India Simplified GST Returns Jul 2019
- May 18, 2019 | Richard Asquith
The new simplified Goods and Services Tax return is to be launched 1 July 2019. This will require just one GST return per month for most businesses instead of the current 2 (3 for largest tax payers).
The new filing was originally proposed in July 2018 by the GST Council, the body overseeing the GST regime. It has already been delayed twice due to IT issues. It will require a single return per month. Smaller tax payers – revenues up to Rs 5 Crore per annum – can file quarterly with monthly GST remittances. There will be a three-stage rollout:
- Jul 2019 Businesse continue to file the existing GSTR 1 for sales and GSTR 3B summary return;
- Jan 2020 single, new filing. B2C businesses will submit sales totals; B2B will include purchase invoice details; and
- TBA, online vendor and customer invoice matching requirements.
Confirmation of the July 2019 launch is dependent on the ongoing general elections and the incumbent BJP party remaining in power.