Description
Wolters Kluwer A Practical Guide To New Returns Under Gst And E-Invoicing by Kapil Mahani
Key Features:
Initially Goods and Service Tax return was proposed in such a manner, where in, the supplier was required to upload the data related to outward supplies in their GSTR 1 and the same is auto populated in GSTR 2A of the recipient which is was required to be accepted, rejected and modified for preparation of GSTR 2. On the basis of the information provided in GSTR 1 and GSTR 2, GSTR 3 was auto prepared and the registered person has to pay differential tax liabilities and file his return. However, due to technical glitches in the IT system, the auto populated GSTR 2A of the recipient does not provide an option to accept, reject, and modify for preparation of GSTR 2. Therefore, it has become the reason to withdraw the existing GST return and need to propose a new return.
For the implementation of new return, a new section 43A of the CGST Act, 2017 has been inserted, which is yet to be notified. On the basis of the provision 43A, GST Council in its 27th meeting which was held on 4 May 2018 had approved the basic principles of GST return design. And subsequently, in its 28th meeting which was held on 21 July 2018, the Council has approved the key features and new format of the GST returns.