GST Council approves simplification of tax return filing process

GST Council has approved the new return formats for the filing of GST returns. As per the press release the new format approved small time tax payers will now have the option of filing quarterly return with monthly payment of tax in a simplified return format

All taxpayers excluding small taxpayers and a few exceptions like ISD etc. will now file returns on a monthly basis, the release said.

The return will have two tables, i.e. one for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier. In addition, Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer for availing input tax credit.