You are here: Home > Economy

05/12/2018 01:53pm

New simplified GST return forms will roll out on April 1, 2019: Revenue Secretary

image New simplified GST return forms will roll out on April 1, 2019: Revenue Secretary

New Delhi, Dec 5 (KNN) On April 1, 2019, the new simplified GST return forms will be rolled out, said Ajay Bhushan Pandey, Revenue Secretary.

This step has been taken as the current GST forms had been criticized for being extremely complex and riddled with problems.

In July, the Central Board of Indirect Taxes and Customs (CBIC) had put up in public domain draft GST return forms Sahaj and Sugam and sought public comments.

These forms would replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form).

In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from the GST.

The 2018-19 budgets had estimated annual GST collection at Rs 13.48 lakh crore.

The average monthly target to get to this figure stands at about Rs 1.12 lakh crore.

However, the government has managed to average less than Rs 1 lakh crore in GST collections till now.

In November, the government had collected Rs 97,637 crore as the GST.

The GST Council had to suspend the original triplicate forms in November last year after assessees complained of its cumbersome nature and glitch-prone functioning. 

The triplicate return forms will now include the summary return and forms for inward and outward supplies.

Share

Related Articles

Comments

    Be first to give your comments.

Write a Comment

Your email address will not be published.
Required fields are marked *