TIL Desk/Business/New Delhi/ The GST Council on Friday approved the rollout of a new simplified process under which a taxpayer will have to file a maximum of one GST return every month. For composition dealers and dealers with “nil transaction”, only one return will have to be filed every quarter.
The new system would be put in place within the next six months and another six months would be given to the taxpayers to make the complete transition, Finance Minister Arun Jaitley announced after the 27th meeting of the Goods and Services Tax (GST) Council here.
“There will be a three stage transition to the new system,” Finance Secretary Hasmukh Adhia explained. “In the first stage, the present system of filing of return GSTR 3B and GSTR 1 will continue for six months by which time, new return software would be ready.” The new system will be rolled out in the second stage and it will have facility for invoice-wise data upload.
“But during the first six months of its implementation, there will also be a facility for claiming provisional input tax credit on self declaration basis, as in case of GSTR 3B now,” Adhia said.
