What are the key features of the Simplified GST monthly returns?


November 2, 2018

key feature new gst return

The new GST monthly returns were accepted by the GST Council in the 28th Council meeting. For feedback, these were kept in the public place like businesses, CAs and industry bodies. In the new GST returns, the important change is the clarified monthly return which is to be filed by the person whose turnover is more than Rs 5 crores. Given below are the key features of the new monthly GST returns:

Latest GST monthly return applicability

Monthly GST return must be filed by the regular taxpayer whose yearly income is more than or equal to Rs 5 Crores in spite of quarterly return.

What is the due date of the latest GST monthly return?

20th of the coming month is the due date for filing the latest GST monthly returns.

What is the advantage of filing the latest GST monthly returns over quarterly returns?

Taxpayers who will be filing the GST monthly return will have the power to report pending and missing invoices, while the person who is paying quarterly will not have this power. Missing invoice feature gives the recipients the power to report invoice which the suppliers have forgotten uploading. The invoices which are uploaded by the supplier is called pending invoices. Given below are the three situations of pending invoices:

1. The recipient did not receive the supply
2. The recipient asked for the amendment of the invoices
3. The recipient is confused to avail ITC on the invoice for the period or not

Business who will be filing quarterly returns will not have these three necessary capabilities. Therefore, even the businesses who are having an annual amount up to Rs 5 Crores must assess their suppliers and make sure that they select monthly returns if they want to have the facility of reporting pending or missing invoices.

Read Also: Refund Can Now Be Claimed Online On Excess GST

Return based on the profile

The fields which are shown in the GST monthly return will be based on the profile of the taxpayer as most of the taxpayers have finite types of inputs and supplies. A form will be used to understand the profile of the taxpayer. If the taxpayer makes supplies then the fields such as supplies to SEZ, exports, etc will be shown.

What is the facility to file ‘Amendment return’?

To correct the mistakes made in return filing, amendment returns can now be filed by taxpayers. For each tax period, two amendment returns can be filed. If there will be any carelessness taking tax responsibility in the amendment returns more than 10%, a higher late fee will be due.

File Nil return by SMS

One nil return can be filed for the entire quarter if the person does not have purchases, input tax credit, output tax liability in any quarter. A facility will be made available in which nil return can be filed easily by sending an SMS.

When all the facilities mentioned above will be made available then the latest GST monthly return will be simpler for taxpayers. The lives of taxpayers will be simpler because of the new return filing process. The feature of the key benefit for the person filing monthly return is reporting pending and missing invoices.


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