(LiveMint)
The government on Monday released the draft of the goods and services tax (GST) return forms as it looks to make the return filing process simpler for taxpayers. Taxpayers, who are seeking clarity in the tax filing regime, have been eagerly awaiting the tax return forms. The GST return forms are also crucial for tax authorities as they look to verify input tax credit claims and shore up tax revenues.
The new tax return forms are likely to be notified for use starting 1 January 2019, though there may be a trial period in December. These return forms replace the complicated tax return system initially envisaged that required the filing of multiple forms adding to the compliance burden of both small and big taxpayers.
Taxpayers will have to file a single return form monthly, which will be due for every month on the 20th of the next month. The return filing dates for taxpayers will be staggered based on the turnover of 2017-18 to ensure that the GST Network is not overburdened closer to the due date. Taxpayers who have no purchases, no output tax liability and no input tax credit to avail of in any quarter of the financial year can file one nil return for the entire quarter.
