Source: CBIC     Jul 31, 2018

The GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats and associated changes in law. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the return formats and changes in law.

A Sahaj & Sugam return was approved with giving an option to file quarterly return with monthly payment of tax in a simplified format by small taxpayers those who are making only B2C supply or making B2B plus B2C supply with an annual turnover of less than Rs. 5 cr. All taxpayers excluding small taxpayers and ISD etc, shall file one monthly return. The return has two main tables one for reporting outward supplies and other one for availing input tax credit based on invoices uploaded by the supplier. The Invoices can be continuously uploaded by the seller and the buyer can continuously view the same and lock it for availing input tax credit. Simply to put, the process would be “UPLOAD – LOCK – PAY” for the tax payers. The taxpayer having “NIL return” i.e. no purchase and no sale, shall be given a facility to file return by sending SMS.