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What is the difference between the current GST return system and the new goods and services tax (GST) return system in India? What is the impact?
To help organise the multitude of complex taxes and deductions across the country, the Government of India introduced the Goods and Services Tax or GST, on July 1, 2017. Prior to GST, every state in the country had implemented their own collection of taxes with little to no transparency. The new GST tax scheme was launched with the purpose of serving as a ‘one nation, one tax’ solution.
However, while the GST scheme was launched with intention of integrating and simplifying taxes on goods and services across the board, it also led to a certain degree of confusion. Various businesses and entrepreneurs struggled with the new changes and found the current GST system to be complicated.
As a result, to further simplify the GST scheme and streamline the filing process, a new GST return system has recently been introduced. During the 37th GST Council Meeting, it was determined that the new GST return system will be implemented from April 2020. However, given the changing circumstances, the timeline for the same has been postponed.
According to the latest schedule, the new GST return system will be implemented in October 2020. This means that until September 2020, the current GST return filing system will remain in place with no alterations. However, as a taxpayer, it is vital to stay informed of the changes between the current GST return system and the new GST return system to be implemented from October 2020 onwards.
Here are some of the most important differences between the current GST return system and new GST return system:
With the new GST return system, taxpayers with an annual turnover of more than Rs 5 crore are deemed large taxpayers. They are expected to file their GST ANX-1 on a monthly basis. Taxpayers with turnover of Rs 5 crore or less are deemed small taxpayers and can file their GST ANX-1 on a monthly or quarterly basis, depending on their own discretion.
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Overall, the new GST system is set to make filing, managing, amending and submitting GST returns easier and more convenient than before. Changes in tax filing systems such as this strive to improve and streamline the process, but require time and patience for adjustment. In view of constant changes in tax filing, it is important to ensure that your finances are secured for your and your family’s future needs.
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