NEW GST RETURNS DUMPED BY CBIC:
As we know the new GST returns were meant to be implemented from October 2020 and we had made a detailed explanation of various annexures of new GST return.
However, now in a recent webinar with ASSOCHAM Mr Yogendra Garg, Principal Commissioner (GST-I), GST Policy Wing, CBIC had announced that the new they are working on improving the existing GST return filing system instead of rolling out a new model.
Apparently amendment would be made to existing GSTR 1 and a new GSTR 2B would be implemented to bring the features which were proposed in the new model.
Further, Central Board of Indirect Taxes and Customs (CBIC) will in a week’s time come out with a notification about implementing e-invoicing, a form of electronically-authenticated invoices, from 1 October only for businesses with turnover of Rs 500 crores or more.
“The QR codes are definitely not happening on October 1 but the e-invoice schema and 500 crores turnover related notification should be out by next week and the industry can start working on as everything is ready, the FAQs, the circular etc will be issued at the earliest” said Mr. Yogendra.
Earlier the turnover margin to implement E-invoicing was decided at Rs. 100 crore.
“Simultaneously we are going to notify a new schema as well because there were some issues – export invoice and e-way bill way related parameters were not there” said Yogendra.
To read full update from ASSOCHAM CLICK HERE.