GST- Goods And Service Tax
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Based on the recommendations of the Group of Ministers (GoMs), the 27th GST Council meeting was held on May 4, 2018 and all-powerful GST Council has approved of the new return filing procedure. The key takeaways from the GST Council meeting are as under:
1. The Return forms GSTR 2 and GSTR 3 shall remain suspended for the time being. Suppliers who are liable to file monthly GST return shall file GSTR 1 and GSTR 3B every month.2. With effect from October 1, 2018, all taxpayers other than those who opt for Composition Scheme or who have no taxable transactions shall file return once every month.3. Suppliers who opt for Composition Scheme or who have no taxable transactions shall have the facility to file quarterly returns.4. Recipient or buyers shall not be required to upload any purchase invoices on GST portal.
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