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New GST Return Filing Model to be Effective from April 1

GST return filing model

One of the most frequent issues since the beginning of the Goods and Service Tax regime in India is regarding the New GST return filing model. Perhaps, this is one of those persistent questions that have been asked by every one of the taxpayers having GST registration, however is as yet unanswered so far.

However, the GST Council had notified in its 28th meeting that was held on 21st July 2018 that a revised GST return filing procedure would be rolled out very soon. This would include 3 essential sorts of GST returns:-

Ordinary: GST Ret-1

The Central Government has now notified that the all new GST return filing group will be made effective from first April 2019 as a pilot project. This new GST return filing procedure will be made mandatory the nation over with effect from July 2019.

Under the amended GST return filing model, the businesses having GST registration can easily report their invoices consistently.

#1. What are the new types of GST returns in the new GST return filing model?

Given below are 3 new GST returns as prescribed under the new GST return filing model:

Very essentially, one must be misunderstood with the GSTR-1, GSTR-2 and GSTR-3, which are entirely of different purpose.

The all new GST return structures would now be able to be easily downloaded from the GST portal.

#2. Which taxpayers need to pursue the new GST return filing model?

All the Tax Assessees having GST registration and have yearly turnover in the preceding monetary year not exceeding ₹5 crores can choose from any of the aforementioned 3 new quarterly GST return frames.

#3. What is the Normal GST Return?

General GST Return or more normally called the “GST Ret-1” is a month to month or quarterly GST return structure.

This return is for the tax assessees having GST registration and has to declare a wide range of outward supplies (sales), inward supplies (purchases) and guarantee the info credit on the missing invoices.

#4. What is the Sahaj GST Return?

Sahaj GST Return more generally called GST Ret-2, is the return structure for the registered dealers having GST registration.

#5. What is the Sugam GST Return?

Sugam GST Return, more generally called the GST Ret-3 is a Quarterly GST Return.

#6.When will the new GST return filing model become effective?

The new GST returns will be made effective from first of April 2019 on preliminary premise as it were. This new GST return filing model will last become mandatory with effect from July 2019.

#7.Why Should We File GST Returns Timely?

We should all File GST Returns on time as this-

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