watch_later 04/05/18

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
1 Response | Latest response: 04/05/18 | Sort by Likes(thumb_up) Recent | GST Reply
watch_later 04/05/18

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!!!!!


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