers will have to show all invoice details
- Based on taxpayers' calculations, they will be allowed to claim provisional credit for 6 months
- Input tax credit will be given only if seller has uploaded an invoice
- If seller does not pay tax, government will recover tax liability from seller
- If tax cannot be recovered from the seller, efforts will be made to recover the tax from the buyer as per law
I think they are going to consolidate GSTR-1, 2 and 3 in a single return.
Read one line, if seller does not pay tax it will be recovered from buyer!!!!!
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
