A new return filing mechanism — Goods and Service Tax 2.0 — will be rolled out from October, 2019, for big businessmen and from January, 2020 for small businessmen.
The GST, which is entering the third year from July 1, 2019, will be focussing on simplification of procedures, compliance and crackdown on tax evasion, said Bihar Deputy Chief Minister Sushil Modi, who chaired a Group of Ministers’ meeting here on Saturday.
It has registered an average monthly collection of ₹91,334 crore in the last 21 months.
The meeting of the GoM was held after eight months largely owing to the enforcement of the model code during the 17th general election.
Mr. Modi said traders/businessmen having zero transactions or nil filers could now file returns through SMS.
For those dealing with business to consumer with an annual turnover of less than ₹5 crore a year would have a new format ‘Sahaj’ and they could file returns once in four months.
A new single return format called ‘Sugam’ is ready for traders dealing with business-to-consumer and business-to-business. Businessmen having annual turnover of more than ₹5 crore will have to file returns every month, Mr. Modi said.
Noting that Infosys has developed the software for the GST, Mr. Modi said online refund from one source (central) and online refunding process would be completed by September 2019. Currently, exporters have been facing many difficulties in receiving export refunding, he said.
