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
| Latest response: 04/05/18 | Sort by