The GST Council on Friday unveiled a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place.
“It will take about six month for GSTN to prepare for it so for that period the current arrangement of GSTR3B and GSTR 1 will continue. This will be the first phase of transition where the current system will continue for the next six months,” said Finance Secretary Hasmukh Adhia.
Adhia added that in the next six months the new system of return will have a single system of return for every taxpayer. “Composition dealer and zero transaction dealers will continue to file on a quarterly basis. Today, we find that the returns which are filed, 30% are nil returns, which means there is no transaction on them,” Adhia said.
In the case of B2C, the new return will contain the details of total turnover and in case of B2B it will contain the details of all sales invoices with the dealers. “The taxpayer would have to put invoice-wise details along with HSN code,” says Adhia.