The Central Government has notified the new GST returns applicable from 1st April 2019 under which the businesses can report invoices on a continuous basis.
The GST Council earlier said that the new revised GST returns would be implemented on a pilot basis from April 1, 2019, and would be mandated across the country from July.
The new return formats — named “normal”, “sahaj” and “sugam” — would make the compliance process simpler for the smallest of businesses wherein taxpayers up to a turnover of Rs 5 crore would have an option to file any of the three forms.
The new revised GST returns would help the department to curb GST evasion since it enables to match the invoices of the seller and the purchaser. But at the same time, it is likely to increase clerical and administrative work for businesses.
The HSN-wise details need to be provided at the invoice level rather than the summary level. In addition, while details at 4-digit HSN codes are required in the current format, the new format would need those details at the 6-digit HSN level.
Under the new format,.To Read the full text of the New Return Forms CLICK HERE