New GST return filing system announced!
New
GST return filing system from April 01
System
shall be mandatory basis from July 01, 2019
The
GST Council in its 31st meeting held at New Delhi made the related policy
recommendations. There would be a single cash ledger for each tax head. The
modalities for implementation would be finalised in consultation with GSTN and
the Accounting authorities.
A
scheme of single authority for disbursement of the refund amount sanctioned by
either the Centre or the State tax authorities would be implemented on pilot
basis.
The modalities for the same shall be finalized shortly. The new return
filing system shall be introduced on a trial basis from 01.04.2019 and on
mandatory basis from 01.07.2019.
The
due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and
reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018
shall be further extended till 30.06.2019.
The
following clarificatory changes, inter-alia, shall be carried out in the
formats/instructions according to which the annual return / reconciliation
statement is to be submitted by the taxpayers.
The
meeting worked out Amendment of headings in the forms to specify that the
return in FORM GSTR-9 &FORM GSTR-9A would be in respect of supplies etc.
‘made during the year’ and not ‘as declared in returns filed during the year’; All
returns in FORM GSTR-1&FORM GSTR-3B have to be filed before filing of FORM
GSTR-9&FORM GSTR-9C & more! Official website would furnish all details.
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